Financiación y nivel de precios en el sector inmobiliario
- Ana Gómez-Bezares 1
- Fernando Gómez-Bezares 2
- Alfredo Jiménez 3
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1
Banco de España
info
- 2 Universidad de Deusto. España
- 3 Universidad de Burgos. España
ISSN: 0210-2358
Argitalpen urtea: 2015
Zenbakia: 128
Orrialdeak: 18-38
Mota: Artikulua
Beste argitalpen batzuk: Análisis Financiero
Laburpena
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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