Determinants of House Prices in Central and Eastern Europe

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Real Convergence, Price Level Convergence and Inflation Differentials in Europe (2007, neutral): “Égert et al. 2003): ) prod ( α) (1 p NT T S B prod ∆ − ∆ − = ∆ β (5) Note that the hybrid approach collapses to the accounting framework if 1 = β . Finally, the third approach consists of estimating models for the inflation differential of the following form (see e.g. Wagner and Hlouskova (2004) for”
Post-socialist housing meets transnational finance: Foreign banks, mortgage lending, and the privatization of welfare in Hungary and Estonia (2014, background): “According to Égert and Mihaljek, these are ‘rates unseen in the industrial world’ (Égert and Mihaljek, 2007: 4).”
House price cycles in emerging economies (2015, positive): “The interpretation of the co-integrating relationship would provide an estimate of “equilibrium” or long-term house prices, against which current prices can be evaluated (Kalra et al., 2000; Capozza et al., 2002; OECD, 2004; Egert and Mihaljek, 2007; Hilbers et al., 2008).”
European Integration, Capitalist Diversity and Crises Trajectories on Europe’s Eastern Periphery (2018, result): “They unleashed credit and housing booms which, if measured in change rather than level, even outpaced those of the Southern European debt-led regimes (Égert and Mihaljek 2007, Bohle 2017).”