TY  - BOOK
AU  - Katagiri,Mitsuru
TI  - House Price Synchronization and Financial Openness: A Dynamic Factor Model Approach 
T2  - IMF Working Papers
SN  - 1484378245 :
PY  - 2018///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Cluster Analysis
KW  - imf
KW  - Financial Aspects Of Economic Integration
KW  - International Financial Markets
KW  - All Countries
N2  - 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
UR  - http://elibrary.imf.org/view/IMF001/25462-9781484378243/25462-9781484378243/25462-9781484378243.xml
UR  - http://www.imfbookstore.org/IMFORG/9781484378243
ER  -