BIS paper on house prices in emerging Europe
This BIS working paper examines the determinants of house price increases in central and eastern Europe.
The authors, Balazs egert and Dubravko Mihaljek, show that house prices in this group of countries have been determined "to a large extent by the underlying conventional fundamentals and some transition-specific factors."
They find that, compared to OECD countries, house prices in these emerging markets tend to be much responsive to changes in the real interest rate, but less responsive to
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