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Cusp catastrophe theory: Application to the housing market
Kořínek, Vojtěch ; Kukačka, Jiří (advisor) ; Nevrla, Matěj (referee)
The bachelor's thesis applies the stochastic cusp catastrophe model to the housing market of the United States. Weekly data over the period from 2007 to 2017 are used. The current catastrophe theory literature related to the housing market is reviewed, the models found are assessed and expanded. Specifically, we have identified three deficiencies of the catastrophe models applied to housing market in the current literature and our contribution lies in the elimination of these deficiencies. In order to satisfy the constant volatility assumption of the model, the state variable is normalized by the estimated volatility derived from GARCH. Furthermore, multiple control variables are added to the model to represent the activity of fundamentalists and chartists. The results suggest that the cusp catastrophe model fits the data better than the linear and logistic models. The normalization of the state variable improves the model performance while the introduction of the additional control variables does not produce better results. Keywords Housing market, catastrophe theory, stochastic cusp catastrophe model, hous- ing bubble, real estate, fundamental investors, speculation. 1
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Finanční dostupnost bydlení v ČR
Dudová, Monika
Dudová, M. Financial affordability of housing in the Czech Republic. Diploma the-sis. Brno: Mendel University in Brno, 2021. The diploma thesis deals with the financial affordability on the Czech housing market. The thesis focuses on the specificity of housing as a commodity, the functioning of the housing market and the housing policy of the state. The thesis also includes an analysis of the housing market and an investigation into the structure, size, and financial demands of this market, which is also related to various forms of housing, possibilities of housing financing or ways of measuring the affordability of housing. Based on the secondary data, the influence of economic, financial and sociodemographic factors was monitored. The result of the thesis is a set of suggested recommendations, which can be used for improvement of the affordability of housing.
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The Developmental Typology of the Fastest Growing Portion of the Metropolitan USA in the Decade from 2000 to 2010
Kohl, Ondřej ; Jeleček, Leoš (advisor) ; Ouředníček, Martin (referee)
This text was written as a diploma thesis of master's degree study course "Regional and political geography." It focuses on the development between the last two censuses, of the fastest growing metropolitan areas in the United States. The economic crisis of the late 2000s has been a major turning point of the decade. The goal of the research was to create a developmental typology of the fastest growing metros. The text analyzes "classifiers" data in order to decide what developmental types have been among the metros. A major factor contributing to high population gains in the fastest growing metros was the migration induced by the housing bubble.
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Labour market and spatial mobility in Plzen region
Duda, Petr ; Čermák, Zdeněk (advisor) ; Matušková, Alena (referee)
The Czech Republic underwent considerable social, political and economic changes after 1989. An important step was the creation of the labor market where jobs and wages were created based on market supply and demand. Due to effects of these market forces, unemployment was an unavoidable consequence. . Closely related to this was workforce flexibility which over the years became increasingly important. People migrating for work also had an effect on the housing market. The main objective of this thesis is to analyze the labor market in the Plzeň Region and the related spatial mobility since 2000 (with a brief development in the 90's). Another important objective is to determine to what extent the migration of the population is affected by the labor market situation and developments in the housing market. Two major institutions were used as the data source for processing thse reviews. The Labour Market in the Plzeň Region was mapped on the basis of data from the Labour Office in Plzeň. Data on development of spatial mobility and the housing market was gained from the Czech Statistical Office online databases and also from the Regional Office of CSO in Plzen. Key words: migration, labour market, housing market, Plzen
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Rent deregulation in the Central and Eastern Europe
Malecká, Anna ; Hlaváček, Michal (advisor) ; Buzková, Petra (referee)
This thesis deals with the theme of rent deregulation in selected countries in Central and Eastern Europe, attention is paid to the comparison between the Czech Republic and Slovakia. There are theoretically described the characteristics and impacts of rent control and its possible elimination through privatization and deregulation. The thesis summarizes the specifics of regulation and deregulation process in the Czech Republic, Slovakia and Poland since its beginning in the first half of the 20th century to the present. It focuses on the Czech and Slovak law on unilateral rent increases and a Polish citizen's complaint to the European Court of Human Rights. The second part is devoted to a more detailed comparison of the impacts of regulation, such as the proportion of rental housing in the total housing stock and the rate of internal migration, in the Czech Republic, Slovakia and in their regions. The rate and speed of deregulation in both countries is also compared. Powered by TCPDF (www.tcpdf.org)
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Macroprudential regulation of the housing market
Petrouš, Michal ; Hlaváček, Michal (advisor) ; Moravcová, Michala (referee)
Housing market has a considerable impact on the macroeconomic stability. There is an attempt to regulate housing market using a set of macroprudential tools. The first aim of this thesis is to describe and compare macroprudential regulation aiming at the contract between lenders and borrowers in the European Union and Norway. The second aim is to assess the influence of central banks in macroprudential policy-making on the probability that these instruments are implemented. The probability is estimated using a probit model. The comparison shows that there are considerable differences in implemented regulation between individual countries and that countries with high proportion of foreign currency denominated loans use macroprudential measures to mitigate borrowing in foreign currencies. Using the data from the European union and Norway, statistically significant influence of central bank involvement was not identified. The effect of central bank became significant when using larger dataset including non-European countries. In this dataset, the leading role of central bank is associated with lower probability that instruments targeting borrowers are implemented.
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Topics in Real Estate Analysis and Macroprudential Policy
Hejlová, Hana ; Hlaváček, Michal (advisor) ; Geršl, Adam (referee) ; Olszewski, Krzysztof (referee) ; Rychtárik, Štefan (referee)
This dissertation thesis consists of three chapters devoted to analyzing residential and commercial real estate prices, assessing risks related to residential real estate exposures for financial stability, and calibrating borrower-based macroprudential measures to address those risks. Each chapter presents a general approach(es), which can be used - after certain adjustments - for similar analyses across countries and application to the Czech Republic or the CEE countries. In Chapter 1, we first show the application of a standard inverted demand model of the equilibrium house prices, which we extend to take into account the population ageing in the Czech Republic with potential impact on the effective demand for owner- occupied housing. Then, we present an alternative model that considers possible amplification between house prices, mortgage credit, and the real economy and investigates whether non-linearities in the short-term house price dynamic are present in the Czech Republic. By this, we extend the scarce empirical literature on non-linearities in house prices. Next, we abstract from economic determinants of house prices, which may lead to biased results if procyclical, and analyze the interaction between asking and transaction prices as a kind of revealed expectations of buyers and sellers...
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The Effect of Airbnb on Prague Housing Market
Ondruška, Daniel ; Polák, Petr (advisor) ; Kalabiška, Roman (referee)
The Effect of Airbnb on Prague Housing Market Daniel Ondruška This thesis studies multiple topics but its main purpose is research of the effect of home-sharing platform Airbnb on house prices and rents in Prague. Sharing economy in general is still a new sector and it is very hard to uncover and correctly analyze it and therefore there are not yet that many studies on this topic. Using very contained and detailed datasets of Airbnb listings, house transactions and renting, we prove that there is a relationship between Airbnb activity and house prices. The results suggest that the increase of Airbnb listings by 1\% leads to a 0.01\% in house price. We also look at COVID-19 and its impact on house prices and rents. This part will be very theoretical since the pandemic is still an actual topic and its real effect might not be fully visible yet.
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