|
|
Residential real estate market during the financial crisis : empirical evidence from the CEE region
Hrachovec, Martin ; Vacek, Pavel (advisor) ; Streblov, Pavel (referee)
1 Abstract This thesis investigates the housing price determinants and possibilities of housing price bubbles in the residential real estate markets of Central and Eastern Europe before and during the economic crisis of 2007-2009. Using data from international institutions, national central banks and national statistical offices three quantitative methods are applied. Price-to-income ratios suggest housing price bubbles that were eliminated during the crisis in three out of five countries covered. Second approach of simple panel data models sheds additional light on housing price bubbles and indicates GDP growth, unemployment and average real wage as the main determinants of housing prices in the region. First indication of severe housing price persistence in CEE is demonstrated by the results of the models as well. More reliable results for housing price determinants are obtained from variance decomposition and impulse response functions of vector autoregression models. Each country is modeled separately and substantial differences exist between the countries. Poland is the only country that does not exhibit housing price persistence and dynamics in Austria are less volatile as compared to the new EU members in the sample. JEL Classification G12, E39, R21, R31, R32 Keywords residential real estate, housing...
|
|
|
Residential real estate market during the financial crisis : empirical evidence from the CEE region
Hrachovec, Martin ; Vacek, Pavel (advisor) ; Streblov, Pavel (referee)
1 Abstract This thesis investigates the housing price determinants and possibilities of housing price bubbles in the residential real estate markets of Central and Eastern Europe before and during the economic crisis of 2007-2009. Using data from international institutions, national central banks and national statistical offices three quantitative methods are applied. Price-to-income ratios suggest housing price bubbles that were eliminated during the crisis in three out of five countries covered. Second approach of simple panel data models sheds additional light on housing price bubbles and indicates GDP growth, unemployment and average real wage as the main determinants of housing prices in the region. First indication of severe housing price persistence in CEE is demonstrated by the results of the models as well. More reliable results for housing price determinants are obtained from variance decomposition and impulse response functions of vector autoregression models. Each country is modeled separately and substantial differences exist between the countries. Poland is the only country that does not exhibit housing price persistence and dynamics in Austria are less volatile as compared to the new EU members in the sample. JEL Classification G12, E39, R21, R31, R32 Keywords residential real estate, housing...
|
|
|
The housing market and the reactions of the monetary authority in the context of liquidity surplus
Čechura, Jakub ; Šíma, Ondřej (advisor) ; Gevorgyan, Kristine (referee)
The diploma thesis is mainly focused on the housing market and central bank's (supervisory authority's) potential reactions to risks arising from it. The thesis provides a broader perspective of the housing market so that the first part is devoted to the liquidity surplus as it is closely connected with the housing market. The next part of the thesis focuses on housing price bubbles and subsequent bursts as well as the tools of the central bank (supervisory authority) to mitigate such risks. It is discussed whether using monetary policy to affect house prices that do not reflect fundamentals is advisable. Macroprudential policy with its tools is introduced as an alternative. Special attention is paid to the Czech housing market.
|
|
| |
|
|
Cenová bublina na světových dluhopisových trzích
Pouchlá, Kristýna
Pouchlá, K., Price bubble in the global bond markets. Diploma thesis. Brno: Mendel University in Brno, 2014 This diploma thesis is focused on the issue of price bubbles in the bond markets, namely the market for Japanese, German and U.S. government bonds with maturities of 2, 5, 10 and 30 years in the observed trend over the last fifteen years. The goal of the thesis is identification of price bubble in selected markets after taking into account various criteria. Then will be determined investment recommendation for upcoming period within government bonds of chosen markets.
|
|
| |
|
|
Current economic crisis in Spain and its impact on the development of the Spanish foreign trade
Šamajová, Silvia ; Žamberský, Pavel (advisor) ; Vrňáková, Irena (referee)
The Bachelor's thesis deals with Spain's expansionary policy which was ended by the economic crisis in years 2006 and 2007. Its goal is to call attention to the elements which led to economic boom but subsequently caused the crisis. A significant portion of the thesis is dedicated to the construction industry and the real estate market because these were the areas at the origin of the downfall of Spanish economy. In the practical part is analysed the formation of price bubble on the real estate market and its subsequent crack. In the last part is presented the current state of economy in Spain and their foreign trade potential.
|
|
|
The European mortgage crisis
Martoník, Juraj ; Pavlík, Zdeněk (advisor) ; Bolotov, Ilya (referee)
The thesis addresses mortgage crises and price bubbles on local mortgage markets. It describes the causes, impacts and the development of local crises in Europe. The aim of this thesis is to analyze the situation of a number of European countries that were affected the most and to point out that mortgage bubbles weren't just a problem in the USA. Price bubbles were also created on European markets independently of the USA. The beginning of the thesis helps explain important notions and causes of the American mortgage crisis and then goes on to explain the spread of the global financial crisis to Europe. The rest of the thesis analyzes economic situations of the most affected European countries.
|
|
|
Economic and financial crisis in Spain
Lišková, Klára ; Němcová, Ingeborg (advisor) ; Žamberský, Pavel (referee)
This thesis is dedicated to the economic development in Spain in the times of the longlasting economic expansion which was terminated by the crisis in 2006-2007. The purpose is to summarize the development, identify the main factores causing the crisis and to evaluate the impacts. Great part of this thesis is dedicated to the sector of construction and the real estate market. It analyses the process of formation of the price bubble on the real estate market and its subsequent crack. The problematic internal situation was in a short time period exposed to the impacts of the global financial crisis. A special part of this thesis is therefore dedicated to the Spanish banking sector and its stability.
|
|
|
Causes and impcats of the mortgage crisis in the USA
Sádlo, Miroslav ; Jílek, Josef (advisor) ; Rybáček, Václav (referee)
The theme of this thesis is the mortgage crisis in the United States which has started almost two years before after the burst of a price bubble in the American residential real estate market. The aim of the thesis is to analyze causes and implications of this crisis. The theoretical part of the thesis follows characteristics of the asset price bubbles. In this part is also a description of three theories: Austrian business cycle theory, Hyman Minsky's financial instability hypothesis and the theory of Robert Shiller, which interpret causes of bubbles in a variety of ways. The analytical part deals with causes and impacts of the crisis. As the key factors of the crisis are examined mortgage credit expansion, monetary policy of central bank, securitization as an innovation in financial markets and the role of the psychological factors. The last chapter of the thesis analyses impacts of the crisis on the homeowners, real estate market, the whole economy and global financial markets.
|
guest ::
