TY  - BOOK
AU  - Wang,Shengzu
AU  - Tumbarello,Patrizia
AU  - Wang,Shengzu
TI  - What Drives House Prices in Australia? A+L4584 Cross-Country Approach
T2  - IMF Working Papers; Working Paper
SN  - 1455211729 :
SN  - 1018-5941
PY  - 2010///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Capital Inflow
KW  - imf
KW  - Cointegration
KW  - Event Analysis
KW  - House Prices
KW  - Terms of Trade Shocks
KW  - Trade Shocks
KW  - Australia
N2  - This paper analyzes the factors driving house prices in Australia from a cross-country perspective using several approaches. It uses a cointegration technique to estimate the long-run equilibrium house prices in Australia, New Zealand, and Canada and assesses the extent of a possible disequilibrium. It also presents an event analysis to shed some light on the link between house prices, capital inflows and the terms of trade. The econometric analysis suggests an overvaluation of 5-10 percent depending on the model specification. Event analysis indicates that terms of trade shocks were associated with larger increases in house prices in Australia, than in the case of strong capital inflow episodes
UR  - http://elibrary.imf.org/view/IMF001/11536-9781455211722/11536-9781455211722/11536-9781455211722.xml
UR  - http://www.imfbookstore.org/IMFORG/9781455211722
ER  -