Financiación y nivel de precios en el sector inmobiliario

  1. Ana Gómez-Bezares 1
  2. Fernando Gómez-Bezares 2
  3. Alfredo Jiménez 3
  1. 1 Banco de España
    info

    Banco de España

    Madrid, España

    ROR https://ror.org/02f26yq04

  2. 2 Universidad de Deusto. España
  3. 3 Universidad de Burgos. España
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Journal:
Análisis Financiero

ISSN: 0210-2358

Year of publication: 2015

Issue: 128

Pages: 18-38

Type: Article

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Abstract

The evolution of asset prices is an issue of great interest in financial economics, this has been confirmed by the Nobel Prizes in economics 2013, awarded to Fama, Hansen and Shiller. In this paper we focus on the price evolution of housing in Spain since the beginning of the XXI century. This period is of particular interest as it covers a period of euphoria and another one of crisis. Specifically we are interested in the effect of financing on price evolution. The study detected a clear influence of financing, delays in this influence, a structural change because of the crisis and a greater effect in good times.We leave the door open to behavioral finance in order to explain the behavior of the agents.

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