Pre and post-financial crisis convergence of metropolitan housing markets in Poland

Trojanek, Radosław; Głuszak, Michał; Kufel, Paweł; Tanaś, Justyna; Trojanek, Maria

doi:10.1007/s10901-022-09953-1

Cited by 9 publications

(4 citation statements)

References 71 publications

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“…The resulting division of cities into convergence clubs by Tomal (2022) proved to be more reliable when the data were filtered using the boosted HP filter. Following Tomal (2022), Trojanek et al (2022 and Banabak (2022) also used the boosted HP filter to smooth the data while identifying convergence clubs in the housing market. The effect of λ on the results obtained from the PS approach was also noted by Gunawan et al (2021).…”

Section: Time Series Filtering Methods Within the Ps Approachmentioning

confidence: 99%

“…Following Tomal (2022), Trojanek et al. (2022) and Banabak (2022) also used the boosted HP filter to smooth the data while identifying convergence clubs in the housing market. The effect of λ on the results obtained from the PS approach was also noted by Gunawan et al.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Apergis et al., 2012; Bartkowska & Riedl, 2012; Ghosh et al., 2013; Aksoy et al., 2019; Cutrini, 2019; Zhang et al., 2019; Alexiadis et al., 2021; Cavallaro & Villani, 2021b; Espoir, 2022), house/rent prices (e.g. Apergis & Payne, 2012; Kim & Rous, 2012; Montañés & Olmos, 2013; Montagnoli & Nagayasu, 2015; Blanco et al., 2016; Awaworyi Churchill et al., 2018; Apergis & Payne, 2019; Holmes, Otero et al., 2019; Tomal, 2019; Ganioğlu & Seven, 2021; Maynou et al., 2021; Cai et al., 2022; Tomal, 2022; Trojanek et al., 2022), consumer price index (e.g. Fritsche & Kuzin, 2011; Kim & Kim, 2015; Gozgor et al., 2019; Aginta, 2020, 2021; Jangam et al., 2021; Çakır & Gunduz, 2022), and total factor productivity (e.g.…”

Section: Literature Reviewmentioning

confidence: 99%

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A review of Phillips‐Sul approach‐based club convergence tests

Tomal

2023

Journal of Economic Surveys

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The Phillips‐Sul approach to testing the club convergence hypothesis has attracted considerable research interest in recent years due to its advantages over alternative methods. This paper aims to review theoretical papers that extend the Phillips‐Sul approach, empirical studies that apply Phillips‐Sul approach‐based club convergence tests, as well as the software used to execute these methods. The review revealed that, first, the Phillips‐Sul approach has seen modifications regarding the procedure of trend extraction from time series, the log t regression and the algorithm clustering panel units into convergence clubs. Second, the Phillips‐Sul approach has been widely used not only in economics and finance but also in ecological, energy and health studies. Finally, the paper provides guidance for further development of the Phillips‐Sul approach. This review is useful for researchers and practitioners investigating convergence and club convergence processes.

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Section: Time Series Filtering Methods Within the Ps Approachmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

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A review of Phillips‐Sul approach‐based club convergence tests

Tomal

2023

Journal of Economic Surveys

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“…The problem of housing accessibility is fundamental both from the point of view of households and a country's social policies. This is mainly due to the role of housing in meeting everyone's basic needs in life (Zakaria et al, 2020;Trojanek, 2021;Trojanek et al, 2022). Acquisition of this specific commodity, anywhere in the world, requires a financial outlay equivalent to a multiple of a household's annual income and is often unattainable without taking out a loan.…”

Section: Literature Reviewmentioning

confidence: 99%

Housing affordability analysis in Kazakhstan based on D-HAQ model

Mukayev¹,

Shalbolova²,

Tanaś³

2022

Journal of International Studies

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Housing affordability is an acute socio-economic problem in many countries, and Kazakhstan is no exception. The purpose of the article is to assess the affordability of purchasing houses in the regions of Kazakhstan, taking into account dynamic changes in household income and expenditures. The analysis used data from 17 regions of Kazakhstan for 2021, which were collected from the Bureau of National Statistics, Statistical Bulletin of the National Bank, and analytical web portal. Based on the data, three indicators – down payment affordability (DPA), monthly repayment affordability (MRA), and dynamic indicator TAM, which is the time to achieve adequate MRA – were calculated. Then the Housing Affordability Quadrant was built. The results of the analysis showed that all regions of Kazakhstan are located in the third quadrant. This means that households in these regions have difficulty making both down and monthly payments. Full housing affordability in any part of the country is not observed. Then the affordability of housing under the preferential mortgage lending program was assessed, and as a result, housing affordability improved only slightly. The authors concluded that the lower the solvency of monthly payments, the less effective the effect of increasing affordability by lowering the interest rate on mortgage loans. Instead, it is recommended to take state control of prices in the real estate market in each region of Kazakhstan.

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The COVID-19 pandemic and house price convergence in Poland

Tomal

2023

J Hous and the Built Environ

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The effect of the COVID-19 pandemic on price convergence in the housing market is largely unknown. This paper aims to assess the impact of the pandemic on the convergence of sales and rental housing prices. The residential markets in Polish voivodeship capitals were chosen as a case study. The convergence evaluation was based on a local linear version of the log t regression test, which allowed the estimation of a time-varying convergence speed parameter. The causal effect of the pandemic on convergence was examined using a Bayesian structural time series model. The study results revealed that the pandemic led to divergence in the primary sales housing market, growth convergence in the secondary sales housing market, and a weakening growth convergence in the rental housing market. Finally, this paper provides the R function logt that enables running the local linear and dummy variable log t regression tests.

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Pre and post-financial crisis convergence of metropolitan housing markets in Poland

Cited by 9 publications

References 71 publications

A review of Phillips‐Sul approach‐based club convergence tests

A review of Phillips‐Sul approach‐based club convergence tests

Housing affordability analysis in Kazakhstan based on D-HAQ model

The COVID-19 pandemic and house price convergence in Poland

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