drH@%RKտ$@DEGiuliodoriGiuliodori200409 37-38 wo groups depending on various measures of their financial structure used in the literatuBelgiumdVAR9@@#O@2SE@25 quartersDNB Workig Paperty Frankfurt WP]zs\"vbAzi7ch?Xxfۻք_.s?>drH@%RKտ$@DEGiuliodoriGiuliodori200409 37-38 wo groups depending on various measures of their financial structure used in the literatuBelgiumVAR9@@O@2SE@25 quartersDNB Workig Paperty Frankfurt WPWSh&+?{1G`?V9LsӉzKAQ7)ni?qluq?4@p?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPResidental property pricessmall and middle housesMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooBelgium19791998France19862008xX!@_"i"@E=0?)Qzv9@H#@)V?;@gʱ @)\X@wuU+7?]șP@: S@9X@4ͫ@g)}@[ZܼT@4@>drH@%RKտ$@DEGiuliodoriGiuliodori200409 37-38 vBelgiumntriesVAR9@@O@2SE@25 quartersDNB Workig Paperty Frankfurt WP'Av58\[.?r{l_{ϔNS168?`ZDw?j(-.r?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPMixsmall and middle housesMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARfixed-effect estimatorbooBelgium1979199818 countries19xX!@_"i"@E=0?)Qzv9@H#@)V?;@gʱ @)\X@wuU+7?]șP@: S@9X@4ͫ@g)}@[ZܼT@4@>drH@%RKտ$@DEGiuliodoriGiuliodori200409 37-38 wo groups depending on various measures of their financial structure used in the literatuBelgiumyVAR9@@ O@2SE@25 quartersDNB Workig Paperty Frankfurt WPDZZsڐ t4bݡ;eXIV%RWlӵ|p|?c6;ͥ+r?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPProperty pricesmall and middle housesMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooBelgium19791998Germany1986200xX!@_"i"@E=0?)Qzv9@H#@)V?;@gʱ @)\X@wuU+7?]șP@: S@9X@4ͫ@g)}@[ZܼT@4@>drH@%RKտ$@DEGiuliodoriGiuliodori200409 37-38 wBelgiumntriesVAR9@@O@2SE@25 quartersDNB Workig Paperty Frankfurt WPQX8K~0X[ZɪP,чc]ãq(lStZa*1g?H]JDt?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPMixsmall and middle housesMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARmean-group estimatorbooBelgium1979199818 countries19xX!@_"i"@E=0?)Qzv9@H#@)V?;@gʱ @)\X@wuU+7?]șP@: S@9X@4ͫ@g)}@[ZܼT@4@>drH@%RKտ$@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuFranceiaVAR?@@N@2SE@25 quartersDNB Workig Paperty Frankfurt WPރ^^͒oתAak@"VTUe:md(}?g&y?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooFrance19791998Austria1986200@NW"@J#@4?S6@?{?9`_2?^:3@E $@Q+^@;c0? /OP@~#9gU@E8 *鴁N?u@0XU@.@>drH@iٻ?"@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuFranceaVAR?@@N@2SE@25 quartersDNB Workig Paperty Frankfurt WP8n)Rhn{銿* drH@iٻ?"@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuFranceVAR?@@$N@2SE@25 quartersDNB Workig Paperty Frankfurt WPژH?ʀ5#mE?*}KT?28zX;Ɍ? GSD~?@BFz?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPProperty priceflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooFrance19791998Italy19862008@NW"@J#@4?S6@?{?9`_2?^:3@E $@Q+^@;c0? /OP@~#9gU@E8 *鴁N?u@0XU@.@>drH@iٻ?"@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuFrancendVAR?@@N@2SE@25 quartersDNB Workig Paperty Frankfurt WP{C~d`?( ?fbꯉPE &? odrH@iٻ?"@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuFranceyVAR?@@'N@2SE@25 quartersDNB Workig Paperty Frankfurt WP2 &!5˒>!T?TÔKTz q酦,a?&&F̋?_2k?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPrent index, index with of residential construction costflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?rent index, index with of residential construction costpanel VARbooFrance19791998Norway19862008@NW"@J#@4?S6@?{?9`_2?^:3@E $@Q+^@;c0? /OP@~#9gU@E8 *鴁N?u@0XU@.@>drH@iٻ?"@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuFrancerkVAR?@@N@2SE@25 quartersDNB Workig Paperty Frankfurt WP |h83g?1, *A.s?rVxߖ??1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPResidental property pricesflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooFrance19791998Denmark1986200@NW"@J#@4?S6@?{?9`_2?^:3@E $@Q+^@;c0? /OP@~#9gU@E8 *鴁N?u@0XU@.@>drH@iٻ?"@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuFranceVAR?@@)N@2SE@25 quartersDNB Workig Paperty Frankfurt WP>XA0܆k?,_6o Qw? 4ǃ?\DI?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPresidential property prices of existing dwellings with those of owner-occupied homes in 2005flats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooFrance19791998Spain19862008@NW"@J#@4?S6@?{?9`_2?^:3@E $@Q+^@;c0? /OP@~#9gU@E8 *鴁N?u@0XU@.@>drH@iٻ?"@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuNetherlands&VARC@&@P@2SE@25 quartersDNB Workig Paperty Frankfurt WPȊ84sn3D7@X?}TȠUސ(/ hb?NNB0s?$NB0s?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPResidental property pricesexisting housesBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VAR (PVAR)mean-group estimator,booNetherlands19791998Australia198625H@*u$@\u?L'7@7r@@C(o?9@.@Q;c@(?[` Q@)T3R@0vH(@%X'@S{@CQ@>@>drH@-N;%@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuNetherlandsgdom&VARC@&@,P@2SE@25 quartersDNB Workig Paperty Frankfurt WPA?:rZɈ}䍠/#i?4`[{Aǒӕ$s?Z|w?;SB3w?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPResidental property pricesexisting housesBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooNetherlands19791998United Kingdom5H@*u$@\u?L'7@7r@@C(o?9@.@Q;c@(?[` Q@)T3R@0vH(@%X'@S{@CQ@>@>drH@-N;%@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuNetherlands&VARC@&@%P@2SE@25 quartersDNB Workig Paperty Frankfurt WP /i?#4Yg ?aUs?e)qI-?*or?*or?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPresidential land pricesexisting housesBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?residential land pricespanel VARbooNetherlands19791998Japan198620085H@*u$@\u?L'7@7r@@C(o?9@.@Q;c@(?[` Q@)T3R@0vH(@%X'@S{@CQ@>@>drH@-N;%@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuNetherlandsgdom&VARC@&@,P@2SE@25 quartersDNB Workig Paperty Frankfurt WPFB~M&,*|@c9r?c?aHmVD?m̅2T:|?ZXzr?R~p?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPResidental property pricesexisting housesBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooNetherlands19791998United Kingdom5H@*u$@\u?L'7@7r@@C(o?9@.@Q;c@(?[` Q@)T3R@0vH(@%X'@S{@CQ@>@>drH@-N;%@DEGiuliodoriGiuliodori20040937-38vNetherlandses&VARC@&@P@2SE@25 quartersDNB Workig Paperty Frankfurt WP.d&T09٥i?QopRR ns?ɍ5X~t?$RYq?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPMixexisting housesBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARfixed-effect estimatorbooNetherlands1979199818 countries195H@*u$@\u?L'7@7r@@C(o?9@.@Q;c@(?[` Q@)T3R@0vH(@%X'@S{@CQ@>@>drH@-N;%@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuNetherlandss&VARC@&@&P@2SE@25 quartersDNB Workig Paperty Frankfurt WPC6hD4ⅿ13f?wi*ErWyCފHp?ORx?$RYq?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPResidental property pricesexisting housesBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooNetherlands19791998Netherlands1985H@*u$@\u?L'7@7r@@C(o?9@.@Q;c@(?[` Q@)T3R@0vH(@%X'@S{@CQ@>@>drH@-N;%@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuNetherlands&VARC@&@P@2SE@25 quartersDNB Workig Paperty Frankfurt WPDݘfv]߆m(j?jvy4q4!S0mܿs?d,J z?*or?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPResidental property pricesexisting housesBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooNetherlands19791998Canada198620085H@*u$@\u?L'7@7r@@C(o?9@.@Q;c@(?[` Q@)T3R@0vH(@%X'@S{@CQ@>@>drH@-N;%@DEGiuliodoriGiuliodori200409 37-38 wo groups depending on various measures of their financial structure used in the literatuItalyand$VARB@$@#U@2SE@25 quartersDNB Workig Paperty Frankfurt WPpGmyd,e!u:ɬJ?Sӱ}?c&QȦN?+Jm? P@bGuW@ P@bGuW@ P@bGuW@ P@bGuW@ @Ic'\Xktū鐿%8$S\RF?r̍H~?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPresidential property prices of existing dwellings with those of owner-occupied homes in 2005RPI?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooItaly19791998Spain19862008@lG')@;ueV#@ZOw_?vpR@Z ? 3p?F",")@xCuΪ @= ףpO@?Ǘ>P@bGuW@ 9e{/0?h}?-V?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPResidental property pricesRPI?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooItaly19791998Switzerland198@lG')@;ueV#@ZOw_?vpR@Z ? 3p?F",")@xCuΪ @= ףpO@?Ǘ>P@bGuW@ P@bGuW@ Ybb)zh?Q?K?!J5lLU`(Ws?Ila?!:H@_?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPResidental property pricesRPI per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooSpain19791998Finland1986200@NL_)@Σ(@ɔޗʿڤS@mު?xa?D@(c!J@GzlS@Ǚ?CK{P@3T@zgx+X54@AS@VnX @_T@4@7AV͉Q@K;x@!@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuSpainay)VARD@)@'P@2SE@25 quartersDNB Workig Paperty Frankfurt WP^_kS\1uګg?HX^dCr?< i?1U%4j?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPrent index, index with of residential construction costRPI per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?rent index, index with of residential construction costpanel VARbooSpain19791998Norway19862008@NL_)@Σ(@ɔޗʿڤS@mު?xa?D@(c!J@GzlS@Ǚ?CK{P@3T@zgx+X54@AS@VnX @_T@4@7AV͉Q@K;x@!@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuSpained States)VARD@)@-P@2SE@25 quartersDNB Workig Paperty Frankfurt WP*--13r*3r?(XZ?:q|9Qxiڐ٩e?)W 6|s?5b>$|s?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPResidental property pricesRPI per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooSpain19791998United States1@NL_)@Σ(@ɔޗʿڤS@mު?xa?D@(c!J@GzlS@Ǚ?CK{P@3T@zgx+X54@AS@VnX @_T@4@7AV͉Q@K;x@!@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuSpainy)VARD@)@$P@2SE@25 quartersDNB Workig Paperty Frankfurt WPyfgn/=)qW m?8+w{c7]Plw?*w{?.6ˁIw?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPProperty priceRPI per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooSpain19791998Italy19862008@NL_)@Σ(@ɔޗʿڤS@mު?xa?D@(c!J@GzlS@Ǚ?CK{P@3T@zgx+X54@AS@VnX @_T@4@7AV͉Q@K;x@!@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuSpainark)VARD@)@P@2SE@25 quartersDNB Workig Paperty Frankfurt WPHЫ*rlMP~s?Ǹ:V19v=4(Wv~?ZGې?Wz?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPResidental property pricesRPI per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooSpain19791998Denmark1986200@NL_)@Σ(@ɔޗʿڤS@mު?xa?D@(c!J@GzlS@Ǚ?CK{P@3T@zgx+X54@AS@VnX @_T@4@7AV͉Q@K;x@!@DEGiuliodoriGiuliodori20040937-38wSpainountries)VARD@)@P@2SE@25 quartersDNB Workig Paperty Frankfurt WPڎ^ZUo9)A9݁?hߙd-;yu<?,YH?~<?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPMixRPI per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARmean-group estimatorbooSpain1979199818 countries19@NL_)@Σ(@ɔޗʿڤS@mު?xa?D@(c!J@GzlS@Ǚ?CK{P@3T@zgx+X54@AS@VnX @_T@4@7AV͉Q@K;x@!@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuSwedenum*VARE@*@Y@2SE@25 quartersDNB Workig Paperty Frankfurt WPˍe-|qbѻ_Qˍe-|qbѻ_Q|4L?_I?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPsmall and medium-sized houses to the residential property priceHPI?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?small and medium-sized houses to the residential property pricepanel VARbooSweden19791998Belgium1986200@v#@sT#@ue)?% HN@ހ~@?淂?Nn@@@_@Y?gK}P@R!U@Vu@贁N@uA3E~@U@9@fJ@y[@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuSwedenia*VARE@*@Y@2SE@25 quartersDNB Workig Paperty Frankfurt WP!iHvrp5|ei!iHvrp5|ei2|S?»R?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPHPI?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooSweden19791998Austria1986200@v#@sT#@ue)?% HN@ހ~@?淂?Nn@@@_@Y?gK}P@R!U@Vu@贁N@uA3E~@U@9@fJ@y[@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuSwedenalia*VARE@*@Y@2SE@25 quartersDNB Workig Paperty Frankfurt WP^xSHm^xSHmd)uW?=T?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPResidental property pricesHPI?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VAR (PVAR)mean-group estimator,booSweden19791998Australia19862@v#@sT#@ue)?% HN@ހ~@?淂?Nn@@@_@Y?gK}P@R!U@Vu@贁N@uA3E~@U@9@fJ@y[@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuSweden*VARE@*@$Y@2SE@25 quartersDNB Workig Paperty Frankfurt WPgTƮ[|l W9}ZYN|ofTƮ[|l W9}ZYN|o\?O1iX?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPProperty priceHPI?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooSweden19791998Italy19862008@v#@sT#@ue)?% HN@ހ~@?淂?Nn@@@_@Y?gK}P@R!U@Vu@贁N@uA3E~@U@9@fJ@y[@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuSwedenerland*VARE@*@+Y@2SE@25 quartersDNB Workig Paperty Frankfurt WPXдfb}ɫL`iXдfb}ɫL`i:#t7c?pম`?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPResidental property pricesHPI?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooSweden19791998Switzerland198@v#@sT#@ue)?% HN@ހ~@?淂?Nn@@@_@Y?gK}P@R!U@Vu@贁N@uA3E~@U@9@fJ@y[@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuSweden*VARE@*@%Y@2SE@25 quartersDNB Workig Paperty Frankfurt WP@k~sx`@k~tx`*Pl?7w_f?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPresidential land pricesHPI?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?residential land pricespanel VARbooSweden19791998Japan19862008@v#@sT#@ue)?% HN@ހ~@?淂?Nn@@@_@Y?gK}P@R!U@Vu@贁N@uA3E~@U@9@fJ@y[@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuSwedend States*VARE@*@-Y@2SE@25 quartersDNB Workig Paperty Frankfurt WPT)>!P☿(ڹ3#)?T)>!P☿(ڹ3#)?w~?8Zes?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPResidental property pricesHPI?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooSweden19791998United States1@v#@sT#@ue)?% HN@ހ~@?淂?Nn@@@_@Y?gK}P@R!U@Vu@贁N@uA3E~@U@9@fJ@y[@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuFinlandmVAR>@@Y@2SE@25 quartersDNB Workig Paperty Frankfurt WPGn&Zs}ЀfA?Gn&Zs}ЀfA?RWtAb?L4ua?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPsmall and medium-sized houses to the residential property priceflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?small and medium-sized houses to the residential property pricepanel VARbooFinland19791998Belgium1986200@W!@Y`<"@~2!?#wiBV@&?=ht?\@HQF@D\@c˕p?P@rHpo?8Y@+=vK?K~+@ }@E)JY@1@fJ@ޔR"@(@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuFinlandVAR>@@Y@2SE@25 quartersDNB Workig Paperty Frankfurt WP&Nua};{4F d&Nua};{4F dvQun?qⳅm?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPResidental property pricesflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooFinland19791998Canada19862008@W!@Y`<"@~2!?#wiBV@&?=ht?\@HQF@D\@c˕p?P@rHpo?8Y@+=vK?K~+@ }@E)JY@1@fJ@ޔR"@(@DEGiuliodoriGiuliodori20040937-38vFinlandntriesVAR>@@Y@2SE@25 quartersDNB Workig Paperty Frankfurt WP xo u`X/L+ @@*Y@2SE@25 quartersDNB Workig Paperty Frankfurt WPj⎿BaD܉Yj⎿BaD܉Y qPQ?z.{?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPResidental property pricesflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooFinland19791998Sweden19862008@W!@Y`<"@~2!?#wiBV@&?=ht?\@HQF@D\@c˕p?P@rHpo?8Y@+=vK?K~+@ }@E)JY@1@fJ@ޔR"@(@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuFinlandyVAR>@@ Y@2SE@25 quartersDNB Workig Paperty Frankfurt WPڰlň;?rh?ڰlň;?rh?mG?L^Xx?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPProperty priceflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooFinland19791998Germany1986200@W!@Y`<"@~2!?#wiBV@&?=ht?\@HQF@D\@c˕p?P@rHpo?8Y@+=vK?K~+@ }@E)JY@1@fJ@ޔR"@(@DEGiuliodoriGiuliodori20040937-38wFinlandntriesVAR>@@Y@2SE@25 quartersDNB Workig Paperty Frankfurt WP\awZwUb?\awZwUb?]ހ݀?ZwBu?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPMixflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARmean-group estimatorbooFinland1979199818 countries19@W!@Y`<"@~2!?#wiBV@&?=ht?\@HQF@D\@c˕p?P@rHpo?8Y@+=vK?K~+@ }@E)JY@1@fJ@ޔR"@(@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuFinlandVAR>@@Y@2SE@25 quartersDNB Workig Paperty Frankfurt WP3ۅUlzQ_Ly?4ۅUlzQ_Ly?-H;k|?vVt?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPResidental property pricesflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooFinland19791998France19862008@W!@Y`<"@~2!?#wiBV@&?=ht?\@HQF@D\@c˕p?P@rHpo?8Y@+=vK?K~+@ }@E)JY@1@fJ@ޔR"@(@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuIrelandd#VARA@#@Y@2SE@25 quartersDNB Workig Paperty Frankfurt WP7GKEaGkp9Ⱦy*g?7GKEaGkp9Ⱦy*g?`R[?m[<]?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPResidental property pricesnew housesBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooIreland19791998Finland1986200fՌ"@K}%@ia9¿+u]S@F2WDp?Xu?a@U/}@QT@0r?A}N@t Ro+N;rfkn?>Ro+N;rfkn?`>x?ޓXyNo?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPresidential property prices of existing dwellings with those of owner-occupied homes in 2005new housesBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooIreland19791998Spain19862008fՌ"@K}%@ia9¿+u]S@F2WDp?Xu?a@U/}@QT@0r?A}N@t V&@?~=b(v{q~>V&@?=ɀ{g?F|*h?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPresidential property prices of existing dwellings with those of owner-occupied homes in 2005HPI, all dwellingsIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooUnited Kingdom19791998in19862008@Ҹm"@9zo=$@+Cwۿ8$/@2?"?dSkh_%@ty@(\W@楋ˑ? -C=P@H^S@̓@H7#@~F&{@ZjGV@9@[}cP@Fl@?&@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuUnited Kingdom,VARF@,@-Y@2SE@25 quartersDNB Workig Paperty Frankfurt WP@ k?x}w&I>k?n9w?2 B;ST Z7q?f2|>B;ST Z7q?71*x?]\Qw?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPResidental property pricesHPI, all dwellingsIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooUnited Kingdom19791998nce19862008@Ҹm"@9zo=$@+Cwۿ8$/@2?"?dSkh_%@ty@(\W@楋ˑ? -C=P@H^S@̓@H7#@~F&{@ZjGV@9@[}cP@Fl@?&@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuUnited Kingdomm,VARF@,@,Y@2SE@25 quartersDNB Workig Paperty Frankfurt WP}a@yHs?}a@yHs?rx?3KDv?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPResidental property pricesHPI, all dwellingsIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooUnited Kingdom19791998ted Kingdom@Ҹm"@9zo=$@+Cwۿ8$/@2?"?dSkh_%@ty@(\W@楋ˑ? -C=P@H^S@̓@H7#@~F&{@ZjGV@9@[}cP@Fl@?&@DEGiuliodoriGiuliodori20040937-38wo groups depending on various measures of their financial structure used in the literatuUnited Kingdom,VARF@,@Y@2SE@25 quartersDNB Workig Paperty Frankfurt WPl(purDMyay?l(purD~Myay?þy?!]hw?1979.31998.4PP@sensitivity check: + nominal exchange rate vs DM in addition, real creditreal HPResidental property pricesHPI, all dwellingsIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooUnited Kingdom19791998ada19862008@Ҹm"@9zo=$@+Cwۿ8$/@2?"?dSkh_%@ty@(\W@楋ˑ? -C=P@H^S@̓@H7#@~F&{@ZjGV@9@[}cP@Fl@?&@DEGiuliodoriGiuliodori20040939-40wo groups depending on various measures of their financial structure used in the literatuBelgiumaVAR9@@O@2SE@25 quartersDNB Workig Paperty Frankfurt WPI*UJÆ0v5n?v: T ݸ冒x?Y,n?hkm?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest ratel creditreal HPsmall and middle housesMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooBelgium19791998Austria1986200xX!@_"i"@E=0?)Qzv9@H#@)V?;@gʱ @)\X@wuU+7?]șP@: S@9X@4ͫ@g)}@[ZܼT@4@>drH@%RKտ$@DEGiuliodoriGiuliodori20040939-40wo groups depending on various measures of their financial structure used in the literatuBelgiumliaVAR9@@O@2SE@25 quartersDNB Workig Paperty Frankfurt WPRL`?Cۜj]ujC|?!an=j?}%X3 uΫdn?yDuq?Lo?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest ratel creditreal HPResidental property pricessmall and middle housesMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VAR (PVAR)mean-group estimator,booBelgium19791998Australia19862xX!@_"i"@E=0?)Qzv9@H#@)V?;@gʱ @)\X@wuU+7?]șP@: S@9X@4ͫ@g)}@[ZܼT@4@>drH@%RKտ$@DEGiuliodoriGiuliodori20040939-40wBelgiumntriesVAR9@@O@2SE@25 quartersDNB Workig Paperty Frankfurt WPSP3q0?U t`>,x?BE:?LlAl.ԃ?t-=q?Wds?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest ratel creditreal HPMixsmall and middle housesMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARmean-group estimatorbooBelgium1979199818 countries19xX!@_"i"@E=0?)Qzv9@H#@)V?;@gʱ @)\X@wuU+7?]șP@: S@9X@4ͫ@g)}@[ZܼT@4@>drH@%RKտ$@DEGiuliodoriGiuliodori20040939-40vBelgiumntriesVAR9@@O@2SE@25 quartersDNB Workig Paperty Frankfurt WPafn%5|p?Hs?lrhsz?hws?evt?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest ratel creditreal HPMixsmall and middle housesMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARfixed-effect estimatorbooBelgium1979199818 countries19xX!@_"i"@E=0?)Qzv9@H#@)V?;@gʱ @)\X@wuU+7?]șP@: S@9X@4ͫ@g)}@[ZܼT@4@>drH@%RKտ$@DEGiuliodoriGiuliodori20040939-40wo groups depending on various measures of their financial structure used in the literatuBelgiumVAR9@@'O@2SE@25 quartersDNB Workig Paperty Frankfurt WP6U8mu̻oyaR4]?2hY``4-g?@hYgz? *,v?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest ratel creditreal HPrent index, index with of residential construction costsmall and middle housesMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?rent index, index with of residential construction costpanel VARbooBelgium19791998Norway19862008xX!@_"i"@E=0?)Qzv9@H#@)V?;@gʱ @)\X@wuU+7?]șP@: S@9X@4ͫ@g)}@[ZܼT@4@>drH@%RKտ$@DEGiuliodoriGiuliodori20040939-40wo groups depending on various measures of their financial structure used in the literatuBelgiumdVAR9@@O@2SE@25 quartersDNB Workig Paperty Frankfurt WPܻ(_C09B2@s.>ӆĠ;?a杯w?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest ratel creditreal HPResidental property pricessmall and middle housesMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooBelgium19791998Finland1986200xX!@_"i"@E=0?)Qzv9@H#@)V?;@gʱ @)\X@wuU+7?]șP@: S@9X@4ͫ@g)}@[ZܼT@4@>drH@%RKտ$@DEGiuliodoriGiuliodori20040939-40wo groups depending on various measures of their financial structure used in the literatuBelgiumVAR9@@*O@2SE@25 quartersDNB Workig Paperty Frankfurt WPBNU} 1W?l Zْhb?j LP.?$78{?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest ratel creditreal HPResidental property pricessmall and middle housesMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooBelgium19791998Sweden19862008xX!@_"i"@E=0?)Qzv9@H#@)V?;@gʱ @)\X@wuU+7?]șP@: S@9X@4ͫ@g)}@[ZܼT@4@>drH@%RKտ$@DEGiuliodoriGiuliodori20040939-40wo groups depending on various measures of their financial structure used in the literatuFranceerlandVAR?@@+N@2SE@25 quartersDNB Workig Paperty Frankfurt WPƑFmǇP=j i7Mh%$Г](َr;X@t+YD`~?#*}?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest ratel creditreal HPResidental property pricesflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooFrance19791998Switzerland198@NW"@J#@4?S6@?{?9`_2?^:3@E $@Q+^@;c0? /OP@~#9gU@E8 *鴁N?u@0XU@.@>drH@iٻ?"@DEGiuliodoriGiuliodori20040939-40wo groups depending on various measures of their financial structure used in the literatuFranceVAR?@@%N@2SE@25 quartersDNB Workig Paperty Frankfurt WPF4?QoK٥'f?m\yE$Be??E|r~?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest ratel creditreal HPresidential land pricesflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?residential land pricespanel VARbooFrance19791998Japan19862008@NW"@J#@4?S6@?{?9`_2?^:3@E $@Q+^@;c0? /OP@~#9gU@E8 *鴁N?u@0XU@.@>drH@iٻ?"@DEGiuliodoriGiuliodori20040939-40wo groups depending on various measures of their financial structure used in the literatuFrancenyVAR?@@ N@2SE@25 quartersDNB Workig Paperty Frankfurt WPyKxV?+½K6? b?]ȊJ?a?k?w?a+?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest ratel creditreal HPProperty priceflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooFrance19791998Germany1986200@NW"@J#@4?S6@?{?9`_2?^:3@E $@Q+^@;c0? /OP@~#9gU@E8 *鴁N?u@0XU@.@>drH@iٻ?"@DEGiuliodoriGiuliodori20040939-40wo groups depending on various measures of their financial structure used in the literatuFrancerkVAR?@@N@2SE@25 quartersDNB Workig Paperty Frankfurt WPΪwfvlj#=X_vp? ւ/X=o{?a+?fF?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest ratel creditreal HPResidental property pricesflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooFrance19791998Denmark1986200@NW"@J#@4?S6@?{?9`_2?^:3@E $@Q+^@;c0? /OP@~#9gU@E8 *鴁N?u@0XU@.@>drH@iٻ?"@DEGiuliodoriGiuliodori20040939-40wo groups depending on various measures of their financial structure used in the literatuFrancendVAR?@@#N@2SE@25 quartersDNB Workig Paperty Frankfurt WPr;X@ w%~<<aaT?o߆ J8i2{)`?24?u8?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest ratel creditreal HPrent index, index with of residential construction costflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?rent index, index with of residential construction costpanel VARbooFrance19791998Ireland1986200@NW"@J#@4?S6@?{?9`_2?^:3@E $@Q+^@;c0? /OP@~#9gU@E8 *鴁N?u@0XU@.@>drH@iٻ?"@DEGiuliodoriGiuliodori20040939-40wo groups depending on various measures of their financial structure used in the literatuFranceVAR?@@$N@2SE@25 quartersDNB Workig Paperty Frankfurt WPBOɀO8O@iDp?nwQsBj2r{?/;?ROa=?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest ratel creditreal HPProperty priceflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?panel VARbooFrance19791998Italy19862008@NW"@J#@4?S6@?{?9`_2?^:3@E $@Q+^@;c0? /OP@~#9gU@E8 *鴁N?u@0XU@.@>drH@iٻ?"@DEGiuliodoriGiuliodori20040939-40wo groups depending on various measures of their financial structure used in the literatuFranceumVAR?@@N@2SE@25 quartersDNB Workig Paperty Frankfurt WPHFz3p2>h#@?͘uv{z*ŵ2?`r?I?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest ratel creditreal HPsmall and medium-sized houses to the residential property priceflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate00@1101~jt?($@h|?5?small and medium-sized houses to the residential property pricepanel VARbooFrance19791998Belgium1986200@NW"@J#@4?S6@?{?9`_2?^:3@E $@Q+^@;c0? /OP@~#9gU@E8 *鴁N?u@0XU@.@>drH@iٻ?"@DEGiuliodori-WescheGiuliodori200408b39-40hoře, nominal property pricesNetherlandses&VARC@&@P@2SE@25 quartersDNB Workig Paperf Belgium)e@ \Fڮ]?܍Ipy1_эij|f?Yo?S?Fk?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest rateree-month interest rates (i), residential property prices (pp) and equity prices (ep). Except for the interest rate, all variables are in logarithmsreal HPMixexisting housesBIS, IMFthree-month interest rates00@1101~jt?eK@l?panel VAR, mean group estimator, p4mean group estimatorNetherlands1979199818 countries195H@*u$@\u?L'7@7r@@C(o?9@.@Q;c@(?[` Q@)T3R@0vH(@%X'@S{@CQ@>@>drH@-N;%@DEGiuliodori-WescheGiuliodori200408b39-40evo nahoře, nominal property pricesNetherlandstes&VARC@&@-P@2SE@25 quartersDNB Workig Paperf Belgium}`뙄VTVjX8mؼTŔ(at4SXA"s?VaVs?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest rateree-month interest rates (i), residential property prices (pp) and equity prices (ep). Except for the interest rate, all variables are in logarithmsreal HPMixexisting housesBIS, IMFthree-month interest rates00@1101~jt?eK@l?panel VAR, mean group estimator, p5Netherlands19791998United States15H@*u$@\u?L'7@7r@@C(o?9@.@Q;c@(?[` Q@)T3R@0vH(@%X'@S{@CQ@>@>drH@-N;%@DEGiuliodori-WescheGiuliodori200408b39-40evo nahoře, nominal property pricesNetherlandstes&VARC@&@-P@2SE@25 quartersDNB Workig Paperf Belgium}hlsKr&ɍZr?dcҝuJGP|?N6{?ZTx?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest rateree-month interest rates (i), residential property prices (pp) and equity prices (ep). Except for the interest rate, all variables are in logarithmsreal HPMixexisting housesBIS, IMFthree-month interest rates00@1101~jt?eK@l?panel VAR, mean group estimator, p5Netherlands19791998United States15H@*u$@\u?L'7@7r@@C(o?9@.@Q;c@(?[` Q@)T3R@0vH(@%X'@S{@CQ@>@>drH@-N;%@DEGiuliodori-WescheGiuliodori200408b39-40hoře, nominal property pricesNetherlandses&VARC@&@P@2SE@25 quartersDNB Workig Paperf Belgiuml;1c77yw?G^m6H; x`?osy?dzqy?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest rateree-month interest rates (i), residential property prices (pp) and equity prices (ep). Except for the interest rate, all variables are in logarithmsreal HPMixexisting housesBIS, IMFthree-month interest rates00@1101~jt?eK@l?panel VAR, mean group estimator, p4mean group estimatorNetherlands1979199818 countries195H@*u$@\u?L'7@7r@@C(o?9@.@Q;c@(?[` Q@)T3R@0vH(@%X'@S{@CQ@>@>drH@-N;%@DEGiuliodori-WescheGiuliodori200408b39-40evo nahoře, nominal property pricesNetherlandstes&VARC@&@-P@2SE@25 quartersDNB Workig Paperf BelgiumcS{peI0hUw?bD>pAn!Qu?QX{?.(ay?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest rateree-month interest rates (i), residential property prices (pp) and equity prices (ep). Except for the interest rate, all variables are in logarithmsreal HPMixexisting housesBIS, IMFthree-month interest rates00@1101~jt?eK@l?panel VAR, mean group estimator, p5Netherlands19791998United States15H@*u$@\u?L'7@7r@@C(o?9@.@Q;c@(?[` Q@)T3R@0vH(@%X'@S{@CQ@>@>drH@-N;%@DEGiuliodori-WescheGiuliodori200408b39-40hoře, nominal property pricesNetherlandses&VARC@&@P@2SE@25 quartersDNB Workig Paperf BelgiumՍik]\!Pwy?hf0-[ ?m0ܮ{?n*Ny?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest rateree-month interest rates (i), residential property prices (pp) and equity prices (ep). Except for the interest rate, all variables are in logarithmsreal HPMixexisting housesBIS, IMFthree-month interest rates00@1101~jt?eK@l?panel VAR, mean group estimator, p4mean group estimatorNetherlands1979199818 countries195H@*u$@\u?L'7@7r@@C(o?9@.@Q;c@(?[` Q@)T3R@0vH(@%X'@S{@CQ@>@>drH@-N;%@DEGiuliodori-WescheGiuliodori200408b39-40evo nahoře, nominal property pricesNetherlandstes&VARC@&@-P@2SE@25 quartersDNB Workig Paperf Belgium|dƸJv[\}?Kg>TXZRU?8/X?rW?ُx?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest rateree-month interest rates (i), residential property prices (pp) and equity prices (ep). Except for the interest rate, all variables are in logarithmsreal HPMixexisting housesBIS, IMFthree-month interest rates00@1101~jt?eK@l?panel VAR, mean group estimator, p5Netherlands19791998United States15H@*u$@\u?L'7@7r@@C(o?9@.@Q;c@(?[` Q@)T3R@0vH(@%X'@S{@CQ@>@>drH@-N;%@DEGiuliodori-WescheGiuliodori200408b39-40hoře, nominal property pricesSpainountries)VARD@)@P@2SE@25 quartersDNB Workig Paperf Belgium y"k]|jp{>y"kEq]?F~C[?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest rateity prices. Except for the interest rate, all variables are in logarithms.real HPrent index, index with of residential construction costHPI?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooSweden19791998Norway19862007@v#@sT#@ue)?% HN@ހ~@?淂?Nn@@@_@Y?gK}P@R!U@Vu@贁N@uA3E~@U@9@fJ@y[@DEGiuliodori-WescheGiuliodori200408a39-40istinguish between groups of countries depending on their financial systemsSwedena*VARE@*@Y@2SE@25 quartersDNB Workig PaperBankji +2oji +2o~d?&h`?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest rateity prices. Except for the interest rate, all variables are in logarithms.real HPResidental property pricesHPI?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooSweden19791998Canada19862007@v#@sT#@ue)?% HN@ހ~@?淂?Nn@@@_@Y?gK}P@R!U@Vu@贁N@uA3E~@U@9@fJ@y[@DEGiuliodori-WescheGiuliodori200408a39-40istinguish between groups of countries depending on their financial systemsSwedenuntries*VARE@*@Y@2SE@25 quartersDNB Workig PaperBank\=_S?[C n\=_S?[C n],doi?_:UBd?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest rateity prices. Except for the interest rate, all variables are in logarithms.real HPMixHPI?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooSweden1979199818 countries19@v#@sT#@ue)?% HN@ހ~@?淂?Nn@@@_@Y?gK}P@R!U@Vu@贁N@uA3E~@U@9@fJ@y[@DEGiuliodori-WescheGiuliodori200408a39-40Sweden_11*VARE@*@ Y@2SE@25 quartersDNB Workig PaperBankfW lu}ުG=nbfW lu}ުG=nb2Pi?d?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest rateity prices. Except for the interest rate, all variables are in logarithms.real HPMixHPI?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?split wrt securitisation - YESSweden19791998assen_11198620@v#@sT#@ue)?% HN@ހ~@?淂?Nn@@@_@Y?gK}P@R!U@Vu@贁N@uA3E~@U@9@fJ@y[@DEGiuliodori-WescheGiuliodori200408a39-40Sweden_16*VARE@*@Y@2SE@25 quartersDNB Workig PaperBankv Rs2,y=S%?v Rs2,y=S%?|Kj?~c?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest rateity prices. Except for the interest rate, all variables are in logarithms.real HPMixHPI?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?split wrt to morg market index - LOWSweden19791998assen_16198620@v#@sT#@ue)?% HN@ހ~@?淂?Nn@@@_@Y?gK}P@R!U@Vu@贁N@uA3E~@U@9@fJ@y[@DEGiuliodori-WescheGiuliodori200408a39-40istinguish between groups of countries depending on their financial systemsSweden*VARE@*@)Y@2SE@25 quartersDNB Workig PaperBank4Vg" ({.kt=s?4Vg" ({.kt=s?y|c?;oN"d?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest rateity prices. Except for the interest rate, all variables are in logarithms.real HPresidential property prices of existing dwellings with those of owner-occupied homes in 2005HPI?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooSweden19791998Spain19862007@v#@sT#@ue)?% HN@ހ~@?淂?Nn@@@_@Y?gK}P@R!U@Vu@贁N@uA3E~@U@9@fJ@y[@DEGiuliodori-WescheGiuliodori200408a39-40Finland2VAR>@@Y@2SE@25 quartersDNB Workig PaperBankkoERքb:\?koERքb:\?qi?6|f?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest rateity prices. Except for the interest rate, all variables are in logarithms.real HPMixflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?split wrt mortgage rate - FIXED mort rateFinland19791998assen_21986200@W!@Y`<"@~2!?#wiBV@&?=ht?\@HQF@D\@c˕p?P@rHpo?8Y@+=vK?K~+@ }@E)JY@1@fJ@ޔR"@(@DEGiuliodori-WescheGiuliodori200408a39-40Finland14VAR>@@Y@2SE@25 quartersDNB Workig PaperBank?^nwbA.??^nwbA.?\Yu?u?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest rateity prices. Except for the interest rate, all variables are in logarithms.real HPMixflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?split wrt to owner occup - LOWFinland19791998assen_14198620@W!@Y`<"@~2!?#wiBV@&?=ht?\@HQF@D\@c˕p?P@rHpo?8Y@+=vK?K~+@ }@E)JY@1@fJ@ޔR"@(@DEGiuliodori-WescheGiuliodori200408a39-40Finland1VAR>@@Y@2SE@25 quartersDNB Workig PaperBanky~rqǔҼ?y~rqǔҼ?J(%7k?)%;?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest rateity prices. Except for the interest rate, all variables are in logarithms.real HPMixflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?split wrt mortgage rate - VARIABLE mortgage rateFinland19791998assen_11986200@W!@Y`<"@~2!?#wiBV@&?=ht?\@HQF@D\@c˕p?P@rHpo?8Y@+=vK?K~+@ }@E)JY@1@fJ@ޔR"@(@DEGiuliodori-WescheGiuliodori200408a39-40istinguish between groups of countries depending on their financial systemsFinlandkVAR>@@Y@2SE@25 quartersDNB Workig PaperBankRэAłd'3z?RэAłd'3z?v$&?~?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest rateity prices. Except for the interest rate, all variables are in logarithms.real HPResidental property pricesflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooFinland19791998Denmark1986200@W!@Y`<"@~2!?#wiBV@&?=ht?\@HQF@D\@c˕p?P@rHpo?8Y@+=vK?K~+@ }@E)JY@1@fJ@ޔR"@(@DEGiuliodori-WescheGiuliodori200408a39-40Finland7VAR>@@Y@2SE@25 quartersDNB Workig PaperBank߲ b>.2g?߲ b>.2g?>?v6 K?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest rateity prices. Except for the interest rate, all variables are in logarithms.real HPMixflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?split wrt to debt-to-GDP - HIGHFinland19791998assen_71986200@W!@Y`<"@~2!?#wiBV@&?=ht?\@HQF@D\@c˕p?P@rHpo?8Y@+=vK?K~+@ }@E)JY@1@fJ@ޔR"@(@DEGiuliodori-WescheGiuliodori200408a39-40Finland13VAR>@@Y@2SE@25 quartersDNB Workig PaperBankQM d@ߘ8.P?QM d@ߘ8.P?DU Ύ?Hu=zZ?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest rateity prices. Except for the interest rate, all variables are in logarithms.real HPMixflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?split wrt to owner occup - HIGHFinland19791998assen_13198620@W!@Y`<"@~2!?#wiBV@&?=ht?\@HQF@D\@c˕p?P@rHpo?8Y@+=vK?K~+@ }@E)JY@1@fJ@ޔR"@(@DEGiuliodori-WescheGiuliodori200408a39-40istinguish between groups of countries depending on their financial systemsFinlanddVAR>@@#Y@2SE@25 quartersDNB Workig PaperBank#6{Sm9/?#6|Sn9/?bg?θ'O&?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest rateity prices. Except for the interest rate, all variables are in logarithms.real HPrent index, index with of residential construction costflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooFinland19791998Ireland1986200@W!@Y`<"@~2!?#wiBV@&?=ht?\@HQF@D\@c˕p?P@rHpo?8Y@+=vK?K~+@ }@E)JY@1@fJ@ޔR"@(@DEGiuliodori-WescheGiuliodori200408a39-40Ireland15#VARA@#@ Y@2SE@25 quartersDNB Workig PaperBank,n2neif?}Gf?,n2neif?}Gf?^XV?OXV?1979.31998.4PP@sensitivity check: + real mortgage stock + mortgage interest rateity prices. Except for the interest rate, all variables are in logarithms.real HPMixnew housesBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?split wrt to morg market index - HIGHIreland19791998assen_15198620fՌ"@K}%@ia9¿+u]S@F2WDp?Xu?a@U/}@QT@0r?A}N@t drH@%RKտ$@DEGiuliodori-WescheGiuliodori200408a41-42istinguish between groups of countries depending on their financial systemsBelgiumVAR9@@*O@2SE@25 quartersDNB Workig PaperBankb@o2?1'ȟoOaTp?n5=?8vC9yz?j?=vC9i?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPResidental property pricessmall and middle housesMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooBelgium19791998Sweden19862007xX!@_"i"@E=0?)Qzv9@H#@)V?;@gʱ @)\X@wuU+7?]șP@: S@9X@4ͫ@g)}@[ZܼT@4@>drH@%RKտ$@DEGiuliodori-WescheGiuliodori200408a41-42Belgium12VAR9@@ O@2SE@25 quartersDNB Workig PaperBankycc{y`GG^?#i+n4;9XVh?jd]i?9k?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPMixsmall and middle housesMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?split wrt securitisation - NOBelgium19791998assen_12198620xX!@_"i"@E=0?)Qzv9@H#@)V?;@gʱ @)\X@wuU+7?]șP@: S@9X@4ͫ@g)}@[ZܼT@4@>drH@%RKտ$@DEGiuliodori-WescheGiuliodori200408a41-42Belgium4VAR9@@O@2SE@25 quartersDNB Workig PaperBankbbuf`缘`E%e?Nr+zLZq?[(t?Rfjq?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPMixsmall and middle housesMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?split wrt mortg equity withdrawal - WITHOUTBelgium19791998assen_41986200xX!@_"i"@E=0?)Qzv9@H#@)V?;@gʱ @)\X@wuU+7?]șP@: S@9X@4ͫ@g)}@[ZܼT@4@>drH@%RKտ$@DEGiuliodori-WescheGiuliodori200408a41-42istinguish between groups of countries depending on their financial systemsBelgiumVAR9@@O@2SE@25 quartersDNB Workig PaperBank Es^eZǉ6W?~k%u739clb?]ny?DNt?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPResidental property pricessmall and middle housesMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooBelgium19791998France19862007xX!@_"i"@E=0?)Qzv9@H#@)V?;@gʱ @)\X@wuU+7?]șP@: S@9X@4ͫ@g)}@[ZܼT@4@>drH@%RKտ$@DEGiuliodori-WescheGiuliodori200408a41-42Belgium9VAR9@@O@2SE@25 quartersDNB Workig PaperBankݖo}^,@ KƌGf"\YbŜ!RZ{ў?ku?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPMixsmall and middle housesMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?split wrt to valuation - MARKET VALUEBelgium19791998assen_91986200xX!@_"i"@E=0?)Qzv9@H#@)V?;@gʱ @)\X@wuU+7?]șP@: S@9X@4ͫ@g)}@[ZܼT@4@>drH@%RKտ$@DEGiuliodori-WescheGiuliodori200408a41-42Belgium3VAR9@@O@2SE@25 quartersDNB Workig PaperBankjTI4&)u>=JgԈMƟ`NTM[?}l:v?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPMixsmall and middle housesMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?split wrt mortg equity withdrawal - WITHBelgium19791998assen_31986200xX!@_"i"@E=0?)Qzv9@H#@)V?;@gʱ @)\X@wuU+7?]șP@: S@9X@4ͫ@g)}@[ZܼT@4@>drH@%RKտ$@DEGiuliodori-WescheGiuliodori200408a41-42istinguish between groups of countries depending on their financial systemsFrancenyVAR?@@ N@2SE@25 quartersDNB Workig PaperBankApɵt)M>m1q?E(Bo1%qhVaRt}?۪#}?DճuQ?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPProperty priceflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooFrance19791998Germany1986200@NW"@J#@4?S6@?{?9`_2?^:3@E $@Q+^@;c0? /OP@~#9gU@E8 *鴁N?u@0XU@.@>drH@iٻ?"@DEGiuliodori-WescheGiuliodori200408a41-42istinguish between groups of countries depending on their financial systemsFranceeVAR?@@N@2SE@25 quartersDNB Workig PaperBankjV^?.D~#?-+i?&w*ϒ?{.,?#x 5#.?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPResidental property pricesflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooFrance19791998France19862007@NW"@J#@4?S6@?{?9`_2?^:3@E $@Q+^@;c0? /OP@~#9gU@E8 *鴁N?u@0XU@.@>drH@iٻ?"@DEGiuliodori-WescheGiuliodori200408a41-42istinguish between groups of countries depending on their financial systemsFrancendVAR?@@#N@2SE@25 quartersDNB Workig PaperBankc26eJ 6?!VplT |kzX̍?\A ??1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPrent index, index with of residential construction costflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooFrance19791998Ireland1986200@NW"@J#@4?S6@?{?9`_2?^:3@E $@Q+^@;c0? /OP@~#9gU@E8 *鴁N?u@0XU@.@>drH@iٻ?"@DEGiuliodori-WescheGiuliodori200408a41-42istinguish between groups of countries depending on their financial systemsFrancerkVAR?@@N@2SE@25 quartersDNB Workig PaperBank慑<~^^u?Dy2<, drH@iٻ?"@DEGiuliodori-WescheGiuliodori200408a41-42France_4VAR?@@N@2SE@25 quartersDNB Workig PaperBank|0'E21 J?b $˥ԥ;'?V?Y4 ?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPMixflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?split wrt mortg equity withdrawal - WITHOUTFrance19791998assen_41986200@NW"@J#@4?S6@?{?9`_2?^:3@E $@Q+^@;c0? /OP@~#9gU@E8 *鴁N?u@0XU@.@>drH@iٻ?"@DEGiuliodori-WescheGiuliodori200408a41-42France_10VAR?@@N@2SE@25 quartersDNB Workig PaperBank]sBÌq)u#?kKOJ$f#H?h?B?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPMixflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?split wrt to valuation - LENDING VALUEFrance19791998assen_10198620@NW"@J#@4?S6@?{?9`_2?^:3@E $@Q+^@;c0? /OP@~#9gU@E8 *鴁N?u@0XU@.@>drH@iٻ?"@DEGiuliodori-WescheGiuliodori200408a41-42istinguish between groups of countries depending on their financial systemsFranceVAR?@@$N@2SE@25 quartersDNB Workig PaperBankVn`?Z1f+;^?A; k?y౦<,drH@iٻ?"@DEGiuliodori-WescheGiuliodori200408a41-42istinguish between groups of countries depending on their financial systemsNetherlandss&VARC@&@&P@2SE@25 quartersDNB Workig PaperBankNE9f2&O}U NqPZ?C @>drH@-N;%@DEGiuliodori-WescheGiuliodori200408a41-42Netherlands&VARC@&@P@2SE@25 quartersDNB Workig PaperBankL6UfLmIYw,I|#ۿSgSv?Lu?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPMixexisting housesBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?split wrt to LTV - LOWNetherlands19791998assen_619862005H@*u$@\u?L'7@7r@@C(o?9@.@Q;c@(?[` Q@)T3R@0vH(@%X'@S{@CQ@>@>drH@-N;%@DEGiuliodori-WescheGiuliodori200408a41-42istinguish between groups of countries depending on their financial systemsNetherlandsd&VARC@&@+P@2SE@25 quartersDNB Workig PaperBankyk>4z *pP?c2ڃ$|`5&Y?*2y?/:w?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPResidental property pricesexisting housesBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooNetherlands19791998Switzerland1985H@*u$@\u?L'7@7r@@C(o?9@.@Q;c@(?[` Q@)T3R@0vH(@%X'@S{@CQ@>@>drH@-N;%@DEGiuliodori-WescheGiuliodori200408a41-42istinguish between groups of countries depending on their financial systemsNetherlands&VARC@&@%P@2SE@25 quartersDNB Workig PaperBank<$|~ud>=W?+?d3FMӏߝUb?@0 Qp-?{?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPresidential land pricesexisting housesBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooNetherlands19791998Japan198620075H@*u$@\u?L'7@7r@@C(o?9@.@Q;c@(?[` Q@)T3R@0vH(@%X'@S{@CQ@>@>drH@-N;%@DEGiuliodori-WescheGiuliodori200408a41-42Netherlands&VARC@&@P@2SE@25 quartersDNB Workig PaperBank{/[f]Jdb?n n3˕A螿ߴKl?h N?F|?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPMixexisting housesBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?split wrt to LTV - HIGHNetherlands19791998assen_519862005H@*u$@\u?L'7@7r@@C(o?9@.@Q;c@(?[` Q@)T3R@0vH(@%X'@S{@CQ@>@>drH@-N;%@DEGiuliodori-WescheGiuliodori200408a41-42Netherlands&VARC@&@P@2SE@25 quartersDNB Workig PaperBank:|KJvߏ$ p?fW̐'y?*N?A/~?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPMixexisting housesBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?split wrt mortgage rate - FIXED mort rateNetherlands19791998assen_219862005H@*u$@\u?L'7@7r@@C(o?9@.@Q;c@(?[` Q@)T3R@0vH(@%X'@S{@CQ@>@>drH@-N;%@DEGiuliodori-WescheGiuliodori200408a41-42Netherlands&VARC@&@P@2SE@25 quartersDNB Workig PaperBank{pZfNDk+OW~?<qpi1-#.~K/?cKF?Kӕ?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPMixexisting housesBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?split wrt to debt-to-GDP - LOWNetherlands19791998assen_819862005H@*u$@\u?L'7@7r@@C(o?9@.@Q;c@(?[` Q@)T3R@0vH(@%X'@S{@CQ@>@>drH@-N;%@DEGiuliodori-WescheGiuliodori200408a41-42istinguish between groups of countries depending on their financial systemsItalyountries$VARB@$@U@2SE@25 quartersDNB Workig PaperBankt:Unc):F 2lC?Vss?N r?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPMixRPI?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooItaly1979199818 countries19@lG')@;ueV#@ZOw_?vpR@Z ? 3p?F",")@xCuΪ @= ףpO@?Ǘ>P@bGuW@ P@bGuW@ r`?gяBx?'P v?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPMixRPI?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?split wrt to owner occup - LOWItaly19791998assen_14198620@lG')@;ueV#@ZOw_?vpR@Z ? 3p?F",")@xCuΪ @= ףpO@?Ǘ>P@bGuW@ P@bGuW@ e~50rA}?0!w?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPMixRPI?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?split wrt securitisation - NOItaly19791998assen_12198620@lG')@;ueV#@ZOw_?vpR@Z ? 3p?F",")@xCuΪ @= ףpO@?Ǘ>P@bGuW@ P@bGuW@ P@bGuW@ ݬp\F8?*UPr?ևsq?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPsmall and medium-sized houses to the residential property priceRPI per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooSpain19791998Belgium1986200@NL_)@Σ(@ɔޗʿڤS@mު?xa?D@(c!J@GzlS@Ǚ?CK{P@3T@zgx+X54@AS@VnX @_T@4@7AV͉Q@K;x@!@DEGiuliodori-WescheGiuliodori200408a41-42Spainn_16)VARD@)@P@2SE@25 quartersDNB Workig PaperBanku/k:b?~{dH?ΘP%/{.ĥR?Ex"|?DA?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPMixRPI per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?split wrt to morg market index - LOWSpain19791998assen_16198620@NL_)@Σ(@ɔޗʿڤS@mު?xa?D@(c!J@GzlS@Ǚ?CK{P@3T@zgx+X54@AS@VnX @_T@4@7AV͉Q@K;x@!@DEGiuliodori-WescheGiuliodori200408a41-42Spainn_15)VARD@)@ P@2SE@25 quartersDNB Workig PaperBankZjs+=+WF$s?t!}4Xb}?:~?L~Xy?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPMixRPI per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?split wrt to morg market index - HIGHSpain19791998assen_15198620@NL_)@Σ(@ɔޗʿڤS@mު?xa?D@(c!J@GzlS@Ǚ?CK{P@3T@zgx+X54@AS@VnX @_T@4@7AV͉Q@K;x@!@DEGiuliodori-WescheGiuliodori200408a41-42istinguish between groups of countries depending on their financial systemsSpainand)VARD@)@P@2SE@25 quartersDNB Workig PaperBank?%q9wP!x ?beFDڭ1\@^?<ۇs|?mR{?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPResidental property pricesRPI per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooSpain19791998Finland1986200@NL_)@Σ(@ɔޗʿڤS@mު?xa?D@(c!J@GzlS@Ǚ?CK{P@3T@zgx+X54@AS@VnX @_T@4@7AV͉Q@K;x@!@DEGiuliodori-WescheGiuliodori200408a41-42istinguish between groups of countries depending on their financial systemsSpainralia)VARD@)@P@2SE@25 quartersDNB Workig PaperBanko]?Owy% #@?tG˧Qg?;僿U_?'y?7٫U_{?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPResidental property pricesRPI per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARmean-group estimatorbooSpain19791998Australia19862@NL_)@Σ(@ɔޗʿڤS@mު?xa?D@(c!J@GzlS@Ǚ?CK{P@3T@zgx+X54@AS@VnX @_T@4@7AV͉Q@K;x@!@DEGiuliodori-WescheGiuliodori200408a 41-42 istinguish between groups of countries depending on their financial systemsSwedend States*VARE@*@-Y@2SE@25 quartersDNB Workig PaperBankW/r e/k&pZZWW/r e/k&pZZWׅ,H?Tu"C?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPResidental property pricesHPI?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooSweden19791998United States1@v#@sT#@ue)?% HN@ހ~@?淂?Nn@@@_@Y?gK}P@R!U@Vu@贁N@uA3E~@U@9@fJ@y[@DEGiuliodori-WescheGiuliodori200408a 41-42 istinguish between groups of countries depending on their financial systemsSwedend Kingdom*VARE@*@,Y@2SE@25 quartersDNB Workig PaperBankfZw4~mfZw4~m^~N?C.@PXP?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPResidental property pricesHPI?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooSweden19791998United Kingdom@v#@sT#@ue)?% HN@ހ~@?淂?Nn@@@_@Y?gK}P@R!U@Vu@贁N@uA3E~@U@9@fJ@y[@DEGiuliodori-WescheGiuliodori200408a 41-42 istinguish between groups of countries depending on their financial systemsSwedenuntries*VARE@*@Y@2SE@25 quartersDNB Workig PaperBankG贁N{͆PL0rG贁N{͆PL0r-9:U?. @@ Y@2SE@25 quartersDNB Workig PaperBank'g"mb$뀿RJFFT?'g"mb$뀿RJFFT?>aߔb?B#d?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPProperty priceflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooFinland19791998Germany1986200@W!@Y`<"@~2!?#wiBV@&?=ht?\@HQF@D\@c˕p?P@rHpo?8Y@+=vK?K~+@ }@E)JY@1@fJ@ޔR"@(@DEGiuliodori-WescheGiuliodori200408a!41-42!istinguish between groups of countries depending on their financial systemsFinlandVAR>@@$Y@2SE@25 quartersDNB Workig PaperBank+*{dv6/SqR?+*{dv6/SqR?o? @@-Y@2SE@25 quartersDNB Workig PaperBankZquPm\q~<ZquPm\q~<.sx?ߗw?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPResidental property pricesflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooFinland19791998United States1@W!@Y`<"@~2!?#wiBV@&?=ht?\@HQF@D\@c˕p?P@rHpo?8Y@+=vK?K~+@ }@E)JY@1@fJ@ޔR"@(@DEGiuliodori-WescheGiuliodori200408a!41-42!istinguish between groups of countries depending on their financial systemsFinlandVAR>@@)Y@2SE@25 quartersDNB Workig PaperBanktE Xں TM:tE Xں TM:[l̕n?;?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPresidential property prices of existing dwellings with those of owner-occupied homes in 2005flats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooFinland19791998Spain19862007@W!@Y`<"@~2!?#wiBV@&?=ht?\@HQF@D\@c˕p?P@rHpo?8Y@+=vK?K~+@ }@E)JY@1@fJ@ޔR"@(@DEGiuliodori-WescheGiuliodori200408a!41-42!istinguish between groups of countries depending on their financial systemsFinlandlandsVAR>@@&Y@2SE@25 quartersDNB Workig PaperBankkwY"oaBa?kwY"oaBa?`(?=p?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPResidental property pricesflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooFinland19791998Netherlands198@W!@Y`<"@~2!?#wiBV@&?=ht?\@HQF@D\@c˕p?P@rHpo?8Y@+=vK?K~+@ }@E)JY@1@fJ@ޔR"@(@DEGiuliodori-WescheGiuliodori200408a!41-42!Finland16VAR>@@Y@2SE@25 quartersDNB Workig PaperBankʻ/S{[4w?ʻ/S{[4w?u&c?W#(~?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPMixflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?split wrt to morg market index - LOWFinland19791998assen_16198620@W!@Y`<"@~2!?#wiBV@&?=ht?\@HQF@D\@c˕p?P@rHpo?8Y@+=vK?K~+@ }@E)JY@1@fJ@ޔR"@(@DEGiuliodori-WescheGiuliodori200408a!41-42!istinguish between groups of countries depending on their financial systemsFinlandntriesVAR>@@Y@2SE@25 quartersDNB Workig PaperBank{ncwfqμ %?{ncwfqμ %?#nނ?dv}?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPMixflats per sqmBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooFinland1979199818 countries19@W!@Y`<"@~2!?#wiBV@&?=ht?\@HQF@D\@c˕p?P@rHpo?8Y@+=vK?K~+@ }@E)JY@1@fJ@ޔR"@(@DEGiuliodori-WescheGiuliodori200408a"41-42"Ireland3#VARA@#@Y@2SE@25 quartersDNB Workig PaperBankBR?.l>'m?BR?-l='m?']?W\?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPMixnew housesBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?split wrt mortg equity withdrawal - WITHIreland19791998assen_31986200fՌ"@K}%@ia9¿+u]S@F2WDp?Xu?a@U/}@QT@0r?A}N@t Tʢ~dz3jWD:z>Tʢ}dz3j=%dsZ?OUa?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPresidential land pricesHPI, all dwellingsIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooUnited Kingdom19791998an19862007@Ҹm"@9zo=$@+Cwۿ8$/@2?"?dSkh_%@ty@(\W@楋ˑ? -C=P@H^S@̓@H7#@~F&{@ZjGV@9@[}cP@Fl@?&@DEGiuliodori-WescheGiuliodori200408a#41-42#istinguish between groups of countries depending on their financial systemsUnited Kingdom,VARF@,@Y@2SE@25 quartersDNB Workig PaperBank*AQe 7ۤ)W*AQe 7ۤ)W8.o?`_?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPsmall and medium-sized houses to the residential property priceHPI, all dwellingsIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooUnited Kingdom19791998gium1986200@Ҹm"@9zo=$@+Cwۿ8$/@2?"?dSkh_%@ty@(\W@楋ˑ? -C=P@H^S@̓@H7#@~F&{@ZjGV@9@[}cP@Fl@?&@DEGiuliodori-WescheGiuliodori200408a#41-42#istinguish between groups of countries depending on their financial systemsUnited Kingdom,VARF@,@#Y@2SE@25 quartersDNB Workig PaperBank"^&牿Bn4Z?"^&牿Bn4Z?l tTP?~ )}?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPrent index, index with of residential construction costHPI, all dwellingsIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooUnited Kingdom19791998land1986200@Ҹm"@9zo=$@+Cwۿ8$/@2?"?dSkh_%@ty@(\W@楋ˑ? -C=P@H^S@̓@H7#@~F&{@ZjGV@9@[}cP@Fl@?&@DEGiuliodori-WescheGiuliodori200408a#41-42#istinguish between groups of countries depending on their financial systemsUnited Kingdom,VARF@,@Y@2SE@25 quartersDNB Workig PaperBank"^&yG њN}?"^&yG њN}?ƾHW?*U{?1979.31998.4PP@CPI, real GDP, real private CONSUMPTION, real HP, MMR prices, equity prices. Except for the interest rate, all variables are in logarithms.real HPResidental property pricesHPI, all dwellingsIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1101~jt?P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooUnited Kingdom19791998ada19862007@Ҹm"@9zo=$@+Cwۿ8$/@2?"?dSkh_%@ty@(\W@楋ˑ? -C=P@H^S@̓@H7#@~F&{@ZjGV@9@[}cP@Fl@?&@DEIacoviello-WescheIacoviello200808a$12B@$Finland14VECM>@@Q@1SE?20 QrteJournal of Macroeconomics v+Pkwl[y ;ɇ蒠vYLnUtŷXx?]K={?1978Q41999Q4XX@GDP, CPI, SR IR, real HP, housing loans, total loansy prices, equity prices. Except for the interest rate, all variables are in logarithms.RPPMixBIS?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt to owner occup - LOWFinland19781999assen_14198620@)A @$"!@Q?#wiBV@/58-[? S??g@T6o@}7[@?#VP@/ +Y@m]{~2?5s(@ }@gyҸY@1@8mnJ@s@*@DEIacoviello-WescheIacoviello200808a$12B@$istinguish between groups of countries depending on their financial systemsFinlandntriesVECM>@@Q@1SE?20 QrteJournal of Macroeconomics @@,Q@1SE?20 QrteJournal of Macroeconomics[W:fֱfA9˗6H2pg|?h!|=@|?1978Q41999Q4XX@GDP, CPI, SR IR, real HP, housing loans, total loansy prices, equity prices. Except for the interest rate, all variables are in logarithms.RPPResidental property pricesBIS?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooFinland19781999United Kingdom@)A @$"!@Q?#wiBV@/58-[? S??g@T6o@}7[@?#VP@/ +Y@m]{~2?5s(@ }@gyҸY@1@8mnJ@s@*@DEIacoviello-WescheIacoviello200808a$12B@$istinguish between groups of countries depending on their financial systemsFinlandrlandVECM>@@+Q@1SE?20 QrteJournal of Macroeconomicsyq%)u {#jO{Z_%~Ɠ23CW6pVUU'x?RNP'x?1978Q41999Q4XX@GDP, CPI, SR IR, real HP, housing loans, total loansy prices, equity prices. Except for the interest rate, all variables are in logarithms.RPPResidental property pricesBIS?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooFinland19781999Switzerland198@)A @$"!@Q?#wiBV@/58-[? S??g@T6o@}7[@?#VP@/ +Y@m]{~2?5s(@ }@gyҸY@1@8mnJ@s@*@DEIacoviello-WescheIacoviello200808a$12B@$istinguish between groups of countries depending on their financial systemsFinlandliaVECM>@@Q@1SE?20 QrteJournal of Macroeconomics5A@V}:FrP-!h^?8!p_ij ze?Er?M#r?1978Q41999Q4XX@GDP, CPI, SR IR, real HP, housing loans, total loansy prices, equity prices. Except for the interest rate, all variables are in logarithms.RPPResidental property pricesBIS?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARmean-group estimatorbooFinland19781999Australia19862@)A @$"!@Q?#wiBV@/58-[? S??g@T6o@}7[@?#VP@/ +Y@m]{~2?5s(@ }@gyҸY@1@8mnJ@s@*@DEIacoviello-WescheIacoviello200808a$12B@$Finland5VECM>@@Q@1SE?20 QrteJournal of MacroeconomicsM5KS?k毕[oՂPp?}G[?4Tc(blNw?@~u|p?^'~u|p?1978Q41999Q4XX@GDP, CPI, SR IR, real HP, housing loans, total loansy prices, equity prices. Except for the interest rate, all variables are in logarithms.RPPMixBIS?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt to LTV - HIGHFinland19781999assen_51986200@)A @$"!@Q?#wiBV@/58-[? S??g@T6o@}7[@?#VP@/ +Y@m]{~2?5s(@ }@gyҸY@1@8mnJ@s@*@DEIacoviello-WescheIacoviello200808a$12B@$Finland1VECM>@@Q@1SE?20 Q?rteJournal of Macroeconomics-^?KVJgZ8r?~!f?쯄R Jz?ctlo?9̀Eo?1978Q41999Q4XX@GDP, CPI, SR IR, real HP, housing loans, total loansy prices, equity prices. Except for the interest rate, all variables are in logarithms.RPPMixBIS?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt mortgage rate - VARIABLE mortgage rateFinland19781999assen_11986200@)A @$"!@Q?#wiBV@/58-[? S??g@T6o@}7[@?#VP@/ +Y@m]{~2?5s(@ }@gyҸY@1@8mnJ@s@*@DEIacoviello-WescheIacoviello200808a%12B@%Finland8VECM>@@Q@1SE?20 QrteJournal of Macroeconomics傿'>Y&KjDee,Abk,Nxrۆϙsn?w=?1988Q11999Q400&@GDP, CPI, SR IR, real HP, spread between mortgage IR and becnhmark IRprices. Except for the interest rate, all variables are in logarithms.RPP?MixBIS?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt to debt-to-GDP - LOWFinland19881999assen_81986200@X@$"!@Q?#wiBV@v>qM]? S??g@W?6[W@_@Ծג?iP@A8o\Y@m]{~2?5s(@ }@|t V@1@xJ@iŲ@DEIacoviello-WescheIacoviello200808a%12B@%istinguish between groups of countries depending on their financial systemsFinlandVECM>@@*Q@1SE?20 QrteJournal of Macroeconomics Mx 䓿صeLs k~qPj{/$???1988Q11999Q400&@GDP, CPI, SR IR, real HP, spread between mortgage IR and becnhmark IRprices. Except for the interest rate, all variables are in logarithms.RPP?Residental property pricesBIS?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooFinland19881999Sweden19862007@X@$"!@Q?#wiBV@v>qM]? S??g@W?6[W@_@Ծג?iP@A8o\Y@m]{~2?5s(@ }@|t V@1@xJ@iŲ@DEIacoviello-WescheIacoviello200808a%12B@%Finland15VECM>@@ Q@1SE?20 QrteJournal of Macroeconomics.f:}ݹtAeyGnC R˛_8,nMb?/w?1988Q11999Q400&@GDP, CPI, SR IR, real HP, spread between mortgage IR and becnhmark IRprices. Except for the interest rate, all variables are in logarithms.RPP?MixBIS?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt to morg market index - HIGHFinland19881999assen_15198620@X@$"!@Q?#wiBV@v>qM]? S??g@W?6[W@_@Ծג?iP@A8o\Y@m]{~2?5s(@ }@|t V@1@xJ@iŲ@DEIacoviello-WescheIacoviello200808a%12B@%Finland2VECM>@@Q@1SE?20 QrteJournal of Macroeconomicsb,$g5Z}LokY?k7mp¾7*2'b?7Māy?7Māy?1988Q11999Q400&@GDP, CPI, SR IR, real HP, spread between mortgage IR and becnhmark IRprices. Except for the interest rate, all variables are in logarithms.RPP?MixBIS?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt mortgage rate - FIXED mort rateFinland19881999assen_21986200@X@$"!@Q?#wiBV@v>qM]? S??g@W?6[W@_@Ծג?iP@A8o\Y@m]{~2?5s(@ }@|t V@1@xJ@iŲ@DEIacoviello-WescheIacoviello200808a%12B@%istinguish between groups of countries depending on their financial systemsFinlandkVECM>@@Q@1SE?20 QrteJournal of Macroeconomics<&oNe:?p&-laĪg??fB?D3ЮhL-p?<"@Xm?ͱl?1988Q11999Q400&@GDP, CPI, SR IR, real HP, spread between mortgage IR and becnhmark IRprices. Except for the interest rate, all variables are in logarithms.RPP?Residental property pricesBIS?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooFinland19881999Denmark1986200@X@$"!@Q?#wiBV@v>qM]? S??g@W?6[W@_@Ծג?iP@A8o\Y@m]{~2?5s(@ }@|t V@1@xJ@iŲ@DEIacoviello-WescheIacoviello200808a%12B@%istinguish between groups of countries depending on their financial systemsFinlandVECM>@@Q@1SE?20 QrteJournal of Macroeconomicsc(Z+?¶'9HA_S?"3?]qQ]%9[?ԶV?eWV?1988Q11999Q400&@GDP, CPI, SR IR, real HP, spread between mortgage IR and becnhmark IRprices. Except for the interest rate, all variables are in logarithms.RPP?Residental property pricesBIS?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooFinland19881999France19862007@X@$"!@Q?#wiBV@v>qM]? S??g@W?6[W@_@Ծג?iP@A8o\Y@m]{~2?5s(@ }@|t V@1@xJ@iŲ@DEIacoviello-WescheIacoviello200808a%12B@%Finland10VECM>@@Q@1SE?20 Q?rteJournal of MacroeconomicssDN;#q8hʼ8?oݝ<'A&=RA?Mb@?b)AB?1988Q11999Q400&@GDP, CPI, SR IR, real HP, spread between mortgage IR and becnhmark IRprices. Except for the interest rate, all variables are in logarithms.RPP?MixBIS?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt to valuation - LENDING VALUEFinland19881999assen_10198620@X@$"!@Q?#wiBV@v>qM]? S??g@W?6[W@_@Ծג?iP@A8o\Y@m]{~2?5s(@ }@|t V@1@xJ@iŲ@DEIacoviello-WescheIacoviello200808a&13C@&Finland9VECM>@@Q@1SE?20 QrteJournal of Macroeconomics"uy&1H}]?i@){Gz3e?~?gwkm?1987Q11999Q4 44$@GDP, CPI, SR IR, real HP, housing loans by nondepository inst and State to all loansfor the interest rate, all variables are in logarithms.RPPMixBIS?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt to valuation - MARKET VALUEFinland19871999assen_91986200@)A @$"!@Q?#wiBV@\l0? S??g@f|Q]'@@_@r{_'?qxP@f`Y@m]{~2?5s(@ }@Q(W@1@'J@x`@DEIacoviello-WescheIacoviello200808a&13C@&Finland8VECM>@@Q@1SE?20 QrteJournal of Macroeconomics>k^Uǿ⓿NJy6{LՒABg$:O6#?zItq?1987Q11999Q4 44$@GDP, CPI, SR IR, real HP, housing loans by nondepository inst and State to all loansfor the interest rate, all variables are in logarithms.RPPMixBIS?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt to debt-to-GDP - LOWFinland19871999assen_81986200@)A @$"!@Q?#wiBV@\l0? S??g@f|Q]'@@_@r{_'?qxP@f`Y@m]{~2?5s(@ }@Q(W@1@'J@x`@DEIacoviello-WescheIacoviello200808a&13C@&istinguish between groups of countries depending on their financial systemsFinlandVECM>@@%Q@1SE?20 QrteJournal of Macroeconomics<|_7 [8̎0H?w_F4ˀmAGꚀrX6wq?Qvq?1987Q11999Q4 44$@GDP, CPI, SR IR, real HP, housing loans by nondepository inst and State to all loansfor the interest rate, all variables are in logarithms.RPPresidential land pricesBIS?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooFinland19871999Japan19862007@)A @$"!@Q?#wiBV@\l0? S??g@f|Q]'@@_@r{_'?qxP@f`Y@m]{~2?5s(@ }@Q(W@1@'J@x`@DEIacoviello-WescheIacoviello200808a&13C@&Finland10VECM>@@Q@1SE?20 QrteJournal of MacroeconomicsΙX}{ 1UT&у3iIkk]^?II?1987Q11999Q4 44$@GDP, CPI, SR IR, real HP, housing loans by nondepository inst and State to all loansfor the interest rate, all variables are in logarithms.RPPMixBIS?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt to valuation - LENDING VALUEFinland19871999assen_10198620@)A @$"!@Q?#wiBV@\l0? S??g@f|Q]'@@_@r{_'?qxP@f`Y@m]{~2?5s(@ }@Q(W@1@'J@x`@DEIacoviello-WescheIacoviello200808a&13C@&Finland3VECM>@@Q@1SE?20 QrteJournal of MacroeconomicskTV2bt\rR8p?T1:PhJ;zG+w?2(-x?Hy?1987Q11999Q4 44$@GDP, CPI, SR IR, real HP, housing loans by nondepository inst and State to all loansfor the interest rate, all variables are in logarithms.RPPMixBIS?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt mortg equity withdrawal - WITHFinland19871999assen_31986200@)A @$"!@Q?#wiBV@\l0? S??g@f|Q]'@@_@r{_'?qxP@f`Y@m]{~2?5s(@ }@Q(W@1@'J@x`@DEIacoviello-WescheIacoviello200808a&13C@&istinguish between groups of countries depending on their financial systemsFinlandmVECM>@@Q@1SE?20 QrteJournal of Macroeconomics&7]q? @@Q@1SE?20 Q?rteJournal of Macroeconomicsiw?#I$4?'k?oST?]@}@'}'}HfUD~@)-Pg@9@>drH@2(?*@DEIacoviello-WescheIacoviello200808a'15C@'istinguish between groups of countries depending on their financial systemsGermany VECM@@ @*?@1SE?20 QrteJournal of MacroeconomicsC ]@}@'}'}HfUD~@)-Pg@9@>drH@2(?*@DEIacoviello-WescheIacoviello200808a'15C@'istinguish between groups of countries depending on their financial systemsGermanylia VECM@@ @?@1SE?20 QrteJournal of Macroeconomics̭ ~~]@}@'}'}HfUD~@)-Pg@9@>drH@2(?*@DEIacoviello-WescheIacoviello200808a'15C@'Germany2 VECM@@ @?@1SE?20 QrteJournal of Macroeconomics`wMS]LA^՝n;ZߖتzJM\հA{?r5|?1974Q21998Q4dd@GDP, CPI, SR IR, real HP, housing loans, total loansy prices, equity prices. Except for the interest rate, all variables are in logarithms.housesMix?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt mortgage rate - FIXED mort rateGermany19741998assen_21986200@ ~@ 5l@?Nϻ1/@S"Jqp?HTt6־?}e@8% @ZdY@%+c?"kV?P@ӿ>]@}@'}'}HfUD~@)-Pg@9@>drH@2(?*@DEIacoviello-WescheIacoviello200808a'15C@'istinguish between groups of countries depending on their financial systemsGermany VECM@@ @?@1SE?20 QrteJournal of Macroeconomicsb=(nYmuf)Ja99qwvKWB|k'7u?k'7u?1974Q21998Q4dd@GDP, CPI, SR IR, real HP, housing loans, total loansy prices, equity prices. Except for the interest rate, all variables are in logarithms.housesResidental property prices?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooGermany19741998Canada19862007@ ~@ 5l@?Nϻ1/@S"Jqp?HTt6־?}e@8% @ZdY@%+c?"kV?P@ӿ>]@}@'}'}HfUD~@)-Pg@9@>drH@2(?*@DEIacoviello-WescheIacoviello200808a'15C@'istinguish between groups of countries depending on their financial systemsGermany Kingdom VECM@@ @,?@1SE?20 QrteJournal of Macroeconomicss~S; ;d9??ir6o飇C|U8?B|,Hq?m} |,Hq?1974Q21998Q4dd@GDP, CPI, SR IR, real HP, housing loans, total loansy prices, equity prices. Except for the interest rate, all variables are in logarithms.housesResidental property prices?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooGermany19741998United Kingdom@ ~@ 5l@?Nϻ1/@S"Jqp?HTt6־?}e@8% @ZdY@%+c?"kV?P@ӿ>]@}@'}'}HfUD~@)-Pg@9@>drH@2(?*@DEIacoviello-WescheIacoviello200808a'15C@'istinguish between groups of countries depending on their financial systemsGermanyk VECM@@ @?@1SE?20 Q?rteJournal of Macroeconomics-A~G?}X4EK\a?小4b?3ߺa|?9Vr?~㊲r?1974Q21998Q4dd@GDP, CPI, SR IR, real HP, housing loans, total loansy prices, equity prices. Except for the interest rate, all variables are in logarithms.housesResidental property prices?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooGermany19741998Denmark1986200@ ~@ 5l@?Nϻ1/@S"Jqp?HTt6־?}e@8% @ZdY@%+c?"kV?P@ӿ>]@}@'}'}HfUD~@)-Pg@9@>drH@2(?*@DEIacoviello-WescheIacoviello200808a(15D@(Germany15 VECM@@ @ 2@1SE?20 QrteJournal of MacroeconomicslsczRz΅a[Z$SzEJVSNM=xv?i.jv?1982Q11998Q4DD@GDP, CPI, SR IR, real HP, spread between mortgage IR and becnhmark IRprices. Except for the interest rate, all variables are in logarithms.housesMix?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt to morg market index - HIGHGermany19821998assen_15198620 @ow6@9$>XX?Nϻ1/@M?HTt6־?}e@3=k@Z@3m?prbY.Q@{-\@}@'}'}HfUD~@)-Pg@9@JPH@m.ۿ@DEIacoviello-WescheIacoviello200808a(15D@(Germany4 VECM@@ @2@1SE?20 QrteJournal of Macroeconomicsvi?VO<w`F=%?oueƾЍJbD#M?[~Xy?#y ry?1982Q11998Q4DD@GDP, CPI, SR IR, real HP, spread between mortgage IR and becnhmark IRprices. Except for the interest rate, all variables are in logarithms.housesMix?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt mortg equity withdrawal - WITHOUTGermany19821998assen_41986200 @ow6@9$>XX?Nϻ1/@M?HTt6־?}e@3=k@Z@3m?prbY.Q@{-\@}@'}'}HfUD~@)-Pg@9@JPH@m.ۿ@DEIacoviello-WescheIacoviello200808a(15D@(Germany16 VECM@@ @2@1SE?20 QrteJournal of MacroeconomicsFLyRFƋb"?xym"a[-?CHy?'/Qz?1982Q11998Q4DD@GDP, CPI, SR IR, real HP, spread between mortgage IR and becnhmark IRprices. Except for the interest rate, all variables are in logarithms.housesMix?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt to morg market index - LOWGermany19821998assen_16198620 @ow6@9$>XX?Nϻ1/@M?HTt6־?}e@3=k@Z@3m?prbY.Q@{-\@}@'}'}HfUD~@)-Pg@9@JPH@m.ۿ@DEIacoviello-WescheIacoviello200808a(15D@(istinguish between groups of countries depending on their financial systemsGermany States VECM@@ @-2@1SE?20 QrteJournal of Macroeconomics9}Raps`=ss+y,y|aDIS#*(۴u?!b۴u?1982Q11998Q4DD@GDP, CPI, SR IR, real HP, spread between mortgage IR and becnhmark IRprices. Except for the interest rate, all variables are in logarithms.housesResidental property prices?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooGermany19821998United States1 @ow6@9$>XX?Nϻ1/@M?HTt6־?}e@3=k@Z@3m?prbY.Q@{-\@}@'}'}HfUD~@)-Pg@9@JPH@m.ۿ@DEIacoviello-WescheIacoviello200808a(15D@(istinguish between groups of countries depending on their financial systemsGermanyntries VECM@@ @2@1SE?20 QrteJournal of Macroeconomicsg@ܠS}R8!?h~~XX?Nϻ1/@M?HTt6־?}e@3=k@Z@3m?prbY.Q@{-\@}@'}'}HfUD~@)-Pg@9@JPH@m.ۿ@DEIacoviello-WescheIacoviello200808a(15D@(istinguish between groups of countries depending on their financial systemsGermanyy VECM@@ @ 2@1SE?20 QrteJournal of Macroeconomics^v?^2@AMD?y:?ӑRg[+h2l?JQj?/h?1982Q11998Q4DD@GDP, CPI, SR IR, real HP, spread between mortgage IR and becnhmark IRprices. Except for the interest rate, all variables are in logarithms.housesProperty price?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooGermany19821998Germany1986200 @ow6@9$>XX?Nϻ1/@M?HTt6־?}e@3=k@Z@3m?prbY.Q@{-\@}@'}'}HfUD~@)-Pg@9@JPH@m.ۿ@DEIacoviello-WescheIacoviello200808a(15D@(Germany1 VECM@@ @2@1SE?20 Q?rteJournal of MacroeconomicsHV3?^20YؖK?jF[?VM~6(s?^a`|h?:^Mh?1982Q11998Q4DD@GDP, CPI, SR IR, real HP, spread between mortgage IR and becnhmark IRprices. Except for the interest rate, all variables are in logarithms.housesMix?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt mortgage rate - VARIABLE mortgage rateGermany19821998assen_11986200 @ow6@9$>XX?Nϻ1/@M?HTt6־?}e@3=k@Z@3m?prbY.Q@{-\@}@'}'}HfUD~@)-Pg@9@JPH@m.ۿ@DEIacoviello-WescheIacoviello200808a)16D@)istinguish between groups of countries depending on their financial systemsGermany VECM@@ @'C@1SE?20 QrteJournal of Macroeconomics]iIݺX4(J`}oYѸx2}^?td[?1974Q21998Q4dd@GDP, CPI, SR IR, real HP, housing loans by nondepository inst and State to all loansfor the interest rate, all variables are in logarithms.housesrent index, index with of residential construction cost?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooGermany19741998Norway19862007@ ~@ 5l@?Nϻ1/@S"Jqp?HTt6־?}e@8% @ZdY@%+c?"kV?P@ӿ>]@}@'}'}HfUD~@)-Pg@9@>drH@2(?*@DEIacoviello-WescheIacoviello200808a)16D@)Germany7 VECM@@ @C@1SE?20 QrteJournal of Macroeconomics'Kk \;f ' =)e?Rf?1974Q21998Q4dd@GDP, CPI, SR IR, real HP, housing loans by nondepository inst and State to all loansfor the interest rate, all variables are in logarithms.housesMix?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt to debt-to-GDP - HIGHGermany19741998assen_71986200@ ~@ 5l@?Nϻ1/@S"Jqp?HTt6־?}e@8% @ZdY@%+c?"kV?P@ӿ>]@}@'}'}HfUD~@)-Pg@9@>drH@2(?*@DEIacoviello-WescheIacoviello200808a)16D@)Germany11 VECM@@ @ C@1SE?20 QrteJournal of Macroeconomics29q_H/yIsDb!兿'(rkwl[zt?^bG^t?1974Q21998Q4dd@GDP, CPI, SR IR, real HP, housing loans by nondepository inst and State to all loansfor the interest rate, all variables are in logarithms.housesMix?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt securitisation - YESGermany19741998assen_11198620@ ~@ 5l@?Nϻ1/@S"Jqp?HTt6־?}e@8% @ZdY@%+c?"kV?P@ӿ>]@}@'}'}HfUD~@)-Pg@9@>drH@2(?*@DEIacoviello-WescheIacoviello200808a)16D@)istinguish between groups of countries depending on their financial systemsGermany VECM@@ @C@1SE?20 QrteJournal of Macroeconomics%uL;f u3tbkM"W'Ufƶ[?q?1974Q21998Q4dd@GDP, CPI, SR IR, real HP, housing loans by nondepository inst and State to all loansfor the interest rate, all variables are in logarithms.housesResidental property prices?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooGermany19741998France19862007@ ~@ 5l@?Nϻ1/@S"Jqp?HTt6־?}e@8% @ZdY@%+c?"kV?P@ӿ>]@}@'}'}HfUD~@)-Pg@9@>drH@2(?*@DEIacoviello-WescheIacoviello200808a)16D@)istinguish between groups of countries depending on their financial systemsGermany VECM@@ @$C@1SE?20 QrteJournal of MacroeconomicsHׁUV;iu]t;o9sW+V>?L?1974Q21998Q4dd@GDP, CPI, SR IR, real HP, housing loans by nondepository inst and State to all loansfor the interest rate, all variables are in logarithms.housesProperty price?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooGermany19741998Italy19862007@ ~@ 5l@?Nϻ1/@S"Jqp?HTt6־?}e@8% @ZdY@%+c?"kV?P@ӿ>]@}@'}'}HfUD~@)-Pg@9@>drH@2(?*@DEIacoviello-WescheIacoviello200808a)16D@)istinguish between groups of countries depending on their financial systemsGermanyntries VECM@@ @C@1SE?20 QrteJournal of Macroeconomicsߎv- \ c=fmm댿T|וe6OR|v@ }?u@ }?1974Q21998Q4dd@GDP, CPI, SR IR, real HP, housing loans by nondepository inst and State to all loansfor the interest rate, all variables are in logarithms.housesMix?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooGermany1974199818 countries19@ ~@ 5l@?Nϻ1/@S"Jqp?HTt6־?}e@8% @ZdY@%+c?"kV?P@ӿ>]@}@'}'}HfUD~@)-Pg@9@>drH@2(?*@DEIacoviello-WescheIacoviello200808a)16D@)Germany12 VECM@@ @ C@1SE?20 Q?rteJournal of MacroeconomicsTڲ.bVtr=H)?tOw܈JA1Vv@?Ey?Jday?1974Q21998Q4dd@GDP, CPI, SR IR, real HP, housing loans by nondepository inst and State to all loansfor the interest rate, all variables are in logarithms.housesMix?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt securitisation - NOGermany19741998assen_12198620@ ~@ 5l@?Nϻ1/@S"Jqp?HTt6־?}e@8% @ZdY@%+c?"kV?P@ӿ>]@}@'}'}HfUD~@)-Pg@9@>drH@2(?*@DEIacoviello-WescheIacoviello200808a*18E@*Norway_6'VECMC@'@>@1SE?20 QrteJournal of Macroeconomics5.b?fI* yfGu?"LT?+ex?A2]5?|`̃?1988Q31999Q400&@GDP, CPI, SR IR, real HP, housing loans, total loansy prices, equity prices. Except for the interest rate, all variables are in logarithms.new detached housesxDatastream?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt to LTV - LOWNorway19881999assen_61986200@#@`7 @5Rɗ @WuV?Y@WPq? \5}? E;@0n@UUUUUc@:۰?&P@(ۿT@pV=@{D&@I9y}@e?-Q@1@xJ@c/W?@DEIacoviello-WescheIacoviello200808a*18E@*istinguish between groups of countries depending on their financial systemsNorwaynd'VECMC@'@#>@1SE?20 QrteJournal of MacroeconomicsD!6ۉh1I)c?cccRA7SЖz?u';?VtV?1988Q31999Q400&@GDP, CPI, SR IR, real HP, housing loans, total loansy prices, equity prices. Except for the interest rate, all variables are in logarithms.new detached housesnt index, index with of residential construction costDatastream?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooNorway19881999Ireland1986200@#@`7 @5Rɗ @WuV?Y@WPq? \5}? E;@0n@UUUUUc@:۰?&P@(ۿT@pV=@{D&@I9y}@e?-Q@1@xJ@c/W?@DEIacoviello-WescheIacoviello200808a*18E@*istinguish between groups of countries depending on their financial systemsNorwayerland'VECMC@'@+>@1SE?20 QrteJournal of MacroeconomicspWUyu@ON^Q jDqꔿ`oyL-aL|?RrO}?1988Q31999Q400&@GDP, CPI, SR IR, real HP, housing loans, total loansy prices, equity prices. Except for the interest rate, all variables are in logarithms.new detached housessidental property pricesDatastream?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooNorway19881999Switzerland198@#@`7 @5Rɗ @WuV?Y@WPq? \5}? E;@0n@UUUUUc@:۰?&P@(ۿT@pV=@{D&@I9y}@e?-Q@1@xJ@c/W?@DEIacoviello-WescheIacoviello200808a*18E@*Norway_5'VECMC@'@>@1SE?20 QrteJournal of Macroeconomicspp%wkx*8*aởCYU]|C[:z?4&z?1988Q31999Q400&@GDP, CPI, SR IR, real HP, housing loans, total loansy prices, equity prices. Except for the interest rate, all variables are in logarithms.new detached housesxDatastream?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt to LTV - HIGHNorway19881999assen_51986200@#@`7 @5Rɗ @WuV?Y@WPq? \5}? E;@0n@UUUUUc@:۰?&P@(ۿT@pV=@{D&@I9y}@e?-Q@1@xJ@c/W?@DEIacoviello-WescheIacoviello200808a*18E@*istinguish between groups of countries depending on their financial systemsNorwaynd'VECMC@'@>@1SE?20 QrteJournal of Macroeconomics'iIGtj$x5SP!愿L搿Ɏ)p@*y?@سy?1988Q31999Q400&@GDP, CPI, SR IR, real HP, housing loans, total loansy prices, equity prices. Except for the interest rate, all variables are in logarithms.new detached housessidental property pricesDatastream?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooNorway19881999Finland1986200@#@`7 @5Rɗ @WuV?Y@WPq? \5}? E;@0n@UUUUUc@:۰?&P@(ۿT@pV=@{D&@I9y}@e?-Q@1@xJ@c/W?@DEIacoviello-WescheIacoviello200808a*18E@*Norway_13'VECMC@'@>@1SE?20 QrteJournal of MacroeconomicsB?h|=sX"Ϩ&TxЄ4S1u=IGW7p:eTw?ɩjBw?1988Q31999Q400&@GDP, CPI, SR IR, real HP, housing loans, total loansy prices, equity prices. Except for the interest rate, all variables are in logarithms.new detached housesxDatastream?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt to owner occup - HIGHNorway19881999assen_13198620@#@`7 @5Rɗ @WuV?Y@WPq? \5}? E;@0n@UUUUUc@:۰?&P@(ۿT@pV=@{D&@I9y}@e?-Q@1@xJ@c/W?@DEIacoviello-WescheIacoviello200808a*18E@*istinguish between groups of countries depending on their financial systemsNorwayrlands'VECMC@'@&>@1SE?20 Q?rteJournal of Macroeconomicste="rP @M=(Af9{h=R(w?H x?1988Q31999Q400&@GDP, CPI, SR IR, real HP, housing loans, total loansy prices, equity prices. Except for the interest rate, all variables are in logarithms.new detached housessidental property pricesDatastream?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooNorway19881999Netherlands198@#@`7 @5Rɗ @WuV?Y@WPq? \5}? E;@0n@UUUUUc@:۰?&P@(ۿT@pV=@{D&@I9y}@e?-Q@1@xJ@c/W?@DEIacoviello-WescheIacoviello200808a+18E@+istinguish between groups of countries depending on their financial systemsNorwayuntries'VECMC@'@C@1SE?20 QrteJournal of Macroeconomics[,?h>PfSem?2ȚB?<\}88?"?vR?1988Q31999Q400&@GDP, CPI, SR IR, real HP, spread between mortgage IR and becnhmark IRprices. Except for the interest rate, all variables are in logarithms.new detached housesxDatastream?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooNorway1988199918 countries19@#@`7 @5Rɗ @WuV?Y@WPq? \5}? E;@0n@UUUUUc@:۰?&P@(ۿT@pV=@{D&@I9y}@e?-Q@1@xJ@c/W?@DEIacoviello-WescheIacoviello200808a+18E@+Norway_5'VECMC@'@C@1SE?20 QrteJournal of MacroeconomicsJUQkMb-ܭsh?پ,Zc=./ 7#wS? ?*?1988Q31999Q400&@GDP, CPI, SR IR, real HP, spread between mortgage IR and becnhmark IRprices. Except for the interest rate, all variables are in logarithms.new detached housesxDatastream?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt to LTV - HIGHNorway19881999assen_51986200@#@`7 @5Rɗ @WuV?Y@WPq? \5}? E;@0n@UUUUUc@:۰?&P@(ۿT@pV=@{D&@I9y}@e?-Q@1@xJ@c/W?@DEIacoviello-WescheIacoviello200808a+18E@+istinguish between groups of countries depending on their financial systemsNorwayny'VECMC@'@ C@1SE?20 QrteJournal of MacroeconomicsMk@AhFc,(r,Mj?f!/|]P{S&?d˄?ʇfOUք?1988Q31999Q400&@GDP, CPI, SR IR, real HP, spread between mortgage IR and becnhmark IRprices. Except for the interest rate, all variables are in logarithms.new detached housesoperty priceDatastream?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooNorway19881999Germany1986200@#@`7 @5Rɗ @WuV?Y@WPq? \5}? E;@0n@UUUUUc@:۰?&P@(ۿT@pV=@{D&@I9y}@e?-Q@1@xJ@c/W?@DEIacoviello-WescheIacoviello200808a+18E@+istinguish between groups of countries depending on their financial systemsNorwaynd'VECMC@'@C@1SE?20 QrteJournal of Macroeconomicsʎa5dzoc%~[?QWLjy]nXhr?͖lu?̖lu?1988Q31999Q400&@GDP, CPI, SR IR, real HP, spread between mortgage IR and becnhmark IRprices. Except for the interest rate, all variables are in logarithms.new detached housessidental property pricesDatastream?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooNorway19881999Finland1986200@#@`7 @5Rɗ @WuV?Y@WPq? \5}? E;@0n@UUUUUc@:۰?&P@(ۿT@pV=@{D&@I9y}@e?-Q@1@xJ@c/W?@DEIacoviello-WescheIacoviello200808a+18E@+istinguish between groups of countries depending on their financial systemsNorwaynd'VECMC@'@#C@1SE?20 QrteJournal of Macroeconomics#BJ<%~[jK?{R]nXhraw b?L)k?؞Wk?1988Q31999Q400&@GDP, CPI, SR IR, real HP, spread between mortgage IR and becnhmark IRprices. Except for the interest rate, all variables are in logarithms.new detached housesnt index, index with of residential construction costDatastream?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooNorway19881999Ireland1986200@#@`7 @5Rɗ @WuV?Y@WPq? \5}? E;@0n@UUUUUc@:۰?&P@(ۿT@pV=@{D&@I9y}@e?-Q@1@xJ@c/W?@DEIacoviello-WescheIacoviello200808a+18E@+istinguish between groups of countries depending on their financial systemsNorway'VECMC@'@%C@1SE?20 QrteJournal of Macroeconomics$^-f/Q ]C?BXoC|fίi0Z?3ra?Гaa?1988Q31999Q400&@GDP, CPI, SR IR, real HP, spread between mortgage IR and becnhmark IRprices. Except for the interest rate, all variables are in logarithms.new detached housessidential land pricesDatastream?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooNorway19881999Japan19862007@#@`7 @5Rɗ @WuV?Y@WPq? \5}? E;@0n@UUUUUc@:۰?&P@(ۿT@pV=@{D&@I9y}@e?-Q@1@xJ@c/W?@DEIacoviello-WescheIacoviello200808a+18E@+istinguish between groups of countries depending on their financial systemsNorwayrlands'VECMC@'@&C@1SE?20 Q?rteJournal of MacroeconomicsӉ)*{*L J L??,3@s"}bJ/T?PW\?8X\?1988Q31999Q400&@GDP, CPI, SR IR, real HP, spread between mortgage IR and becnhmark IRprices. Except for the interest rate, all variables are in logarithms.new detached housessidental property pricesDatastream?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooNorway19881999Netherlands198@#@`7 @5Rɗ @WuV?Y@WPq? \5}? E;@0n@UUUUUc@:۰?&P@(ۿT@pV=@{D&@I9y}@e?-Q@1@xJ@c/W?@DEIacoviello-WescheIacoviello200808a,19F@,istinguish between groups of countries depending on their financial systemsNorwaya'VECMC@'@J@1SE?20 QrteJournal of Macroeconomicsj&YX?Fi9vul?o9Tf?s <.<#?|J?42d?1988Q31999Q400&@GDP, CPI, SR IR, real HP, housing loans by nondepository inst and State to all loansfor the interest rate, all variables are in logarithms.new detached housessidental property pricesDatastream?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooNorway19881999Canada19862007@#@`7 @5Rɗ @WuV?Y@WPq? \5}? E;@0n@UUUUUc@:۰?&P@(ۿT@pV=@{D&@I9y}@e?-Q@1@xJ@c/W?@DEIacoviello-WescheIacoviello200808a,19F@,Norway_11'VECMC@'@ J@1SE?20 QrteJournal of MacroeconomicsHsvTO?|q5YsAo{?HAuf*^?ψ@Ӷ?0?v?1988Q31999Q400&@GDP, CPI, SR IR, real HP, housing loans by nondepository inst and State to all loansfor the interest rate, all variables are in logarithms.new detached housesxDatastream?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt securitisation - YESNorway19881999assen_11198620@#@`7 @5Rɗ @WuV?Y@WPq? \5}? E;@0n@UUUUUc@:۰?&P@(ۿT@pV=@{D&@I9y}@e?-Q@1@xJ@c/W?@DEIacoviello-WescheIacoviello200808a,19F@,Norway_9'VECMC@'@J@1SE?20 QrteJournal of Macroeconomics07 @?jppt?[5CN?+N6~4-?BY?xc?1988Q31999Q400&@GDP, CPI, SR IR, real HP, housing loans by nondepository inst and State to all loansfor the interest rate, all variables are in logarithms.new detached housesxDatastream?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt to valuation - MARKET VALUENorway19881999assen_91986200@#@`7 @5Rɗ @WuV?Y@WPq? \5}? E;@0n@UUUUUc@:۰?&P@(ۿT@pV=@{D&@I9y}@e?-Q@1@xJ@c/W?@DEIacoviello-WescheIacoviello200808a,19F@,istinguish between groups of countries depending on their financial systemsNorwayd Kingdom'VECMC@'@,J@1SE?20 QrteJournal of Macroeconomics:nPf3@pq3l?1UBqB(0bJ{?*۬}?\ᬒ}?1988Q31999Q400&@GDP, CPI, SR IR, real HP, housing loans by nondepository inst and State to all loansfor the interest rate, all variables are in logarithms.new detached housessidental property pricesDatastream?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooNorway19881999United Kingdom@#@`7 @5Rɗ @WuV?Y@WPq? \5}? E;@0n@UUUUUc@:۰?&P@(ۿT@pV=@{D&@I9y}@e?-Q@1@xJ@c/W?@DEIacoviello-WescheIacoviello200808a,19F@,istinguish between groups of countries depending on their financial systemsNorwayum'VECMC@'@J@1SE?20 QrteJournal of Macroeconomics"L@ģ}Tr Z\k?aMFCOJ}lSHy?Np~? l}?1988Q31999Q400&@GDP, CPI, SR IR, real HP, housing loans by nondepository inst and State to all loansfor the interest rate, all variables are in logarithms.new detached housesall and medium-sized houses to the residential property priceDatastream?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooNorway19881999Belgium1986200@#@`7 @5Rɗ @WuV?Y@WPq? \5}? E;@0n@UUUUUc@:۰?&P@(ۿT@pV=@{D&@I9y}@e?-Q@1@xJ@c/W?@DEIacoviello-WescheIacoviello200808a,19F@,istinguish between groups of countries depending on their financial systemsNorwayn'VECMC@'@*J@1SE?20 QrteJournal of Macroeconomics?G5l~*/g?ߩ{Dd%z ;u?M+bx?qF+bx?1988Q31999Q400&@GDP, CPI, SR IR, real HP, housing loans by nondepository inst and State to all loansfor the interest rate, all variables are in logarithms.new detached housessidental property pricesDatastream?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooNorway19881999Sweden19862007@#@`7 @5Rɗ @WuV?Y@WPq? \5}? E;@0n@UUUUUc@:۰?&P@(ۿT@pV=@{D&@I9y}@e?-Q@1@xJ@c/W?@DEIacoviello-WescheIacoviello200808a,19F@,istinguish between groups of countries depending on their financial systemsNorwaye'VECMC@'@J@1SE?20 Q?rteJournal of Macroeconomics:nPf3_X{P~iyd?1UBK/xU~ZGms?EWu?2u?1988Q31999Q400&@GDP, CPI, SR IR, real HP, housing loans by nondepository inst and State to all loansfor the interest rate, all variables are in logarithms.new detached housessidental property pricesDatastream?BIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooNorway19881999France19862007@#@`7 @5Rɗ @WuV?Y@WPq? \5}? E;@0n@UUUUUc@:۰?&P@(ۿT@pV=@{D&@I9y}@e?-Q@1@xJ@c/W?@DEIacoviello-WescheIacoviello200808a-20F@-istinguish between groups of countries depending on their financial systemsUnited Kingdom,VECMF@,@)P@1SE?20 QrteJournal of Macroeconomicss[ow̏Xw?hɘȾ}/ၿ0~g{??^g? L(?1978Q11999Q4XX@GDP, CPI, SR IR, real HP, housing loans, total loansy prices, equity prices. Except for the interest rate, all variables are in logarithms.HPIresidential property prices of existing dwellings with those of owner-occupied homes in 2005DatastreamBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooUnited Kingdom19781999in19862007@y!@! #@xLۿ8$/@ayN?nH?[Pp@&]#u@S<%ȳW@PeL7?28P@iwS@kl?{D$@~F&{@w-7W@9@ rhP@Ȇl@*@DEIacoviello-WescheIacoviello200808a-20F@-United Kingdom,VECMF@,@P@1SE?20 QrteJournal of Macroeconomics2?{$Fu㔘zD;t?jossPfWك$ՔU?9ȁ?rظ?1978Q11999Q4XX@GDP, CPI, SR IR, real HP, housing loans, total loansy prices, equity prices. Except for the interest rate, all variables are in logarithms.HPIMixDatastreamBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt to debt-to-GDP - HIGHUnited Kingdom19781999en_71986200@y!@! #@xLۿ8$/@ayN?nH?[Pp@&]#u@S<%ȳW@PeL7?28P@iwS@kl?{D$@~F&{@w-7W@9@ rhP@Ȇl@*@DEIacoviello-WescheIacoviello200808a-20F@-United Kingdom,VECMF@,@P@1SE?20 QrteJournal of Macroeconomics@y&"浇B;P#8O>|Ʊ鴸X$X?" 9?1978Q11999Q4XX@GDP, CPI, SR IR, real HP, housing loans, total loansy prices, equity prices. Except for the interest rate, all variables are in logarithms.HPIMixDatastreamBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt to LTV - LOWUnited Kingdom19781999en_61986200@y!@! #@xLۿ8$/@ayN?nH?[Pp@&]#u@S<%ȳW@PeL7?28P@iwS@kl?{D$@~F&{@w-7W@9@ rhP@Ȇl@*@DEIacoviello-WescheIacoviello200808a-20F@-istinguish between groups of countries depending on their financial systemsUnited Kingdom,VECMF@,@P@1SE?20 QrteJournal of Macroeconomicsu)-7wᐿq,>uٯp2Cϭ0 = 8R牿Gdv&?ss?Ч?1985Q12000Q2@@"@GDP, CPI, SR IR, real HP, spread between mortgage IR and becnhmark IRprices. Except for the interest rate, all variables are in logarithms.HPI?MixDatastreamBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt to owner occup - HIGHUnited Kingdom19852000en_13198620@/!@y+ @\eݿ8$/@IE`V@P3Xֽ?b@Iz@[@ pD4$?qgFP@S@Sm? p<&@~F&{@^&ռV@9@zGP@NJ?!@DEIacoviello-WescheIacoviello200808a.20G@.istinguish between groups of countries depending on their financial systemsUnited Kingdom,VECMF@,@'F@1SE?20 QrteJournal of Macroeconomicsy-p@w'CpqȲCN|Z?;}UB?~;?1985Q12000Q2@@"@GDP, CPI, SR IR, real HP, spread between mortgage IR and becnhmark IRprices. Except for the interest rate, all variables are in logarithms.HPI?rent index, index with of residential construction costDatastreamBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooUnited Kingdom19852000way19862007@/!@y+ @\eݿ8$/@IE`V@P3Xֽ?b@Iz@[@ pD4$?qgFP@S@Sm? p<&@~F&{@^&ռV@9@zGP@NJ?!@DEIacoviello-WescheIacoviello200808a.20G@.United Kingdom,VECMF@,@F@1SE?20 QrteJournal of Macroeconomics6821<}DKf(R0/`;q=07UIqx5rlׇ? 7a?1985Q12000Q2@@"@GDP, CPI, SR IR, real HP, spread between mortgage IR and becnhmark IRprices. Except for the interest rate, all variables are in logarithms.HPI?MixDatastreamBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt to morg market index - LOWUnited Kingdom19852000en_16198620@/!@y+ @\eݿ8$/@IE`V@P3Xֽ?b@Iz@[@ pD4$?qgFP@S@Sm? p<&@~F&{@^&ռV@9@zGP@NJ?!@DEIacoviello-WescheIacoviello200808a.20G@.istinguish between groups of countries depending on their financial systemsUnited Kingdom,VECMF@,@F@1SE?20 QrteJournal of Macroeconomics_Gxg0߬#jUѮ0*Vjg!%?!%?1985Q12000Q2@@"@GDP, CPI, SR IR, real HP, spread between mortgage IR and becnhmark IRprices. Except for the interest rate, all variables are in logarithms.HPI?Residental property pricesDatastreamBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooUnited Kingdom19852000mark1986200@/!@y+ @\eݿ8$/@IE`V@P3Xֽ?b@Iz@[@ pD4$?qgFP@S@Sm? p<&@~F&{@^&ռV@9@zGP@NJ?!@DEIacoviello-WescheIacoviello200808a.20G@.United Kingdom,VECMF@,@F@1SE?20 QrteJournal of Macroeconomics6ݚjK>Yw[}<ծ{jnC?})NBO_ 4 U?Q.?(:?1985Q12000Q2@@"@GDP, CPI, SR IR, real HP, spread between mortgage IR and becnhmark IRprices. Except for the interest rate, all variables are in logarithms.HPI?MixDatastreamBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt mortgage rate - VARIABLE mortgage rateUnited Kingdom19852000en_11986200@/!@y+ @\eݿ8$/@IE`V@P3Xֽ?b@Iz@[@ pD4$?qgFP@S@Sm? p<&@~F&{@^&ռV@9@zGP@NJ?!@DEIacoviello-WescheIacoviello200808a.20G@.United Kingdom,VECMF@,@F@1SE?20 Q?rteJournal of MacroeconomicsPvVC+t2W]a?9aiJ.i(qDKs?-?0,r?1985Q12000Q2@@"@GDP, CPI, SR IR, real HP, spread between mortgage IR and becnhmark IRprices. Except for the interest rate, all variables are in logarithms.HPI?MixDatastreamBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt mortg equity withdrawal - WITHOUTUnited Kingdom19852000en_41986200@/!@y+ @\eݿ8$/@IE`V@P3Xֽ?b@Iz@[@ pD4$?qgFP@S@Sm? p<&@~F&{@^&ռV@9@zGP@NJ?!@DEIacoviello-WescheIacoviello200808a/21G@/United Kingdom,VECMF@,@ 9@1SE?20 QrteJournal of MacroeconomicsjXo@{toZ9p?jXo`{ǔoZ9?b*&?|)ES?1987Q12000Q288&@GDP, CPI, SR IR, real HP, housing loans by nondepository inst and State to all loansfor the interest rate, all variables are in logarithms.HPIMixDatastreamBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are f0m the OECD's MEI0@1 probably?short and long run restrictions (King)KGz??P@V-?split wrt to morg market index - HIGHUnited Kingdom19872000en_15198620@3ܬ7!@16[ @v<<َۿ8$/@@q@P3Xֽ?b@Qg @AA ]@&ˊKq~?LsUAP@S@Sm? p<&@~F&{@WVV@9@(\ Q@pCe?@DEIacoviello-WescheIacoviello200808a/21G@/United Kingdom,VECMF@,@9@1SE?20 QrteJournal of Macroeconomics1*#,jd|{~ lOPP6@$V!@裌`|@n>iZ@>@J@g+ú@@6@ DE/Demary/her-WescheDemary2010er2008a912L@9Denmark3VAR;@@@1SE?21rteJournal of Property Research(\ؿGzffffff?Gz?qoMSt$x&1l?_vO~?_vO~?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIMixOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?split wrt mortg equity withdrawal - WITHDenmark19702005assen_31986200@;@"Qz4@@#7%?PxqC@?P&?B|@]DU@8a@hs-5? e|P@m("U@>lOPP6@$V!@裌`|@n>iZ@>@J@g+ú@@6@ DE/Demary/her-WescheDemary2010er2008a912L@9Denmark8VAR;@@@1SE?22rteJournal of Property ResearchB`"ٿMbS?ףp= ?p>?ph㈵+ٱa?a+ey?a+ey?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIMixOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?split wrt to debt-to-GDP - LOWDenmark19702005assen_81986200@;@"Qz4@@#7%?PxqC@?P&?B|@]DU@8a@hs-5? e|P@m("U@>lOPP6@$V!@裌`|@n>iZ@>@J@g+ú@@6@ DE/Demary/her-WescheDemary2010er2008a912L@9istinguish between groups of countries depending on their financial systemsDenmark KingdomVAR;@@,@1SE?23rteJournal of Property ResearchMڿ&1X9v?(\?bp0 ҌEkC8S?gsu?gsu?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIResidental property pricesOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooDenmark19702005United Kingdom@;@"Qz4@@#7%?PxqC@?P&?B|@]DU@8a@hs-5? e|P@m("U@>lOPP6@$V!@裌`|@n>iZ@>@J@g+ú@@6@ DE/Demary/her-WescheDemary2010er2008a912L@9istinguish between groups of countries depending on their financial systemsDenmark StatesVAR;@@-@1SE?23?rteJournal of Property Researchceeeeeee2007eeF@XF@(;z@CPI, interest rate, real GDP, property prices, equity prices. Except for the interest rate, all variables are in logarithms.eeeeeeeeeeeeeeeeeeeResidental property priceseeBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0eeeeeeeeeeeeeeee1 Q?eeP@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARboostrapUnited States1eeeDE/Demary/her-WescheDemary2010er2008a:12M@:istinguish between groups of countries depending on their financial systemsFinlandlandsVAR>@@&@1SE?24rteJournal of Property Researcheeeeeee2007eeF@XF@(;z@CPI, interest rate, real GDP, property prices, equity prices. Except for the interest rate, all variables are in logarithms.eeeeeeeeeeeeeeeeeeeResidental property priceseeBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0eeeeeeeeeeeeeeee1 Q?eeP@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARboostrapNetherlands198eeeDE/Demary/her-WescheDemary2010er2008a:12M@:Finland11VAR>@@ @1SE?24rteJournal of Property Researcheeeeeee2007eeF@p@(;z@CPI, interest rate, real GDP, property prices, equity prices. Except for the interest rate, all variables are in logarithms.eeeeeeeeeeeeeeeeeeeMixeeBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0eeeeeeeeeeeeeeee1 Q?eeP@V-?split wrt securitisation - YESassen_11198620eeeDE/Demary/her-WescheDemary2010er2008a:12M@:istinguish between groups of countries depending on their financial systemsFinlandntriesVAR>@@@1SE?24rteJournal of Property Research/$Pn`9vQ?yCn{E_AMPDHPx?HPx?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIMixOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooFinland1970200518 countries19@u.@ 0f@k~8?!:}W@yiV{?@S0?#m@E#@Z@sπr?Wr /P@{;eAY@c%?ǆ@ }@BZ@1@J@d@5@DE/Demary/her-WescheDemary2010er2008a:12M@:istinguish between groups of countries depending on their financial systemsFinlandntriesVAR>@@@1SE?25rteJournal of Property ResearchuV rh>5^I?Gz?u)"*PNp?TN@?TN@?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIMixOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooFinland1970200518 countries19@u.@ 0f@k~8?!:}W@yiV{?@S0?#m@E#@Z@sπr?Wr /P@{;eAY@c%?ǆ@ }@BZ@1@J@d@5@DE/Demary/her-WescheDemary2010er2008a:12M@:istinguish between groups of countries depending on their financial systemsFinlanddVAR>@@@1SE?26rteJournal of Property Researchffffff333333433333??Zd;OwT㥛 rhq?{Gz?{Gz?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIResidental property pricesOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooFinland19702005Finland1986200@u.@ 0f@k~8?!:}W@yiV{?@S0?#m@E#@Z@sπr?Wr /P@{;eAY@c%?ǆ@ }@BZ@1@J@d@5@DE/Demary/her-WescheDemary2010er2008a:12M@:istinguish between groups of countries depending on their financial systemsFinlandVAR>@@@1SE?27rteJournal of Property Researchd;OK7p|?5?{Gz?iQä1ZGUC?y):?y):?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIResidental property pricesOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooFinland19702005Canada19862007@u.@ 0f@k~8?!:}W@yiV{?@S0?#m@E#@Z@sπr?Wr /P@{;eAY@c%?ǆ@ }@BZ@1@J@d@5@DE/Demary/her-WescheDemary2010er2008a:12M@:istinguish between groups of countries depending on their financial systemsFinlandVAR>@@$@1SE?27?rteJournal of Property Researchceeeeeee2007eeF@XF@(;z@CPI, interest rate, real GDP, property prices, equity prices. Except for the interest rate, all variables are in logarithms.eeeeeeeeeeeeeeeeeeeProperty priceeeBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0eeeeeeeeeeeeeeee1 Q?eeP@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARboostrapItaly19862007eeeDE/Demary/her-WescheDemary2010er2008a;12M@;France_2VAR?@@@1SE?28rteJournal of Property Researcheeeeeee2007eeF@@(;z@CPI, interest rate, real GDP, property prices, equity prices. Except for the interest rate, all variables are in logarithms.eeeeeeeeeeeeeeeeeeeMixeeBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0eeeeeeeeeeeeeeee1 Q?eeP@V-?split wrt mortgage rate - FIXED mort rateassen_21986200eeeDE/Demary/her-WescheDemary2010er2008a;12M@;France_12VAR?@@ @1SE?28rteJournal of Property Researcheeeeeee2007eeF@@(;z@CPI, interest rate, real GDP, property prices, equity prices. Except for the interest rate, all variables are in logarithms.eeeeeeeeeeeeeeeeeeeMixeeBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0eeeeeeeeeeeeeeee1 Q?eeP@V-?split wrt securitisation - NOassen_12198620eeeDE/Demary/her-WescheDemary2010er2008a;12M@;France_5VAR?@@@1SE?28rteJournal of Property ResearchvPn|?5^ڿףp= ?}/"q&"pa+ei?a+ei?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIMixOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?split wrt to LTV - HIGHFrance19702005assen_51986200@3@$qaO!@4Q? 1=@lB?!Zϫ?(sv@#t[\@GDDDD\^@s?se굫 P@=ѥYU@}9f5 P @u@&eX@.@pq#I@eݎNL@8@DE/Demary/her-WescheDemary2010er2008a;12M@;France_6VAR?@@@1SE?29rteJournal of Property ResearchX9vʡE/$RQ?ҩ+y3KԲ쁆ZӼt?ZӼt?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIMixOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?split wrt to LTV - LOWFrance19702005assen_61986200@3@$qaO!@4Q? 1=@lB?!Zϫ?(sv@#t[\@GDDDD\^@s?se굫 P@=ѥYU@}9f5 P @u@&eX@.@pq#I@eݎNL@8@DE/Demary/her-WescheDemary2010er2008a;12M@;France_1VAR?@@@1SE?30rteJournal of Property ResearchCl$CJ+q= ףp?K:dw"vyT!uq{?P!uq{?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIMixOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?split wrt mortgage rate - VARIABLE mortgage rateFrance19702005assen_11986200@3@$qaO!@4Q? 1=@lB?!Zϫ?(sv@#t[\@GDDDD\^@s?se굫 P@=ѥYU@}9f5 P @u@&eX@.@pq#I@eݎNL@8@DE/Demary/her-WescheDemary2010er2008a;12M@;France_16VAR?@@@1SE?31rteJournal of Property ResearchK7A`B`" nQ?[ ͘p>?>ǘ?ǘ?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIMixOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?split wrt to morg market index - LOWFrance19702005assen_16198620@3@$qaO!@4Q? 1=@lB?!Zϫ?(sv@#t[\@GDDDD\^@s?se굫 P@=ѥYU@}9f5 P @u@&eX@.@pq#I@eݎNL@8@DE/Demary/her-WescheDemary2010er2008a;12M@;istinguish between groups of countries depending on their financial systemsFrancenyVAR?@@ @1SE?31?rteJournal of Property Researchceeeeeee2007eeF@XF@(;z@CPI, interest rate, real GDP, property prices, equity prices. Except for the interest rate, all variables are in logarithms.eeeeeeeeeeeeeeeeeeeProperty priceeeBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0eeeeeeeeeeeeeeee1 Q?eeP@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARboostrapGermany1986200eeeDE/Demary/her-WescheDemary2010er2008a<12N@<istinguish between groups of countries depending on their financial systemsGermany VAR@@ @)@1SE?32rteJournal of Property Researcheeeeeee2007eeF@XF@(;z@CPI, interest rate, real GDP, property prices, equity prices. Except for the interest rate, all variables are in logarithms.eeeeeeeeeeeeeeeeeeeresidential property prices of existing dwellings with those of owner-occupied homes in 2005eeBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0eeeeeeeeeeeeeeee1 Q?eeP@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARboostrapSpain19862007eeeDE/Demary/her-WescheDemary2010er2008a<12N@<istinguish between groups of countries depending on their financial systemsGermanym VAR@@ @@1SE?32rteJournal of Property Researcheeeeeee2007eeF@XF@(;z@CPI, interest rate, real GDP, property prices, equity prices. Except for the interest rate, all variables are in logarithms.eeeeeeeeeeeeeeeeeeesmall and medium-sized houses to the residential property priceeeBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0eeeeeeeeeeeeeeee1 Q?eeP@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARboostrapBelgium1986200eeeDE/Demary/her-WescheDemary2010er2008a<12N@<Germany7 VAR@@ @@1SE?32rteJournal of Property ResearchV-?nCl?zG?kHcCG?"V0ACg?J4a?J4a?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIMixOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?split wrt to debt-to-GDP - HIGHGermany19702005assen_71986200@6Q_v@Ju@VV?u0@+f?\?. [@=˦@GHfUD~@YH"`@9@pq#I@p6?1@DE/Demary/her-WescheDemary2010er2008a<12N@<Germany15 VAR@@ @ @1SE?33rteJournal of Property ResearchX9v?A`"ӿv?Q?MP4?|~hm?G%uk?E%uk?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIMixOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?split wrt to morg market index - HIGHGermany19702005assen_15198620@6Q_v@Ju@VV?u0@+f?\?. [@=˦@GHfUD~@YH"`@9@pq#I@p6?1@DE/Demary/her-WescheDemary2010er2008a<12N@<Germany14 VAR@@ @@1SE?34rteJournal of Property Research~jtnڿS?RQ?W84q2߄Bl?ď1w-!o?Ə1w-!o?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIMixOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?split wrt to owner occup - LOWGermany19702005assen_14198620@6Q_v@Ju@VV?u0@+f?\?. [@=˦@GHfUD~@YH"`@9@pq#I@p6?1@DE/Demary/her-WescheDemary2010er2008a<12N@<Germany10 VAR@@ @@1SE?35rteJournal of Property ResearchQ= ףp=ڿ(\?ffffff?b2U0*C ^)pg?z&1l?x&1l?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIMixOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?split wrt to valuation - LENDING VALUEGermany19702005assen_10198620@6Q_v@Ju@VV?u0@+f?\?. [@=˦@GHfUD~@YH"`@9@pq#I@p6?1@DE/Demary/her-WescheDemary2010er2008a<12N@<istinguish between groups of countries depending on their financial systemsGermany VAR@@ @'@1SE?35?rteJournal of Property Researchceeeeeee2007eeF@XF@(;z@CPI, interest rate, real GDP, property prices, equity prices. Except for the interest rate, all variables are in logarithms.eeeeeeeeeeeeeeeeeeerent index, index with of residential construction costeeBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0eeeeeeeeeeeeeeee1 Q?eeP@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARboostrapNorway19862007eeeDE/Demary/her-WescheDemary2010er2008a=12N@=istinguish between groups of countries depending on their financial systemsJapanium%VARB@%@@1SE?36rteJournal of Property Researcheeeeeee2007eeF@XF@(;z@CPI, interest rate, real GDP, property prices, equity prices. Except for the interest rate, all variables are in logarithms.eeeeeeeeeeeeeeeeeeesmall and medium-sized houses to the residential property priceeeBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0eeeeeeeeeeeeeeee1 Q?eeP@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARboostrapBelgium1986200eeeDE/Demary/her-WescheDemary2010er2008a=12N@=istinguish between groups of countries depending on their financial systemsJapanay%VARB@%@'@1SE?36rteJournal of Property Researcheeeeeee2007eeF@XF@(;z@CPI, interest rate, real GDP, property prices, equity prices. Except for the interest rate, all variables are in logarithms.eeeeeeeeeeeeeeeeeeerent index, index with of residential construction costeeBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0eeeeeeeeeeeeeeee1 Q?eeP@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARboostrapNorway19862007eeeDE/Demary/her-WescheDemary2010er2008a=12N@=Japann_5%VARB@%@@1SE?36rteJournal of Property ResearchV-"~jV-(\?H0[wDqo?qo?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIMixOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?split wrt to LTV - HIGHJapan19702005assen_51986200$@$6 l?Հ@f{Z?P@mL٦?ȋh?'h'x@ד_@ݩe@vյs?pQ@{]@a;@:gG+0}@7dby[@9@ T@^O*@4@DE/Demary/her-WescheDemary2010er2008a=12N@=istinguish between groups of countries depending on their financial systemsJapanark%VARB@%@@1SE?37rteJournal of Property ResearchjtV-ˡEffffff?iWV#EdXśu^cފt&1|?z&1|?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIResidental property pricesOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooJapan19702005Denmark1986200$@$6 l?Հ@f{Z?P@mL٦?ȋh?'h'x@ד_@ݩe@vյs?pQ@{]@a;@:gG+0}@7dby[@9@ T@^O*@4@DE/Demary/her-WescheDemary2010er2008a=12N@=istinguish between groups of countries depending on their financial systemsJapanen%VARB@%@*@1SE?38rteJournal of Property ResearchZd;OV-2Zdףp= ?'Nw( ԕfC5;Nс?5;Nс?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIResidental property pricesOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooJapan19702005Sweden19862007$@$6 l?Հ@f{Z?P@mL٦?ȋh?'h'x@ד_@ݩe@vյs?pQ@{]@a;@:gG+0}@7dby[@9@ T@^O*@4@DE/Demary/her-WescheDemary2010er2008a=12N@=Japann_3%VARB@%@@1SE?39rteJournal of Property ResearchZd;Oktv/q= ףp?Nzvۅ暿%JPsׂ?IPsׂ?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIMixOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?split wrt mortg equity withdrawal - WITHJapan19702005assen_31986200$@$6 l?Հ@f{Z?P@mL٦?ȋh?'h'x@ד_@ݩe@vյs?pQ@{]@a;@:gG+0}@7dby[@9@ T@^O*@4@DE/Demary/her-WescheDemary2010er2008a=12N@=istinguish between groups of countries depending on their financial systemsJapanzerland%VARB@%@+@1SE?39?rteJournal of Property Researchceeeeeee2007eeF@XF@(;z@CPI, interest rate, real GDP, property prices, equity prices. Except for the interest rate, all variables are in logarithms.eeeeeeeeeeeeeeeeeeeResidental property priceseeBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0eeeeeeeeeeeeeeee1 Q?eeP@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARboostrapSwitzerland198eeeDE/Demary/her-WescheDemary2010er2008a>12O@>Netherlands&VARC@&@@1SE?40rteJournal of Property Researcheeeeeee2007eeF@-n@(;z@CPI, interest rate, real GDP, property prices, equity prices. Except for the interest rate, all variables are in logarithms.eeeeeeeeeeeeeeeeeeeMixeeBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0eeeeeeeeeeeeeeee1 Q?eeP@V-?split wrt to valuation - LENDING VALUEassen_10198620eeeDE/Demary/her-WescheDemary2010er2008a>12O@>istinguish between groups of countries depending on their financial systemsNetherlandstes&VARC@&@-@1SE?40rteJournal of Property Researcheeeeeee2007eeF@XF@(;z@CPI, interest rate, real GDP, property prices, equity prices. Except for the interest rate, all variables are in logarithms.eeeeeeeeeeeeeeeeeeeResidental property priceseeBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0eeeeeeeeeeeeeeee1 Q?eeP@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARboostrapUnited States1eeeDE/Demary/her-WescheDemary2010er2008a>12O@>Netherlands&VARC@&@ @1SE?40rteJournal of Property ResearchK7A!rhZd;O333333?\4lscz~jtx?~jtx?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIMixOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?split wrt to morg market index - HIGHNetherlands19702005assen_151986205D3̌@}R@f7?k*X?@;@d}?<{ @_/@b@d> ?PJJP@vxU@8-@cxq#@S{@[HS@>@pq#I@b(]v$@8@DE/Demary/her-WescheDemary2010er2008a>12O@>istinguish between groups of countries depending on their financial systemsNetherlands&VARC@&@ @1SE?41rteJournal of Property ResearchJ+|?5^V-Q?K5oodiƢd&S?&S?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIProperty priceOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooNetherlands19702005Germany19862005D3̌@}R@f7?k*X?@;@d}?<{ @_/@b@d> ?PJJP@vxU@8-@cxq#@S{@[HS@>@pq#I@b(]v$@8@DE/Demary/her-WescheDemary2010er2008a>12O@>istinguish between groups of countries depending on their financial systemsNetherlands&VARC@&@@1SE?42rteJournal of Property Research$CX9v rh(\?%ǝMP3k쒿gs?gs?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIResidental property pricesOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARmean-group estimatorbooNetherlands19702005Australia198625D3̌@}R@f7?k*X?@;@d}?<{ @_/@b@d> ?PJJP@vxU@8-@cxq#@S{@[HS@>@pq#I@b(]v$@8@DE/Demary/her-WescheDemary2010er2008a>12O@>Netherlands&VARC@&@@1SE?43rteJournal of Property ResearchMb ?PJJP@vxU@8-@cxq#@S{@[HS@>@pq#I@b(]v$@8@DE/Demary/her-WescheDemary2010er2008a>12O@>istinguish between groups of countries depending on their financial systemsNetherlands&VARC@&@#@1SE?43?rteJournal of Property Researchceeeeeee2007eeF@XF@(;z@CPI, interest rate, real GDP, property prices, equity prices. Except for the interest rate, all variables are in logarithms.eeeeeeeeeeeeeeeeeeerent index, index with of residential construction costeeBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0eeeeeeeeeeeeeeee1 Q?eeP@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARboostrapIreland1986200eeeDE/Demary/her-WescheDemary2010er2008a?12O@?istinguish between groups of countries depending on their financial systemsSpainn)VARD@)@%@1SE?44rteJournal of Property Researcheeeeeee2007eeF@XF@(;z@CPI, interest rate, real GDP, property prices, equity prices. Except for the interest rate, all variables are in logarithms.eeeeeeeeeeeeeeeeeeeresidential land priceseeBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0eeeeeeeeeeeeeeee1 Q?eeP@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARboostrapJapan19862007eeeDE/Demary/her-WescheDemary2010er2008a?12O@?istinguish between groups of countries depending on their financial systemsSpainn)VARD@)@)@1SE?44rteJournal of Property Researcheeeeeee2007eeF@XF@(;z@CPI, interest rate, real GDP, property prices, equity prices. Except for the interest rate, all variables are in logarithms.eeeeeeeeeeeeeeeeeeeresidential property prices of existing dwellings with those of owner-occupied homes in 2005eeBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0eeeeeeeeeeeeeeee1 Q?eeP@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARboostrapSpain19862007eeeDE/Demary/her-WescheDemary2010er2008a?12O@?istinguish between groups of countries depending on their financial systemsSpainy)VARD@)@$@1SE?44rteJournal of Property ResearchzG(\ףp= ?p= ף? 0*x_QڋH}]? ? ?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIProperty priceOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooSpain19702005Italy19862007"@W[9%@ d!y$@ϵW?>U@2x?:?PעS@Z!@vwwwwGV@.0(? ޚjeP@GT@0yc@S%@VnX @eb+\@4@!hR@@3F38@5@DE/Demary/her-WescheDemary2010er2008a?12O@?istinguish between groups of countries depending on their financial systemsSpained Kingdom)VARD@)@,@1SE?45rteJournal of Property Research-h|?5"~j?(\?wJ|.;1Ő5l/b?Έ?ψ?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIResidental property pricesOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooSpain19702005United Kingdom"@W[9%@ d!y$@ϵW?>U@2x?:?PעS@Z!@vwwwwGV@.0(? ޚjeP@GT@0yc@S%@VnX @eb+\@4@!hR@@3F38@5@DE/Demary/her-WescheDemary2010er2008a?12O@?Spainn_12)VARD@)@ @1SE?46rteJournal of Property Research{Gz> ףp=(\(??,C6zPkw.nR?Q~?Q~?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIMixOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?split wrt securitisation - NOSpain19702005assen_12198620"@W[9%@ d!y$@ϵW?>U@2x?:?PעS@Z!@vwwwwGV@.0(? ޚjeP@GT@0yc@S%@VnX @eb+\@4@!hR@@3F38@5@DE/Demary/her-WescheDemary2010er2008a?12O@?Spainn_2)VARD@)@@1SE?47rteJournal of Property Research(\Gzp= ף?gsu/$3C6_Lu?_Lu?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIMixOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?split wrt mortgage rate - FIXED mort rateSpain19702005assen_21986200"@W[9%@ d!y$@ϵW?>U@2x?:?PעS@Z!@vwwwwGV@.0(? ޚjeP@GT@0yc@S%@VnX @eb+\@4@!hR@@3F38@5@DE/Demary/her-WescheDemary2010er2008a?12O@?Spainn_14)VARD@)@@1SE?47?rteJournal of Property Researchceeeeeee2007eeF@@(;z@CPI, interest rate, real GDP, property prices, equity prices. Except for the interest rate, all variables are in logarithms.eeeeeeeeeeeeeeeeeeeMixeeBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0eeeeeeeeeeeeeeee1 Q?eeP@V-?split wrt to owner occup - LOWassen_14198620eeeDE/Demary/her-WescheDemary2010er2008a@12P@@istinguish between groups of countries depending on their financial systemsUnited Kingdom,VARF@,@@1SE?48rteJournal of Property Researcheeeeeee2007eeF@@(;z@CPI, interest rate, real GDP, property prices, equity prices. Except for the interest rate, all variables are in logarithms.eeeeeeeeeeeeeeeeeeeMixeeBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0eeeeeeeeeeeeeeee1 Q?eeP@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARboostrap18 countries19eeeDE/Demary/her-WescheDemary2010er2008a@12P@@istinguish between groups of countries depending on their financial systemsUnited Kingdom,VARF@,@@1SE?48rteJournal of Property Researcheeeeeee2007eeF@XF@(;z@CPI, interest rate, real GDP, property prices, equity prices. Except for the interest rate, all variables are in logarithms.eeeeeeeeeeeeeeeeeeeResidental property priceseeBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0eeeeeeeeeeeeeeee1 Q?eeP@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARboostrapFinland1986200eeeDE/Demary/her-WescheDemary2010er2008a@12P@@istinguish between groups of countries depending on their financial systemsUnited Kingdom,VARF@,@@1SE?48rteJournal of Property Research^I+|?5^K7Q?ϛT=1PNcz({L%u{?E%u{?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIMixOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooUnited Kingdom19702005countries19@CN@"@dxѿ8$/@BBN@<'!?[`@O| @$""""bX@ov?ZgP@RisU@:?@1q&@~F&{@H]KZ@9@ vսQ@.^j@@8@DE/Demary/her-WescheDemary2010er2008a@12P@@istinguish between groups of countries depending on their financial systemsUnited Kingdom,VARF@,@&@1SE?49rteJournal of Property Research(\RQ ףp= ?+DؠS㥋j+݃?j+݃?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIResidental property pricesOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooUnited Kingdom19702005herlands198@CN@"@dxѿ8$/@BBN@<'!?[`@O| @$""""bX@ov?ZgP@RisU@:?@1q&@~F&{@H]KZ@9@ vսQ@.^j@@8@DE/Demary/her-WescheDemary2010er2008a@12P@@United Kingdom,VARF@,@@1SE?50rteJournal of Property Research/$v/ |?5^RQ?('$隿wꭁezFwZӼ?ZӼ?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIMixOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?split wrt mortgage rate - VARIABLE mortgage rateUnited Kingdom19702005en_11986200@CN@"@dxѿ8$/@BBN@<'!?[`@O| @$""""bX@ov?ZgP@RisU@:?@1q&@~F&{@H]KZ@9@ vսQ@.^j@@8@DE/Demary/her-WescheDemary2010er2008a@12P@@istinguish between groups of countries depending on their financial systemsUnited Kingdom,VARF@,@@1SE?51rteJournal of Property Researchp= ףffffff(\ ףp= ?{PkV-?ܵ|j+݃?j+݃?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIResidental property pricesOECD?BIS, IMF3M money marketsthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0@1101 Q??P@V-?type of housing that is included (single family houses, flats or all types), whether existing dwellings or new dwellings are considered, whether prices are per dwelling or per square meter, and the region (urban, non-urban or both) where te data is collectedpanel VARbooUnited Kingdom19702005nce19862007@CN@"@dxѿ8$/@BBN@<'!?[`@O| @$""""bX@ov?ZgP@RisU@:?@1q&@~F&{@H]KZ@9@ vսQ@.^j@@8@DE/Demary/her-WescheDemary2010er2008a@12P@@United Kingdom,VARF@,@@1SE?51?rteJournal of Property Researchceeeeeee2007eeF@p@(;z@CPI, interest rate, real GDP, property prices, equity prices. Except for the interest rate, all variables are in logarithms.eeeeeeeeeeeeeeeeeeeMixeeBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0eeeeeeeeeeeeeeee1 Q?eeP@V-?split wrt to LTV - LOWassen_61986200eeeDE/Demary/her-WescheDemary2010er2008aA12@P@AUnited States-VARF@-@@1SE?52rteJournal of Property Researcheeeeeee2007eeF@@(;z@CPI, interest rate, real GDP, property prices, equity prices. Except for the interest rate, all variables are in logarithms.eeeeeeeeeeeeeeeeeeeMixeeBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0eeeeeeeeeeeeeeee1 Q?eeP@V-?split wrt to valuation - MARKET VALUEassen_91986200eeeDE/Demary/her-WescheDemary2010er2008aA12@P@AUnited States-VARF@-@@1SE?52rteJournal of Property Researcheeeeeee2007eeF@!@(;z@CPI, interest rate, real GDP, property prices, equity prices. Except for the interest rate, all variables are in logarithms.eeeeeeeeeeeeeeeeeeeMixeeBIS, IMFthree-month interbank rate, three-month Treasury bill rate, three-month commercial paper rate, three-month EURIBOR rate; All interest rates are fom the OECD's MEI0eeeeeeeeeeeeeeee1 Q?eeP@V-?split wrt to morg market index - LOWassen_16198620eeeDE/Demary/her-WescheDemary2010er2008aA12@P@AUnited States-VARF@-@@1SE?52rteJournal of Property Research`"tVL7A`RQ?)h} a8*5{uď1w-!_?ď1w-!_?1970Q12005Q4$@olog f real house price indices, log GDP, short-term interest rates with three-month maturity and the log GDP-deflatores are in logarithms. real HPIMix