Have a personal or library account? Click to login
Transition and Integration Effects in the Baltic Housing Markets: The Dipasquale-Wheaton Approach Cover

Transition and Integration Effects in the Baltic Housing Markets: The Dipasquale-Wheaton Approach

Open Access
|Oct 2024

References

  1. Abiad, A., Dell‘Ariccia, G., & Li, B. (2014). What have we learned about creditless recoveries? In (eds) Claessens, S., Ayhan, K., Laeven L., & Fabian V. Financial Crises: Causes, Consequences, and Policy Responses. IMF, Washington DC.
  2. Achour-Fischer, D. (1999). An Integrated Property Market Model: A Pedagogical tool. Journal of Real Estate Practice and Education, 2(1), 33–43. https://doi.org/10.1080/10835547.1999.12091561
  3. Agnello, L. & Schuknecht, L. (2011). Booms and bust in housing markets: Determinants and implications. Journal of Housing Economics, 20(3), 171–190. https://doi.org/10.1016/j.jhe.2011.04.001
  4. Anderson, J. E. (2000). Housing Privatization in Transition Economies. SSRN. https://ssrn.com/abstract=253767
  5. An, G., Becker, C. & Cheng, E. (2021). Housing price appreciation and economic integration in a transition economy: Evidence from Kazakhstan. Journal of Housing Economics, 52, 101765. https://doi.org/10.1016/j.jhe.2021.101765
  6. Aus, V., Kolbre, E., & Kahre, K. (2016). Drivers of Estonian housing market cycles. Research in Economics and Business: Central and eastern Europe, 7(2).
  7. Balcerowicz, L. (2002). Post-Communist Transition: Some Lessons. Institute of Economic Affairs, London.
  8. Balode, S., & Kamols, U. (2019). Rental Housing Market in Riga: price Determinants and lesson keys of Helsinki. Baltic Journal of Real Estate Economics and Construction Management, 7, 6–17. https://doi.org/10.2478/bjreecm-2019-0001
  9. Borgersen, T., & Emblem, A. W. (2022). Mortgage market induced booms and busts in the housing market using a modified DiPasquale-Wheaton model. International Real Estate Review, 25(3), 281–306.
  10. Borgersen, T., & Emblem, A.W. (2023). Direct and Indirect Effects of Housing Market Policies using and Augmented DiPasquale-Wheaton framework. Tidsskrift for Boligforskning, 6(1), 4–29. https://doi.org/10.18261/tfb.6.1.2
  11. Caldera, A., & Johansson, Å. (2013). The price responsiveness of housing supply in OECD countries. Journal of Housing Economics, 22(3), 231–249. https://doi.org/10.1016/j.jhe.2013.05.002
  12. Chatham House (2022). What is the Eurasian Economic Union? Explaining the history, purpose, and political background to the Eurasian Economic Union. https://www.chathamhouse.org/2022/07/what-eurasian-economic-union
  13. Ciarlone, A. (2015). House price cycles in emerging economies. Studies in Economics and Finance, 32(1), 17–52. https://doi.org/10.1108/sef-11-2013-0170
  14. Colwell, P. F. (2002). Tweaking the DiPasquale-Wheaton Model. Journal of Housing Economics, 11, 24–39. https://doi.org/10.1006/jhec.2001.0301
  15. Cuestas, J. C., & Kukk, M. (2020). The interaction between housing prices and housing credit: evidence from a country with rapid credit accumulation. Journal of Economic Studies, 48(1), 191–209. https://doi.org/10.1108/jes-11-2019-0519
  16. De Salvo, J. (2017). Teaching the DiPasquale-Wheaton Model. Journal of Real Estate Practice and EducationI, 20(1), 1–25. https://doi.org/10.1080/10835547.2017.12091767
  17. DiPasquale, D., & Wheaton, W. C. (1992). The Markets for Real Estate and Space: A Conceptual Framework. Real Estate Economics, 20(2), 181–198. https://doi.org/10.1111/1540-6229.00579
  18. Egert, B., & Mihaljek, D. (2007). Determinants of house prices in Central and eastern Europe. Comparative Economic Studies, 49(3), 367–388. https://doi.org/10.1057/palgrave.ces.8100221
  19. European Commission (2019). COMMISSION STAFF WORKING DOCUMENT Country Report Latvia 2019, 2019 European Semester: Assessment of progress on structural reforms, prevention and correction of macroeconomic imbalances, and results of in-depth reviews under Regulation (EU) No 1176/2011, {COM(2019) 150 final}, https://publications.europa.eu/en/publication-detail/-/publication/d27baa0d-3b6b-11e9-8d04-01aa75ed71a1/language-en
  20. European Commission (2017). The Baltics: Three Countries, One economy? Economic Brief 024/April 2017. https://doi.org/10.2765/763509
  21. Gaspareniene, L., Remeikiene, R., & Skuka A. (2016). Assessment of the impact of macroeconomic factors on housing price level: Lithuanian case. Intellectual Economics, 10(2), 122–127. https://doi.org/10.1016/j.intele.2017.03.005
  22. Geopolitical Intelligence Services AG (GIS) (2021). A closer look at the Eurasian Economic Union. https://www.gisreportsonline.com/r/eurasian-economic-union/
  23. Global Property Guide Latvia (2022). June 30. 2022. https://www.globalpropertyguide.com/Europe/Latvia/Price-History
  24. Global Property Guide Lithuania (2022), June 30, 2022. https://www.globalpropertyguide.com/Europe/Lithuania
  25. Global Property Guide Estonia (2022), June 30, 2022. https://www.globalpropertyguide.com/Europe/Estonia
  26. Goodhart, C., & Hoffman, B. (2008). House prices, money, credit, and the macroeconomy. Oxford Review of Economic Policy, 24(1), 180–205. https://doi.org/10.1093/oxrep/grn009
  27. Grønn, A., & Fredholm, M. W. (2013). Baltic and Icelandic experiences of capital flows and capital flow measures. SSRN Electronic Journal, 2013(242). https:/doi.org/10.2139/ssrn.2375563
  28. Han, L. (2010). The Effects of Price Risk on Housing Demand: Empirical Evidence from US markets. The Review of Financial Studies, 23(11), 3889–3928. https://doi.org/10.1093/rfs/hhq088
  29. Harding, J., Miceli, T. J., & Sirmans, C. (2000). Do owners take better care of their housing than renters? Real Estate Economics, 28(4), 663–681. https://doi.org/10.1111/1540-6229.00815
  30. Hegedus, J., Tosics, I. & Mayo, S. K. (1996). Transition of the housing sector in the East Central European countries. Review of Urban and Regional Development Studies, 8(2), 101–136. https://doi.org/10.1111/j.1467-940x.1996.tb00113.x
  31. Henilane, I. (2015). Review of housing mortgage lending policy practices in Latvia. Journal of Business Management, 10, 59–69.
  32. Hilmarsson, H. Þ. (2013). Small states and big banks – the case of Iceland. Baltic Journal of Economics, 13(1), 31–48. https://doi.org/10.1080/1406099x.2013.10840524
  33. Hilmarsson, H. Þ. (2018). The Economic Crisis and its Aftermath in the Nordic and Baltic Countries: Do As We Say and Not As We Do. https://openlibrary.org/books/OL28935797M/Economic_Crisis_and_Its_Aftermath_in_the_Nordic_and_Baltic_Countries
  34. Hill, R. J., & Syed, I. A. (2015). Hedonic Price-Rent ratios, User Cost and Departures from Equilibrium in the Housing Market. Regional Science and Urban Economics, 56, 60–72. https://doi.org/10.1016/j.regsciurbeco.2015.11.001
  35. Himmelberg, C., Mayer C., & Sinai T. (2005). Assessing High House Prices: Bubbles, Fundamentals and Misperceptions. Journal of Economic Perspectives, 19(4), 67–92. https://doi.org/10.1257/089533005775196769
  36. Huynh-Olesen, D., Steiner, K., Hildebrandt, A., & Wagner, K. (2013). Residential property prices in Central, Eastern and Southeastern European Countries. The role of fundamentals and transition specific factors. Focus on European Economic Integration, 2, 52–76.
  37. Ionascu, E. (2017). The CEE housing markets before, during and after the transition: An overview of property prices and home ownership rates. CES Working papers, ISSN 2067-7693. http://ceswp.uaic.ro/articles/CESWP2017_IX3_ION.pdf
  38. IMF (2014). The Baltic Cluster Report. 2014 Cluster Consultation. IMF Country Report No.14/117. IMF, Washington DC.
  39. Krusinskas, R. (2012). Research on housing bubbles in the capitals of the Baltic and Central Europe. Economics and Management, 17(2), 480–485. https://doi.org/10.5755/j01.em.17.2.2169
  40. Kulikauskas, D. (2016). Fundamental housing prices in the Baltic States: Empirical approach. Baltic Journal of Economics, 16(2), 53–80. https://doi.org/10.1080/1406099x.2016.1173446
  41. Kulikauskas, D. (2017). The user cost of housing in the Baltic states. Journal of European Real Estate Research, 10(1), 17–34. https://doi.org/10.1108/jerer-11-2015-0042
  42. Kjosevski, J., & Petkovski, M. (2016). Non-performing loans in Baltic States: determinants and macroeconomic effects. Baltic Journal of Economics, 17(1), 25–44. https://doi.org/10.1080/1406099x.2016.1246234
  43. Martin, R. (2010). Boom and bust in the Baltic Countries – Lessons to be learnt. Intereconomics, 45(4), 220–226. https://doi.org/10.1007/s10272-010-0340-9
  44. Mercury Group Estate Latvia (2023). https://estatelatvia.com/en/services/residence_permits/
  45. OBERHAUS Real Estate Advisors (2016). Real Estate Market Report 2016, Baltic States Capitals: Vilnius, Riga, Tallinn. Page 97.
  46. OECD (2019a). OECD Country Surveys Latvia, May 2019. https://read.oecdilibrary.org/economics/oecd-economic-surveys-latvia-2019_f8c2f493-en#page1
  47. OECD (2019b). Affordable Housing Database. http://www.oecd.org/social/affordable-housing-database.htm
  48. Office of Citizenship and Migration Affairs, Republic of Latvia (2022). https://www.pmlp.gov.lv/en/article/latvia-temporarily-suspends-issuance-temporary-residence-permits-russian-and-belarusian-citizens?utm_source=https%3A%2F%2Fwww.google.com%2F
  49. Official News Portal of Latvian Radio and Latvian Television. Eng.lsn.lv (nd) https://eng.lsm.lv/article/politics/politics/latvias-golden-visa-scheme-to-be-scrapped.a450076/
  50. Posedel, P., & Vizek, M. (2009). House price determinants in transition and EU-15 countries. Post-Communist Economies, 21(3), 327–343. https://doi.org/10.1080/14631370903090640
  51. Purfield, C., & Rosenberg, C. (2010). Adjustment under a Currency peg: Estonia, Latvia and Lithuania during the Global Financial Crisis 2008-09. IMF Working Paper, 10(213), 1. https://doi.org/10.5089/9781455205448.001
  52. Snieska, V., Venclauskiene, D., Vasiliauskiene, L., & Gaidelys, V. (2011). The Influence of Transition Economy Peculiarities on the Formation of Housing Price Level. Engineering Economics, 22(5), 494–500. https://doi.org/10.5755/j01.ee.22.5.973
  53. Staehr, K. (2013). Austerity in the Baltic States during the global financial crisis. Intereconomics, 48(5), 293–302. https://doi.org/10.1007/s10272-013-0472-9
  54. Swedbank Research (2019). Swedbank Macro Research, 17 September 2019. Swedbank LC&I, Swedbank AB, Stockholm.
  55. The Baltic Times (2005). State to tap real estate boom. 2005-09.21. https://www.baltictimes.com/news/articles/13646/
  56. Tsenkova, S., & Polanska, D. V. (2014). Between state and market: housing policy and housing transformation. GeoJournal, 79(4), 401–405. https://doi.org/10.1007/s10708-014-9538-x
  57. Tupenaite, L., Kanapeckiene, L., & Naimaviciene, J. (2017). Determinants of Housing Markets Fluctuations: Case Study of Lithuania. Procedia Engineering, 172, 1169–1175. https://doi.org/10.1016/j.proeng.2017.02.136
  58. Yao, R., & Zhang, H. H. (2005). Optimal Consumption and Portfolio Choices with Risky Borrowers and Borrowing Constraints. The Review of Financial Studies, 18(1), 197–239. https://doi.org/10.1093/rfs/hhh007
DOI: https://doi.org/10.2478/bjreecm-2024-0019 | Journal eISSN: 2255-9671 | Journal ISSN: 2255-9604
Language: English
Page range: 285 - 306
Submitted on: Aug 19, 2024
Accepted on: Sep 3, 2024
Published on: Oct 18, 2024
Published by: Riga Technical University
In partnership with: Paradigm Publishing Services
Publication frequency: 1 issue per year

© 2024 Trond-Arne Borgersen, Roswitha M. King, published by Riga Technical University
This work is licensed under the Creative Commons Attribution 4.0 License.