Amsterdam house price ripple effects in The Netherlands
Purpose This paper aims to examine the existence of the ripple effect from Amsterdam to the housing markets of other regions in The Netherlands. It identifies which regional housing markets are influenced by house price movements in Amsterdam. Design/methodology/approach The paper considers the ripp...
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| Veröffentlicht in: | Journal of European real estate research 2017-11, Vol.10 (3), p.331-345 |
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| creator | Teye, Alfred Larm Knoppel, Michel de Haan, Jan Elsinga, Marja G |
| description | Purpose
This paper aims to examine the existence of the ripple effect from Amsterdam to the housing markets of other regions in The Netherlands. It identifies which regional housing markets are influenced by house price movements in Amsterdam.
Design/methodology/approach
The paper considers the ripple effect as a lead-lag effect and a long-run convergence between the Amsterdam and regional house prices. Using the real house prices for second-hand owner-occupied dwellings from 1995q1 to 2016q2, the paper adopts the Toda–Yamamoto Granger Causality approach to study the lead-lag effects. It uses the autoregressive distributed lags (ARDL)-Bounds cointegration techniques to examine the long-run convergence between the regional and the Amsterdam house prices. The paper controls for house price fundamentals to eliminate possible confounding effects of common shocks.
Findings
The cumulative evidence suggests that Amsterdam house prices have influence on (or ripple to) all the Dutch regions, except one. In particular, the Granger Causality test concludes that a lead-lag effect of house prices exists from Amsterdam to all the regions, apart from Zeeland. The cointegration test shows evidence of a long-convergence between Amsterdam house prices and six regions: Friesland, Groningen, Limburg, Overijssel, Utrecht and Zuid-Holland.
Research limitations/implications
The paper adopts an econometric approach to examine the Amsterdam ripple effect. More sophisticated economic models that consider the asymmetric properties of house prices and the patterns of interregional socio-economic activities into the modelling approach are recommended for further investigation.
Originality/value
This paper focuses on The Netherlands for which the ripple effect has not yet been researched to the authors’ knowledge. Given the substantial wealth effects associated with house price changes that may shape economic activity through consumption, evidence for ripples may be helpful to policy makers for uncovering trends that have implications for the entire economy. Moreover, the analysis controls for common house price fundamentals which most previous papers ignored. |
| doi_str_mv | 10.1108/JERER-11-2016-0041 |
| format | Article |
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This paper aims to examine the existence of the ripple effect from Amsterdam to the housing markets of other regions in The Netherlands. It identifies which regional housing markets are influenced by house price movements in Amsterdam.
Design/methodology/approach
The paper considers the ripple effect as a lead-lag effect and a long-run convergence between the Amsterdam and regional house prices. Using the real house prices for second-hand owner-occupied dwellings from 1995q1 to 2016q2, the paper adopts the Toda–Yamamoto Granger Causality approach to study the lead-lag effects. It uses the autoregressive distributed lags (ARDL)-Bounds cointegration techniques to examine the long-run convergence between the regional and the Amsterdam house prices. The paper controls for house price fundamentals to eliminate possible confounding effects of common shocks.
Findings
The cumulative evidence suggests that Amsterdam house prices have influence on (or ripple to) all the Dutch regions, except one. In particular, the Granger Causality test concludes that a lead-lag effect of house prices exists from Amsterdam to all the regions, apart from Zeeland. The cointegration test shows evidence of a long-convergence between Amsterdam house prices and six regions: Friesland, Groningen, Limburg, Overijssel, Utrecht and Zuid-Holland.
Research limitations/implications
The paper adopts an econometric approach to examine the Amsterdam ripple effect. More sophisticated economic models that consider the asymmetric properties of house prices and the patterns of interregional socio-economic activities into the modelling approach are recommended for further investigation.
Originality/value
This paper focuses on The Netherlands for which the ripple effect has not yet been researched to the authors’ knowledge. Given the substantial wealth effects associated with house price changes that may shape economic activity through consumption, evidence for ripples may be helpful to policy makers for uncovering trends that have implications for the entire economy. Moreover, the analysis controls for common house price fundamentals which most previous papers ignored.</description><identifier>ISSN: 1753-9269</identifier><identifier>EISSN: 1753-9277</identifier><identifier>DOI: 10.1108/JERER-11-2016-0041</identifier><language>eng</language><publisher>Bingley: Emerald Publishing Limited</publisher><subject>Econometrics ; Economic models ; Economics ; Housing ; Housing prices ; Migration ; Principal components analysis ; Regions ; Time series ; Urban studies</subject><ispartof>Journal of European real estate research, 2017-11, Vol.10 (3), p.331-345</ispartof><rights>Alfred Larm Teye, Michel Knoppel, Jan de Haan and Marja G. Elsinga</rights><rights>2017. This work is published under http://creativecommons.org/licences/by/4.0 (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License.</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c509t-aa1c7776abeda60f25339bf778073f1fd90388fc146c8feff234665e4218038d3</citedby><cites>FETCH-LOGICAL-c509t-aa1c7776abeda60f25339bf778073f1fd90388fc146c8feff234665e4218038d3</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktohtml>$$Uhttps://www.emerald.com/insight/content/doi/10.1108/JERER-11-2016-0041/full/html$$EHTML$$P50$$Gemerald$$Hfree_for_read</linktohtml><link.rule.ids>314,777,781,962,11616,21676,27905,27906,52670,53225</link.rule.ids></links><search><creatorcontrib>Teye, Alfred Larm</creatorcontrib><creatorcontrib>Knoppel, Michel</creatorcontrib><creatorcontrib>de Haan, Jan</creatorcontrib><creatorcontrib>Elsinga, Marja G</creatorcontrib><title>Amsterdam house price ripple effects in The Netherlands</title><title>Journal of European real estate research</title><description>Purpose
This paper aims to examine the existence of the ripple effect from Amsterdam to the housing markets of other regions in The Netherlands. It identifies which regional housing markets are influenced by house price movements in Amsterdam.
Design/methodology/approach
The paper considers the ripple effect as a lead-lag effect and a long-run convergence between the Amsterdam and regional house prices. Using the real house prices for second-hand owner-occupied dwellings from 1995q1 to 2016q2, the paper adopts the Toda–Yamamoto Granger Causality approach to study the lead-lag effects. It uses the autoregressive distributed lags (ARDL)-Bounds cointegration techniques to examine the long-run convergence between the regional and the Amsterdam house prices. The paper controls for house price fundamentals to eliminate possible confounding effects of common shocks.
Findings
The cumulative evidence suggests that Amsterdam house prices have influence on (or ripple to) all the Dutch regions, except one. In particular, the Granger Causality test concludes that a lead-lag effect of house prices exists from Amsterdam to all the regions, apart from Zeeland. The cointegration test shows evidence of a long-convergence between Amsterdam house prices and six regions: Friesland, Groningen, Limburg, Overijssel, Utrecht and Zuid-Holland.
Research limitations/implications
The paper adopts an econometric approach to examine the Amsterdam ripple effect. More sophisticated economic models that consider the asymmetric properties of house prices and the patterns of interregional socio-economic activities into the modelling approach are recommended for further investigation.
Originality/value
This paper focuses on The Netherlands for which the ripple effect has not yet been researched to the authors’ knowledge. Given the substantial wealth effects associated with house price changes that may shape economic activity through consumption, evidence for ripples may be helpful to policy makers for uncovering trends that have implications for the entire economy. Moreover, the analysis controls for common house price fundamentals which most previous papers ignored.</description><subject>Econometrics</subject><subject>Economic models</subject><subject>Economics</subject><subject>Housing</subject><subject>Housing prices</subject><subject>Migration</subject><subject>Principal components analysis</subject><subject>Regions</subject><subject>Time series</subject><subject>Urban studies</subject><issn>1753-9269</issn><issn>1753-9277</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2017</creationdate><recordtype>article</recordtype><sourceid>XDTOA</sourceid><sourceid>AFKRA</sourceid><sourceid>BENPR</sourceid><sourceid>CCPQU</sourceid><sourceid>DWQXO</sourceid><recordid>eNptkE9LAzEQxYMoWKtfwFPAczSz2c2fYynVKkWh1HNIsxPasttdk-3Bb29qRRA8zYN5bx7zI-QW-D0A1w8vs-VsyQBYwUEyzks4IyNQlWCmUOr8V0tzSa5S2nEuTcnLEVGTNg0Ya9fSTXdISPu49Ujjtu8bpBgC-iHR7Z6uNkhfcdhgbNy-TtfkIrgm4c3PHJP3x9lqOmeLt6fn6WTBfMXNwJwDr5SSbo21kzwUlRBmHZTSXIkAoTZcaB08lNLrkOsKUUpZYVmAzptajMnd6W4fu48DpsHuukPc50oLRoKQRiuRXcXJ5WOXUsRg8xuti58WuD0Cst-AsrRHQPYIKIfgFMIWo2vq_zN_oIovotpmWg</recordid><startdate>20171106</startdate><enddate>20171106</enddate><creator>Teye, Alfred Larm</creator><creator>Knoppel, Michel</creator><creator>de Haan, Jan</creator><creator>Elsinga, Marja G</creator><general>Emerald Publishing Limited</general><general>Emerald Group Publishing Limited</general><scope>XDTOA</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>0U~</scope><scope>1-H</scope><scope>7WY</scope><scope>7WZ</scope><scope>7XB</scope><scope>AFKRA</scope><scope>BENPR</scope><scope>BEZIV</scope><scope>CCPQU</scope><scope>DWQXO</scope><scope>F~G</scope><scope>K6~</scope><scope>L.-</scope><scope>L.0</scope><scope>M0C</scope><scope>PQBIZ</scope><scope>PQEST</scope><scope>PQQKQ</scope><scope>PQUKI</scope><scope>PYYUZ</scope><scope>Q9U</scope></search><sort><creationdate>20171106</creationdate><title>Amsterdam house price ripple effects in The Netherlands</title><author>Teye, Alfred Larm ; Knoppel, Michel ; de Haan, Jan ; Elsinga, Marja G</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c509t-aa1c7776abeda60f25339bf778073f1fd90388fc146c8feff234665e4218038d3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2017</creationdate><topic>Econometrics</topic><topic>Economic models</topic><topic>Economics</topic><topic>Housing</topic><topic>Housing prices</topic><topic>Migration</topic><topic>Principal components analysis</topic><topic>Regions</topic><topic>Time series</topic><topic>Urban studies</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Teye, Alfred Larm</creatorcontrib><creatorcontrib>Knoppel, Michel</creatorcontrib><creatorcontrib>de Haan, Jan</creatorcontrib><creatorcontrib>Elsinga, Marja G</creatorcontrib><collection>Emerald Open Access</collection><collection>CrossRef</collection><collection>Global News & ABI/Inform Professional</collection><collection>Trade PRO</collection><collection>ABI/INFORM Collection</collection><collection>ABI/INFORM Global (PDF only)</collection><collection>ProQuest Central (purchase pre-March 2016)</collection><collection>ProQuest Central UK/Ireland</collection><collection>ProQuest Central</collection><collection>Business Premium Collection</collection><collection>ProQuest One Community College</collection><collection>ProQuest Central Korea</collection><collection>ABI/INFORM Global (Corporate)</collection><collection>ProQuest Business Collection</collection><collection>ABI/INFORM Professional Advanced</collection><collection>ABI/INFORM Professional Standard</collection><collection>ABI/INFORM Global</collection><collection>ProQuest One Business</collection><collection>ProQuest One Academic Eastern Edition (DO NOT USE)</collection><collection>ProQuest One Academic</collection><collection>ProQuest One Academic UKI Edition</collection><collection>ABI/INFORM Collection China</collection><collection>ProQuest Central Basic</collection><jtitle>Journal of European real estate research</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Teye, Alfred Larm</au><au>Knoppel, Michel</au><au>de Haan, Jan</au><au>Elsinga, Marja G</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Amsterdam house price ripple effects in The Netherlands</atitle><jtitle>Journal of European real estate research</jtitle><date>2017-11-06</date><risdate>2017</risdate><volume>10</volume><issue>3</issue><spage>331</spage><epage>345</epage><pages>331-345</pages><issn>1753-9269</issn><eissn>1753-9277</eissn><abstract>Purpose
This paper aims to examine the existence of the ripple effect from Amsterdam to the housing markets of other regions in The Netherlands. It identifies which regional housing markets are influenced by house price movements in Amsterdam.
Design/methodology/approach
The paper considers the ripple effect as a lead-lag effect and a long-run convergence between the Amsterdam and regional house prices. Using the real house prices for second-hand owner-occupied dwellings from 1995q1 to 2016q2, the paper adopts the Toda–Yamamoto Granger Causality approach to study the lead-lag effects. It uses the autoregressive distributed lags (ARDL)-Bounds cointegration techniques to examine the long-run convergence between the regional and the Amsterdam house prices. The paper controls for house price fundamentals to eliminate possible confounding effects of common shocks.
Findings
The cumulative evidence suggests that Amsterdam house prices have influence on (or ripple to) all the Dutch regions, except one. In particular, the Granger Causality test concludes that a lead-lag effect of house prices exists from Amsterdam to all the regions, apart from Zeeland. The cointegration test shows evidence of a long-convergence between Amsterdam house prices and six regions: Friesland, Groningen, Limburg, Overijssel, Utrecht and Zuid-Holland.
Research limitations/implications
The paper adopts an econometric approach to examine the Amsterdam ripple effect. More sophisticated economic models that consider the asymmetric properties of house prices and the patterns of interregional socio-economic activities into the modelling approach are recommended for further investigation.
Originality/value
This paper focuses on The Netherlands for which the ripple effect has not yet been researched to the authors’ knowledge. Given the substantial wealth effects associated with house price changes that may shape economic activity through consumption, evidence for ripples may be helpful to policy makers for uncovering trends that have implications for the entire economy. Moreover, the analysis controls for common house price fundamentals which most previous papers ignored.</abstract><cop>Bingley</cop><pub>Emerald Publishing Limited</pub><doi>10.1108/JERER-11-2016-0041</doi><tpages>15</tpages><oa>free_for_read</oa></addata></record> |
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| subjects | Econometrics Economic models Economics Housing Housing prices Migration Principal components analysis Regions Time series Urban studies |
| title | Amsterdam house price ripple effects in The Netherlands |
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