The Influence of Transition Economy Pecularities on the Formation of Housing Price Level

Snieška, Vytautas; Venclauskiene, Deimante; Vasiliauskienė, Ligita; Gaidelys, Vaidas

doi:10.5755/j01.ee.22.5.973

Cited by 2 publications

(2 citation statements)

References 26 publications

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“…Naturally, credit markets impact housing markets, both during a credit-fueled boom prior to the crisis and in the case of a creditless recovery. Snieska et al (2011) analyze housing markets in transition economies and focus on the "peculiarities" in transition economies that are important for housing markets. The highlighted topics range from the role of the initial excess labor productivity, the role of skilled and unskilled labor migration for house prices, and the role of developing a legal base for private homeownership to the need for a fiscal system for the administration of the tax base.…”

Section: Baltic Economy Housing and Mortgage Marketsmentioning

confidence: 99%

Leading Gains and Funding Risk in Baltic Housing Markets

Borgersen¹,

King²

2022

EJEF

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This paper analyzes lending gains and funding risk in the Baltic housing markets. Transition economies are exposed to both cycles and structural shifts, relating housing market fundamentals to a more diversified set of processes than in mature economies. Still, as housing is a nontradable good, transition allows for high rates of appreciation. When house price growth exceeds the mortgage rate, there are lending gains from mortgage-financed housing. As higher leverage increases funding risk, a challenge emerges for transition economies, which are in a monetary union with mature economies. Asymmetric shocks to housing markets may threaten financial stability as the monetary policy does not respond to country-specific house price bubbles. In addition to a discussion on asymmetric shocks and the role of housing, the paper offers an illustration of the lending gain and the funding risk that housing markets in transition economies may entail. The paper simulates the return to housing equity across the Baltic states over the period 2010-2020. While a strong housing market has provided Estonian households with the highest price gains, both Latvian and Lithuanian households have taken advantage of the deepening monetary integration towards the end of the period. Still, the more volatile housing markets in the two southernmost Baltic states make leverage set its mark on the risk-return profile.

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Section: Baltic Economy Housing and Mortgage Marketsmentioning

confidence: 99%

Leading Gains and Funding Risk in Baltic Housing Markets

Borgersen¹,

King²

2022

EJEF

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“…-the cohesion between various regions or other geographically identified spaces: in this case, the cohesion between globally, internationally, nationally or even locally described regions, may be mentioned (Ambros & Schlegelmilch, 2009;Wiener & Diez, 2009;Morrison, 2006;Hix, 2006); -the cohesion between various social groups or social layers , which may be considered and assessed globally, internationally, nationally or even locally (Plattoni, 2010;Searle, 2010); -the cohesion between various activities, between the sectors of social, economic, political, cultural, scientific and technological development, as well as various spheres of social activities or business (O'Brien & Williams, 2007;Brakman et al, 2006;Button, 2008;Harrison, 2010;Snieska et al, 2011;Ciarniene & Kumpikaite, 2011;Camacho & Ballesta, 2012), the cohesion between various organizations or subjects engaged in various activities (Brookes & Grint, 2010;Virvilaite & Daubaraite, 2011).…”

Section: Cohesion: the Main Definitions Principles And Regularities mentioning

confidence: 99%

Cohesion Processes in Internal and External Spaces of the European Union: the New Priorities

Melnikas

2014

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Cohesion as an especially important factor of modernization processes, as well as of processes of European integration and enlargement of the European Union are analyzed in this theoretical article. The needs of cohesion and possibilities to activate the cohesion in the context of European integration in general, as well as the impact of cohesion on the further enlargement of the European Union are discussed. This article raises and considers the problem of social, economic and political development, cultural changes, the new tendencies of technological progress and environmental protection, closely associated with the cohesion processes, taking place under the conditions of European integration and the European Union development and enlargement. It is shown that the cohesion processes determine the basic changes in contemporary society and its life in the common cultural, social and economic space in the European Union. The main attentions is paid to the specifics of cohesion in the internal and in the external spaces of the European Union, the role and significance of the processes of innovative development in the context of general priorities of cohesion are characterized. It is shown that there are some needs to define the priorities of cohesion processes separately for internal spaces of the European Union, as well as for external spaces. The priorities of innovative development and technological progress are defined as the main priorities of cohesion in internal spaces of the European Union. The priorities of goal-oriented cooperation with the developing countries of new type with post-crisis economy are defined as the main priorities of cohesion in external spaces of the European Union. The variety of the cohesion processes is described, new trends of cohesion in the context of globalization and internationalization, knowledge based society and knowledge economy creation processes are identified.

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The Influence of Transition Economy Pecularities on the Formation of Housing Price Level

Cited by 2 publications

References 26 publications

Leading Gains and Funding Risk in Baltic Housing Markets

Leading Gains and Funding Risk in Baltic Housing Markets

Cohesion Processes in Internal and External Spaces of the European Union: the New Priorities

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