Asymmetric Behaviour of Spanish Regional House Prices |
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| Authors: | Beatriz Larraz-Iribas Jose-Luis Alfaro-Navarro |
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| Institution: | (1) Faculty of Social and Law Sciences, Castilla-La Mancha University, Toledo, Spain;(2) Faculty of Economics, Castilla-La Mancha University, Albacete, Spain;(3) Facultad de Ciencias Jurídicas y Sociales, Universidad de Castilla-La Mancha, 45071 Toledo, Spain |
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| Abstract: | In connection with the housing market, which is presently raising a great deal of concern among the general public, this paper
investigates regional housing prices in Spain using variable co-integration techniques. It analyzes the asymmetric behavior
in real house prices among the Spanish regions focusing on the study of the long-term relationships over time. This paper
raises an important question of the national averages masking important regional asymmetries. Results indicate evidence of
co-integration, which suggests a broad grouping of regions based on physical proximity or similar economic characteristics.
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| Keywords: | House prices Unit root Co integration Long-run equilibrium Convergence |
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