Work detail

Efficiency of Regulation on Spanish Housing Market

Author: Bc. Hana Hejlová
Year: 2011 - summer
Leaders: PhDr. Michal Hlaváček Ph.D.
Consultants:
Work type: Bachelors
Language: English
Pages: 79
Awards and prizes: B.A. with distinction from the Dean of the Faculty of Social Sciences for an extraordinarily good bachelors diploma thesis.
Link:
Abstract: Covering reciprocal and mutually reinforcing relations between business, housing and
credit cycles, the thesis assesses the Spanish housing market in its wider circumstances.
With use of several conceptual notes on demand for housing, dynamic path of the house
prices in Spain may be explained based on the difference in how these structural components react on changes in financial and macroeconomic environment. As a result
of controlling for match of demand and supply in both timely and spatial manner
empirically, expectations were included to explain the subsequent volume of housing
traded on the market and simple microeconomic decision making model taking into
account taxes was derived to assess the role favourable incentives might have played on
fuelling the house price cycle in Spain. Next, existence of the reciprocal relations
suggested by the theory discussed was confirmed empirically only during the house
price upturn and asymmetry in speed of downward adjustment was found in the
opposite case, pointing out at the redistribution effect abrupt changes in house prices
have in time. The results derived finally allowed to assess possibilities of better
employment of anti cyclical regulatory tools towards eliminating mutually enforcing
powers between the cycles and avoiding both financial and macroeconomic imbalances
in future.
Downloadable: Bachelor Thesis of Hejlová
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