Have a personal or library account? Click to login

House Price Determinants in the European Union: The Role of Macroprudential Policy

By:
Open Access
|Jul 2025

References

  1. Adams, Z., & Füss, R. (2010). Macroeconomic determinants of international housing markets. Journal of Housing Economics, 19(1), 38-50.
  2. Araujo, J., Patnam, M., Popescu, A., Valencia, F., & Yao, W. (2024). Effects of macroprudential policy: Evidence from over 6000 estimates. Journal of Banking & Finance, 169, 107273.
  3. Belke, A., Keil, J. Fundamental Determinants of Real Estate Prices: A Panel Study of German Regions. Int Adv Econ Res 24, 25–45 (2018).
  4. Can, A. (1992). Specification and estimation of hedonic housing price models. Regional Science and Urban Economics, 22(3), 453–474.
  5. Dickes, L., & Crouch, E. (2015). The impact of changing Lake levels on property values: A hedonic model of Lake Thurmond. The Review of Regional Studies, 45(3), 221–235.
  6. Eichholtz, P., Huisman, R., & Zwinkels, R. C. (2015). Fundamentals or trends? A long-term perspective on house prices. Applied Economics, 47(10), 1050-1059.
  7. European Systemic Risk Board (2014). ESRB handbook on operationalising macro-prudential policy in the banking sector. Retrieved at https://www.esrb.europa.eu/pub/pdf/reports/140303_esrb_handbook_mp.en.pdf
  8. European Systemic Risk Board (2023). Vulnerabilities in the EEA commercial real estate sector. Retrieved at https://www.esrb.europa.eu/pub/pdf/reports/esrb.report.vulnerabilitiesEEAcommercialrealestatesector202301~e028a13cd9.en.pdf
  9. European Systemic Risk Board (2024). Follow-up report on vulnerabilities in the residential real estate sectors of the EEA countries. Retrieved at https://www.esrb.europa.eu/pub/pdf/reports/esrb.report.vulnerabilitiesresidentialrealestatesectors202402~df77b00f9a.en.pdf
  10. European Systemic Risk Board (2025). Using the countercyclical capital buffer to build up resilience early in the cycle. Retrieved at https://www.esrb.europa.eu/pub/pdf/reports/esrb.jointreportecbesrb202501~cdb5974ca9.en.pdf
  11. Galati, G., & Moessner, R. (2018). What do we know about the effects of macroprudential policy?. Economica, 85(340), 735-770.
  12. Hansen, B. (2022). Econometrics. Princeton University Press.
  13. Himmelberg, C., Mayer, C., & Sinai, T. (2005). Assessing high house prices: bubbles, fundamentals and misperceptions. Journal of Economic Perspectives, 19(4), 67–92.
  14. Hirata, H., Kose, M. A., Otrok, C., & Terrones, M. E. (2013). Global house price fluctuations: Synchronization and determinants. In NBER International Seminar on Macroeconomics (Vol. 9, No. 1, pp. 119-166). Chicago, IL: University of Chicago Press.
  15. Hott, C., & Monnin, P. (2008). Fundamental real estate prices: an empirical estimation with international data. Journal of Real Estate Finance and Economics, 36(4), 427–450.
  16. Li, M. M., & Brown, H. J. (1980). Micro-neighborhood externalities and hedonic housing prices. Land Economics, 56(2), 125–141.
  17. Maynou, L., Monfort, M., Morley, B., & Ordonez, J. (2021). Club convergence in European housing prices: The role of macroeconomic and housing market fundamentals. Economic Modelling, 103, 105595.
  18. Melecky, A., & Paksi, D. (2024). Drivers of European housing prices in the new millennium: demand, financial, and supply determinants. Empirica 51, 731–753
Language: English
Page range: 2802 - 2815
Published on: Jul 24, 2025
Published by: Bucharest University of Economic Studies
In partnership with: Paradigm Publishing Services
Publication frequency: 1 issue per year

© 2025 Mihai Aliman, Radu Popa, published by Bucharest University of Economic Studies
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.