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- Berg, Lennart, 1941-, et al.
(författare)
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The Q Theory and the Swedish Housing Market : An Empirical Test
- 2006
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Ingår i: Journal of real estate finance and economics. - : Springer Science and Business Media LLC. - 0895-5638 .- 1573-045X. ; 33:4, s. 329-344
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Tidskriftsartikel (refereegranskat)abstract
- We argue that major changes in economic policy have resulted in a more market driven demand for housing investment in Sweden, due to policy changes at the end of the 1980s and the beginning of the 1990s. Tobin's transparent Q theory is the investment theory used. For the last period of the sample (1993-2003 quarterly data), our results indicate that there exists a high degree of correlation between the Q ratio and the (logarithm of) two different variables for housing investment. An error correction regression model, controlling for structural breaks, also indicates that a stable long-run relationship could be detected for the logarithm of building starts and the Q ratio between 1993-2003, but not between 1981-1992.
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| 2. |
- Berg, Lennart, 1941-, et al.
(författare)
-
The Q Theory and the Swedish Housing Market - An Empirical Test
- 2005
-
Rapport (populärvet., debatt m.m.)abstract
- We argue that major changes in economic policy have resulted in a more market driven demand for housing investment in Sweden as a result of changes in policy during the end of the 1980s and beginning of the 1990s. The used investment theory is Tobin’s transparent Q theory. Our results indicate, for the last period of the sample (1993-2003 quarterly data) that a high degree of correlation between the Q ratio and the (logarithm of) two different variables for housing investment exist. An error correction regression model, controlling for structural breaks, indicates also a stable long run relationship could be detected for the logarithm of building starts and the Q ratio between 1993-2003 but not between 1981-1992.
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