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A Pair-wise Analysis of Intra-city Price Convergence Within the Paris Housing Market

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dc.creatorHolmes, Mark J.spa
dc.creatorOtero Cardona, Jesús Gilberto
dc.creatorPanagiotidis, Theodorespa
dc.date.accessioned2020-05-25T23:56:30Z
dc.date.available2020-05-25T23:56:30Z
dc.date.created2017spa
dc.description.abstractWe examine long-run house price convergence across the twenty Paris districts using a quarterly dataset that spans from 1991 to 2014. Our approach is based on two stages. In the first stage, we apply methods of unit root testing. Our econometric modelling exercise adopts a pair wise approach that is built on a probabilistic test for convergence based on all house price differentials across the Paris districts. We find that more than 50 % of the intra-city house price differentials that can be computed are stationary. In the second stage of our investigation, we analyse the drivers of convergence. The probability of stationarity is negatively affected by unemployment differentials across districts, demographics differentials and supply-side characteristics. Our findings further reveal that the half-life of a shock to long-run price equilibrium is affected positively by unemployment, distance and housing supply. Our analysis suggests that smaller distances between Parisian districts are associated with a faster speed of adjustment back towards long-run equilibrium. © 2015, Springer Science+Business Media New York.eng
dc.format.mimetypeapplication/pdf
dc.identifier.doihttps://doi.org/10.1007/s11146-015-9542-z
dc.identifier.issn1573045X
dc.identifier.issn08955638
dc.identifier.urihttps://repository.urosario.edu.co/handle/10336/22445
dc.language.isoengspa
dc.publisherSpringer New York LLCspa
dc.relation.citationIssueNo. 1
dc.relation.citationTitleJournal of Real Estate Finance and Economics
dc.relation.citationVolumeVol. 54
dc.relation.ispartofJournal of Real Estate Finance and Economics, ISSN:1573045X, 08955638, Vol.54, No.1 (2017)spa
dc.relation.urihttps://www.scopus.com/inward/record.uri?eid=2-s2.0-84947748734&doi=10.1007%2fs11146-015-9542-z&partnerID=40&md5=fd00c8bb7f75771ae5e591ca94c4121fspa
dc.rights.accesRightsinfo:eu-repo/semantics/openAccess
dc.rights.accesoAbierto (Texto Completo)spa
dc.source.instnameinstname:Universidad del Rosariospa
dc.source.reponamereponame:Repositorio Institucional EdocURspa
dc.subject.keywordCointegrationspa
dc.subject.keywordHouse pricesspa
dc.subject.keywordPair-wisespa
dc.subject.keywordSpeed of adjustmentspa
dc.titleA Pair-wise Analysis of Intra-city Price Convergence Within the Paris Housing Marketspa
dc.typearticleeng
dc.type.hasVersioninfo:eu-repo/semantics/publishedVersion
dc.type.spaArtículospa
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