|
|
Determinants of the residential real estate prices in the CEECs
Stefanov, Adam ; Hlaváček, Michal (advisor) ; Chadimová, Kateřina (referee)
The development of residential house prices has been watched since the global economic crisis in 2008, because overpriced house prices and their following burst was one of the main factors of this crisis. The goal of this work is to analyse the influence of macroeconomic factors on house price growth in ten Central and Eastern European countries since the beginning of the third millennium. The main used methods are P/I and P/R ratios, graphical comparison of price leader effect of the capital city, and house price development and panel data analysis. P/I and P/R ratios show a slowly forming bubble in some countries, but they still do not reach pre-crisis values. Graphical analysis of the price leader effect confirmed the leader effect of the capital. Panel data analysis with fixed effects method was divided into several parts according to the frequency of the data and geographical relationship between countries. Analysis shows connection between house prices and economic growth, real wages and unemployment rate. In some regions, analysis points to the influence of the demographic factors or financial market development. Diversity of the results is caused by the fact that house prices are determined by different factors in different regions. Issues with the data also play some role in these...
|
|
|
The Impact of the Sharing Economy on Residential Prices in Prague
Schwarzová, Lucie ; Hlaváček, Michal (advisor) ; Hanzlík, Petr (referee)
This thesis employs a hedonic regression to measure the impact of Airbnb, the digital platform for short term rentals, on residential prices in Prague. The model is based on the unique transaction dataset of all apartment sales from the first quarter of 2014 to the third quarter of 2018 in Prague. Also, Airbnb listings dataset is used and other datasets containing Prague city data enabling involvement of the property specifications and several neighborhood characteristics influencing the sale price in the model. The main variable of interest included in the regression is Airbnb activity, proxied by the number of Airbnb listings within 300 m of the property at the time of the sale. The results show that a 1% increase in Airbnb activity leads to a 0.0423% increase in sale prices. Moreover, in the city center, the estimated impact is almost twice as high, a 1% increase in Airbnb activity leads to a 0.0816% increase in sale prices. The third hypothesis tested in this thesis shows that the impact of Airbnb has increased in 2017 and 2018. All the estimated results slightly vary, depending on the proxy for Airbnb activity. Nevertheless, estimates in all regressions are statistically significant.
|
|
|
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
|
|
|
The Effect of Unconventional Monetary Policy of ECB on Housing Prices
Górecki, Vojtěch ; Horváth, Roman (advisor) ; Kučera, Adam (referee)
Thethesisexaminestherelationshipbetweentheunconventional monetary policyofECBandhousing markets. Weconducttheempiricalanalysison quarterlypaneldataconsistingofvariablesfromselectedeuroareacountries overtheperiod2007Q4-2017Q4. Theunconventional monetarypolicyis measuredwiththe Wu-XiaShadowrate. Thepanel VAR modelestimation providesonlyweakevidenceonthepositiveeffectoftheunconventionalmon- etarypolicyonhousingprices. Theevidenceonthe mortgageratesis more convincinginestimatingsignificantresponsethatspansovertwoyearswith peakatoneyearmark.Theresultsoftheindividualcountryanalysisindicate theheterogeneityofresponses,whiletheeffectislesssignificantincountries thatweremoreaffectedbythefinancialandsovereigndebtcrisis. JEL Classification C30,E00,R30, Keywords panel vector autoregression, unconventional monetarypolicy, ECB,housing market,euro area,shadowrate Author'se-mail vojtech.gorecki@gmail.com Supervisor'se-mail roman.horvath@fsv.cuni.cz
|
|
|
Empirical Analysis of Prague Flat Market
Sklenářová, Tereza ; Křehlík, Tomáš (advisor) ; Vozková, Karolína (referee)
The purpose of this work is to model the prices of real estate, concretely of Prague flats, which belong to the most important economic indicators. In the theoretical part, the main housing market participants are defined, special features of housing markets are described and most frequently used valuation methods are discussed. Most attention is focused on so called hedonic pricing model, which is applied as a base for the pricing equation in the econometric part. This is carried on various subsets of public available data regarding the characteristics of Prague flats, using ordinary least squares as well as weighted least squares. Several hypotheses about the relationship between the price and the explanatory variables are tested before creating the final model. The results are commented and compared with literature concerned with the same topic in other locations.
|
|
|
Macroprudential regulation of the housing market
Petrouš, Michal ; Hlaváček, Michal (advisor) ; Malovaná, Simona (referee)
House price developments have a large impact on the macroeconomic stability, which has proven in the recent global financial and economic crisis triggered by a house price boom and bust. The aim of this thesis is to assess the effectiveness of macroprudential regulation aiming at the contract between lenders and borrowers in mitigating housing price and associated credit cycle. To assess effectiveness the macroprudential regulation is analyzed in ten European countries. The regulation in individual countries is subsequently compared. The comparison shows that countries with high proportions of foreign currency denominated debt use macroprudential measures to mitigate foreign exchange risk. Furthermore, the immediate influence of regulation on housing credit is relatively high. However, it diminishes with time.
|
|
|
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.
|
|
|
Housing market and Risk of Homelessness in the Czech republic
Mikeszová, Martina ; Vlček, Josef (advisor) ; Havlík, Radomír (referee) ; Matoušek, Oldřich (referee)
Martina Mikeszová : PHD DISSERTATION - HOUSING MARKET AND RISK OF HOMELESSNESS IN THE CZECH REPUBLIC. ABSTRACT The PhD dissertation focuses on the theme of loss of permanent housing together with the problematic of housing affordability in the Czech Republic. In the first part, the objective is to identify the types of households potentially at risk of being unable to afford housing since 2000, and to trace the development of regional differences in the percentage of at-risk households in the Czech Republic. In the regard to the end of deregulation process in recent years, the analysis of housing (un)affordability of "market" rent housing shows the possible social consequences of the process. Owing to the absence of useful aggregate data on incomes and expenditures for different household types in the regions of the Czech Republic, the alternative data sources and the simulation methodology for measuring housing affordability which combines available regional wage statistics and data on market rents were used. The results indicate that the general risk of being unable to afford rental housing and regional differences in housing affordability are both decreasing. Not only the stagnation of market rent growth related to the growth of household income is behind the development. The main reason is the fact that...
|
|
|
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)
|
|
|
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.
|
guest ::
