打印

作者

来源

URBAN STUDIES,Vol.55,Issue12,P.2660-2681

语言

英文

关键字

Cointegration; convergence; house prices; pairwise; REGIONAL HOUSE PRICES; PAIR-WISE APPROACH; UNITED-STATES; LAG ORDER; CONVERGENCE; TIME; REGRESSIONS; SCHOOLS; TESTS; ROOT

作者单位

[Holmes, Mark J.] Waikato Univ, Dept Econ, Hamilton, New Zealand. [Otero, Jesus] Univ Rosario, Fac Econ, Bogota, Colombia. [Panagiotidis, Theodore] Univ Macedonia, Dept Econ, Thessaloniki, Greece. Holmes, MJ (reprint author), Waikato Univ, Dept Econ, Hamilton, New Zealand. E-Mail: holmesmj@waikato.ac.nz

摘要

We investigate the long-run convergence of house prices across the London boroughs based on a pairwise unit root probabilistic testing procedure. In sharp contrast to the earlier literature, we employ a dataset that distinguishes between four different types of property in each borough. Using a quarterly dataset that spans from 1995 to 2014, we find evidence in favour of long-run convergence thereby suggesting that the great majority of London borough house prices are driven by a single common stochastic trend. In a further contribution, we offer new insights through analysing the determinants of long-run convergence, by considering the role of geographic proximity, type of accommodation and amenities (quality of life).