Homeownership motivation, rationality, and housing prices: Evidence from gloom, boom, and bust‐and‐boom economies

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dc.contributor.authorAlexiou, Constantinos
dc.contributor.authorChan, Aaron‐Samuel
dc.contributor.authorVogiazas, Sofoklis
dc.date.accessioned2018-10-11T14:29:51Z
dc.date.available2018-10-11T14:29:51Z
dc.date.issued2018-10-10
dc.description.abstractBy focusing on three types of homebuyers, we address three questions: (a) Do households drive housing prices? (b) Do households and landlords act rationally in their buying decisions? (c) Is the market conducive to promoting homeownership or is it a speculators' territory? We use system Generalized Method of Moments (GMM) estimations based on 1970–2016 data, for 34 economies clustered as gloom, boom, or bust‐and‐boom, and we provide novel evidence that all three types of homebuyers contribute significantly to the determination of housing prices. Households and landlords seem to act irrationally as their decisions are not greatly affected by housing affordability or shrinking yields.en_UK
dc.identifier.citationAlexiou C, Chan S, Vogiazas S. (2019) Homeownership motivation, rationality, and housing prices: Evidence from gloom, boom, and bust‐and‐boom economies. International Journal of Finance and Economics, Volume 24, Issue 1, January 2019, pp. 437-448en_UK
dc.identifier.issn1076-9307
dc.identifier.urihttps://doi.org/10.1002/ijfe.1672
dc.identifier.urihttp://dspace.lib.cranfield.ac.uk/handle/1826/13528
dc.language.isoenen_UK
dc.publisherWileyen_UK
dc.rightsAttribution-NonCommercial 4.0 International*
dc.rights.urihttp://creativecommons.org/licenses/by-nc/4.0/*
dc.subjectHousing pricesen_UK
dc.subjectHomeownersen_UK
dc.subjectSpeculationen_UK
dc.subjectGMMen_UK
dc.titleHomeownership motivation, rationality, and housing prices: Evidence from gloom, boom, and bust‐and‐boom economiesen_UK
dc.typeArticleen_UK

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