Katagiri, Mitsuru.
House Price Synchronization and Financial Openness A Dynamic Factor Model Approach / Mitsuru Katagiri. [electronic resource] : Mitsuru Katagiri. - Washington, D.C. : International Monetary Fund, 2018. - 1 online resource (28 p.) - IMF Working Papers . - IMF Working Papers; Working Paper ; No. 18/209 .
This paper investigates the developments in house price synchronization across countries by a dynamic factor model using a country- and city-level dataset, and examines what drives the synchronization. The empirical results indicate that: (i) the degree of synchronization has been rising since the 1970s, and (ii) a large heterogeneity in the degree of synchronization exists across countries and cities. A panel and cross-sectional regression analysis show that the heterogeneity of synchronization is partly accounted for by the progress in financial and trade openness. Also, the city-level analysis implies that the international synchronization is mainly driven by the city-level connectivity between large and international cities.
1484378245 : 18.00 USD
10.5089/9781484378243.001 doi
Cluster Analysis
Financial Aspects Of Economic Integration
International Financial Markets
All Countries
House Price Synchronization and Financial Openness A Dynamic Factor Model Approach / Mitsuru Katagiri. [electronic resource] : Mitsuru Katagiri. - Washington, D.C. : International Monetary Fund, 2018. - 1 online resource (28 p.) - IMF Working Papers . - IMF Working Papers; Working Paper ; No. 18/209 .
This paper investigates the developments in house price synchronization across countries by a dynamic factor model using a country- and city-level dataset, and examines what drives the synchronization. The empirical results indicate that: (i) the degree of synchronization has been rising since the 1970s, and (ii) a large heterogeneity in the degree of synchronization exists across countries and cities. A panel and cross-sectional regression analysis show that the heterogeneity of synchronization is partly accounted for by the progress in financial and trade openness. Also, the city-level analysis implies that the international synchronization is mainly driven by the city-level connectivity between large and international cities.
1484378245 : 18.00 USD
10.5089/9781484378243.001 doi
Cluster Analysis
Financial Aspects Of Economic Integration
International Financial Markets
All Countries