Keywords
Citation
(2014), "2013 Awards for Excellence", International Journal of Housing Markets and Analysis, Vol. 7 No. 1. https://doi.org/10.1108/IJHMA-03-2014-001
Publisher
:Emerald Group Publishing Limited
2013 Awards for Excellence
Article Type: 2013 Awards for Excellence From: International Journal of Housing Markets and Analysis, Volume 7, Issue 1
The following articles was selected for this year’s Outstanding Paper Award for International Journal of Housing Markets and Analysis
"Co-movement of house price cycles – a factor analysis"
Kirill Pomogajko and Michael Voigtländer
Research Unit Real Estate Economics, Cologne Institute for Economic Research, Bonn-Rhine-Sieg University, Cologne, Germany
Purpose – Because of globalisation and monetary integration the macroeconomic conditions for industrial countries have become more and more equal. This paper aims to discover whether the synchronisation of business cycles also affected the co-movement of house prices in OECD countries for the period 1990-2010.
Design/methodology/approach – Using a factor analysis the degree of co-movement of house price cycles is measured. Additionally, by splitting the sample whether housing markets have become more integrated since the 1990s can be assessed.
Findings – The results show that the integration of housing markets has accelerated in the last decade. Both a strong global factor and a regional factor can be identified. However, some countries, such as Germany, The Netherlands and Japan, seem to have become uncoupled from the global trend. Furthermore, the co-movement of markets generally increases with greater proximity. Although globalisation seems to foster the integration of housing markets, monetary integration has only a minor effect. For investors, hence, there is still scope for risk reduction in international housing markets.
Originality/value – This is the first paper to adress the co-movement of house price cycles for a large set of countries. Furthermore, it proposes a new way to illustrate the results by referring to methods well-known from cluster analysis.
Keywords: Business cycles, Co-movement, Factor analysis, House prices, Housing, Integration, Prices
http://www.emeraldinsight.com/10.1108/IJHMA-03-2014-001
This article originally appeared in Volume 5 Number 4, 2012, International Journal of Housing Markets and Analysis
"An assessment of development funding for new housing post GFC in Queensland, Australia"
Lyndall Bryant
This article originally appeared in Volume 5 Number 2, 2012, International Journal of Housing Markets and Analysis
"Measuring the affordability of housing association rents in England: a dual approach"
Connie P.Y. Tang
This article originally appeared in Volume 5 Number 3, 2012, International Journal of Housing Markets and Analysis
"Housing valuation model: an investigation of residential properties in Tehran"
Iman Naderi, Ahmad Sharbatoghlie and Ahmadreza Vafaeimehr
This article originally appeared in Volume 5 Number 1, 2012, International Journal of Housing Markets and Analysis
Outstanding reviewers
Dr Chyi Lin Lee
Dr Paloma Taltavull de La Paz