Modelling Household Mortgage Debt: the case of the Czech Republic

Abstract

This paper deals with Czech household mortgage debt and its determinants in the period 1Q2005-2Q2021. Our analysis focuses on the variables determining the level of mortgage debt from both short-and long-term perspectives. Our contribution is two-fold. Firstly, we examine the relationship between the selected variables within a cross-correlation analysis. The results confirm the positive dependency of household mortgage debt and real GDP, real gross average income and the level of house prices. By contrast, a negative relationship was identified for real interest rates, the unemployment rate and the inflation rate. Secondly, we explore the ARDL and EC models and identify one cointegration relationship. Our results confirm that house prices and real wages are determinants of household mortgage debt in the long-term perspective. However, a wider range of variables plays a role in the short run, including house prices, real gross average income, inflation and long-term interest rates. Moreover, our model indicates the insignificance of unemployment in both the short and long run.

Cutting Waste Minimization of Rebar for Sustainable Structural Work: A Systematic Literature Review

“…The reason is that design optimization of RC corresponds to pre-processing research of rebars optimization, while CWM of rebars covered in this study corresponds to post-processing research. As a result of reviewing some of the literature related to design optimizations of rebars, it was confirmed that they are related to design optimization of RC components such as slab [50][51][52][53][54][55][56][57], beam [58][59][60][61], column [62][63][64][65], foundation [64], and wall [66][67][68], and design optimization of RC frames such as bridges [69][70][71] and building [72]. In addition, many studies related to design optimization have been well-organized in the review article [37].…”

Structure of Sustainable Management of Geoparks through Multi-Criteria Methods

“…This method is also described by various authors, e.g., Kubišová in the field of operational research, as well as authors dealing with management and decision-making processes in management, such as Fiala and the collective, Žáček, Fotr J. and Dědina J. in the book Managerial Decisions from 1993 [24]. Specifically, Fiala [25] and the collective stated the theoretical basis of multi-criteria decision making: "multi-criteria decision-making tasks are those decision-making tasks whose consequences of the decision are assessed according to several criteria. If the set of admissible variants is finite, then we speak of the task of multi-criteria evaluation of variants.…”

“…If the set of admissible variants is finite, then we speak of the task of multi-criteria evaluation of variants. However, if the set of admissible variants is defined by a set of conditions that the decision alternatives must meet, it is a task of multi-criteria programming" [25] (p. 16).…”