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House Price Determinants in Selected Countries of the Former Soviet Union
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Author/Editor: |
Stepanyan, Vahram | Poghosyan, Tigran | Bibolov, Aidyn |
| Authorized for Distribution: |
April 1, 2010 |
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Electronic Access: |
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
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Summary: This paper analyses the recent boom-bust cycle in the housing markets of selected Former Soviet Union (FSU) countries. The analysis is based on a newly constructed database on house prices in the FSU countries. Our estimations suggest that house price developments can largely be explained by the dynamics of fundamentals, such as GDP, remittances, and external financing. Overall, we find that deviations of house prices from their fundamentals have not been pronounced, suggesting that house price bubbles have not been formed in the FSU countries.
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Order a print copy
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Series: |
Working Paper No. 10/104 |
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Subject(s): |
Business cycles | Capital inflows | Cross country analysis | Economic growth | External shocks | Former Soviet Union | Housing prices | Price elasticity | Workers remittances |
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Author's keyword(s): |
House prices | pooled mean group estimator | the Former Soviet Union |
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Published: |
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April 1, 2010 |
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Format: |
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Paper |
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Stock No: |
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WPIEA2010104 |
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Pages: |
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15 |
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Price: |
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US$18.00
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