Income inequality and housing prices in the very long‐run
We examine the relationship between income inequality and house prices for a panel of 17 OECD countries over the period 1870 to 2015. Our identification strategy takes advantage of exogenous variation in culturally weighted communist influence to instrument for within‐country variations in income in...
Gespeichert in:
| Veröffentlicht in: | Southern economic journal 2021-07, Vol.88 (1), p.295-321 |
|---|---|
| Hauptverfasser: | , , , |
| Format: | Artikel |
| Sprache: | eng |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
| container_end_page | 321 |
|---|---|
| container_issue | 1 |
| container_start_page | 295 |
| container_title | Southern economic journal |
| container_volume | 88 |
| creator | Hailemariam, Abebe Awaworyi Churchill, Sefa Smyth, Russell Baako, Kingsley Tetteh |
| description | We examine the relationship between income inequality and house prices for a panel of 17 OECD countries over the period 1870 to 2015. Our identification strategy takes advantage of exogenous variation in culturally weighted communist influence to instrument for within‐country variations in income inequality. Controlling for endogeneity, time, and country fixed effects, our results suggest that an increase in income inequality has a significant negative effect on real house prices. This finding is robust to the use of both the Gini coefficient and top income share as measures of income inequality and the use of absolute and relative income inequality measures, as well as a range of other robustness checks. We examine crime as a mechanism through which income inequality influences housing prices and find that the theft rate is a channel via which higher income inequality contributes to lower house prices. |
| doi_str_mv | 10.1002/soej.12520 |
| format | Article |
| fullrecord | <record><control><sourceid>proquest_cross</sourceid><recordid>TN_cdi_proquest_journals_2549593146</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><sourcerecordid>2549593146</sourcerecordid><originalsourceid>FETCH-LOGICAL-c3910-71567661279b49221fa80b878103d7b80f53d1cd3eaaa1ffbb1836da0e1113483</originalsourceid><addsrcrecordid>eNp90EFLwzAUB_AgCs7pxU8Q8CZ05iVNm-JJxtTJYAf1HNI23Tq6ZEtWpTc_gp_RT2JqBW9e8g758X-PP0KXQCZACL3xVm8mQDklR2hEGeWRIECP0YgQJqI4PKfozPsNCRiAj9Dt3BR2q3Ft9L5VTX3osDIlXtvW12aFd64utA-_-LDW-E27DjfWrL4-Pl1rztFJpRqvL37nGL3ez16mj9Fi-TCf3i2igmVAohR4kiYJ0DTL44xSqJQguUgFEFamuSAVZyUUJdNKKaiqPAfBklIRDQAsFmyMrobcnbP7VvuD3NjWmbBSUh5nPGMQJ0FdD6pw1nunKxmO3yrXSSCyL0f25cifcgLGA9aFNbX_o31dQDOWBgIDea8b3f0TJp-Xs6ch9hu7tHBx</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>2549593146</pqid></control><display><type>article</type><title>Income inequality and housing prices in the very long‐run</title><source>Wiley Journals</source><source>Business Source Complete</source><creator>Hailemariam, Abebe ; Awaworyi Churchill, Sefa ; Smyth, Russell ; Baako, Kingsley Tetteh</creator><creatorcontrib>Hailemariam, Abebe ; Awaworyi Churchill, Sefa ; Smyth, Russell ; Baako, Kingsley Tetteh</creatorcontrib><description>We examine the relationship between income inequality and house prices for a panel of 17 OECD countries over the period 1870 to 2015. Our identification strategy takes advantage of exogenous variation in culturally weighted communist influence to instrument for within‐country variations in income inequality. Controlling for endogeneity, time, and country fixed effects, our results suggest that an increase in income inequality has a significant negative effect on real house prices. This finding is robust to the use of both the Gini coefficient and top income share as measures of income inequality and the use of absolute and relative income inequality measures, as well as a range of other robustness checks. We examine crime as a mechanism through which income inequality influences housing prices and find that the theft rate is a channel via which higher income inequality contributes to lower house prices.</description><identifier>ISSN: 0038-4038</identifier><identifier>EISSN: 2325-8012</identifier><identifier>DOI: 10.1002/soej.12520</identifier><language>eng</language><publisher>Hoboken, USA: John Wiley & Sons, Inc</publisher><subject>Communism ; Crime ; house prices ; Housing costs ; Housing prices ; Income inequality ; OECD ; Prices ; Robustness ; Theft</subject><ispartof>Southern economic journal, 2021-07, Vol.88 (1), p.295-321</ispartof><rights>2021 The Southern Economic Association.</rights><rights>2021 by the Southern Economic Association</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c3910-71567661279b49221fa80b878103d7b80f53d1cd3eaaa1ffbb1836da0e1113483</citedby><cites>FETCH-LOGICAL-c3910-71567661279b49221fa80b878103d7b80f53d1cd3eaaa1ffbb1836da0e1113483</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://onlinelibrary.wiley.com/doi/pdf/10.1002%2Fsoej.12520$$EPDF$$P50$$Gwiley$$H</linktopdf><linktohtml>$$Uhttps://onlinelibrary.wiley.com/doi/full/10.1002%2Fsoej.12520$$EHTML$$P50$$Gwiley$$H</linktohtml><link.rule.ids>314,780,784,1417,27924,27925,45574,45575</link.rule.ids></links><search><creatorcontrib>Hailemariam, Abebe</creatorcontrib><creatorcontrib>Awaworyi Churchill, Sefa</creatorcontrib><creatorcontrib>Smyth, Russell</creatorcontrib><creatorcontrib>Baako, Kingsley Tetteh</creatorcontrib><title>Income inequality and housing prices in the very long‐run</title><title>Southern economic journal</title><description>We examine the relationship between income inequality and house prices for a panel of 17 OECD countries over the period 1870 to 2015. Our identification strategy takes advantage of exogenous variation in culturally weighted communist influence to instrument for within‐country variations in income inequality. Controlling for endogeneity, time, and country fixed effects, our results suggest that an increase in income inequality has a significant negative effect on real house prices. This finding is robust to the use of both the Gini coefficient and top income share as measures of income inequality and the use of absolute and relative income inequality measures, as well as a range of other robustness checks. We examine crime as a mechanism through which income inequality influences housing prices and find that the theft rate is a channel via which higher income inequality contributes to lower house prices.</description><subject>Communism</subject><subject>Crime</subject><subject>house prices</subject><subject>Housing costs</subject><subject>Housing prices</subject><subject>Income inequality</subject><subject>OECD</subject><subject>Prices</subject><subject>Robustness</subject><subject>Theft</subject><issn>0038-4038</issn><issn>2325-8012</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2021</creationdate><recordtype>article</recordtype><recordid>eNp90EFLwzAUB_AgCs7pxU8Q8CZ05iVNm-JJxtTJYAf1HNI23Tq6ZEtWpTc_gp_RT2JqBW9e8g758X-PP0KXQCZACL3xVm8mQDklR2hEGeWRIECP0YgQJqI4PKfozPsNCRiAj9Dt3BR2q3Ft9L5VTX3osDIlXtvW12aFd64utA-_-LDW-E27DjfWrL4-Pl1rztFJpRqvL37nGL3ez16mj9Fi-TCf3i2igmVAohR4kiYJ0DTL44xSqJQguUgFEFamuSAVZyUUJdNKKaiqPAfBklIRDQAsFmyMrobcnbP7VvuD3NjWmbBSUh5nPGMQJ0FdD6pw1nunKxmO3yrXSSCyL0f25cifcgLGA9aFNbX_o31dQDOWBgIDea8b3f0TJp-Xs6ch9hu7tHBx</recordid><startdate>202107</startdate><enddate>202107</enddate><creator>Hailemariam, Abebe</creator><creator>Awaworyi Churchill, Sefa</creator><creator>Smyth, Russell</creator><creator>Baako, Kingsley Tetteh</creator><general>John Wiley & Sons, Inc</general><general>Southern Economic Association</general><scope>OQ6</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>4S-</scope><scope>4T-</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope></search><sort><creationdate>202107</creationdate><title>Income inequality and housing prices in the very long‐run</title><author>Hailemariam, Abebe ; Awaworyi Churchill, Sefa ; Smyth, Russell ; Baako, Kingsley Tetteh</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c3910-71567661279b49221fa80b878103d7b80f53d1cd3eaaa1ffbb1836da0e1113483</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2021</creationdate><topic>Communism</topic><topic>Crime</topic><topic>house prices</topic><topic>Housing costs</topic><topic>Housing prices</topic><topic>Income inequality</topic><topic>OECD</topic><topic>Prices</topic><topic>Robustness</topic><topic>Theft</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Hailemariam, Abebe</creatorcontrib><creatorcontrib>Awaworyi Churchill, Sefa</creatorcontrib><creatorcontrib>Smyth, Russell</creatorcontrib><creatorcontrib>Baako, Kingsley Tetteh</creatorcontrib><collection>ECONIS</collection><collection>CrossRef</collection><collection>BPIR.com Limited</collection><collection>Docstoc</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>Southern economic journal</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Hailemariam, Abebe</au><au>Awaworyi Churchill, Sefa</au><au>Smyth, Russell</au><au>Baako, Kingsley Tetteh</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Income inequality and housing prices in the very long‐run</atitle><jtitle>Southern economic journal</jtitle><date>2021-07</date><risdate>2021</risdate><volume>88</volume><issue>1</issue><spage>295</spage><epage>321</epage><pages>295-321</pages><issn>0038-4038</issn><eissn>2325-8012</eissn><abstract>We examine the relationship between income inequality and house prices for a panel of 17 OECD countries over the period 1870 to 2015. Our identification strategy takes advantage of exogenous variation in culturally weighted communist influence to instrument for within‐country variations in income inequality. Controlling for endogeneity, time, and country fixed effects, our results suggest that an increase in income inequality has a significant negative effect on real house prices. This finding is robust to the use of both the Gini coefficient and top income share as measures of income inequality and the use of absolute and relative income inequality measures, as well as a range of other robustness checks. We examine crime as a mechanism through which income inequality influences housing prices and find that the theft rate is a channel via which higher income inequality contributes to lower house prices.</abstract><cop>Hoboken, USA</cop><pub>John Wiley & Sons, Inc</pub><doi>10.1002/soej.12520</doi><tpages>27</tpages></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0038-4038 |
| ispartof | Southern economic journal, 2021-07, Vol.88 (1), p.295-321 |
| issn | 0038-4038 2325-8012 |
| language | eng |
| recordid | cdi_proquest_journals_2549593146 |
| source | Wiley Journals; Business Source Complete |
| subjects | Communism Crime house prices Housing costs Housing prices Income inequality OECD Prices Robustness Theft |
| title | Income inequality and housing prices in the very long‐run |
| url | https://sfx.bib-bvb.de/sfx_tum?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-01-05T12%3A29%3A50IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-proquest_cross&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Income%20inequality%20and%20housing%20prices%20in%20the%20very%20long%E2%80%90run&rft.jtitle=Southern%20economic%20journal&rft.au=Hailemariam,%20Abebe&rft.date=2021-07&rft.volume=88&rft.issue=1&rft.spage=295&rft.epage=321&rft.pages=295-321&rft.issn=0038-4038&rft.eissn=2325-8012&rft_id=info:doi/10.1002/soej.12520&rft_dat=%3Cproquest_cross%3E2549593146%3C/proquest_cross%3E%3Curl%3E%3C/url%3E&disable_directlink=true&sfx.directlink=off&sfx.report_link=0&rft_id=info:oai/&rft_pqid=2549593146&rft_id=info:pmid/&rfr_iscdi=true |