Macro-economic indicators and housing price index in Spain: fresh evidence from FMOLS and DOLS

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dc.authoridTursoy, Turgut/0000-0002-6404-5748
dc.authoriderkol bayram, gul/0000-0001-9764-2883
dc.authoridRaza, Ali/0000-0002-3111-2342
dc.contributor.authorRaza, Ali
dc.contributor.authorAsif, Laiba
dc.contributor.authorTursoy, Turgut
dc.contributor.authorSeraj, Mehdi
dc.contributor.authorBayram, Gul Erkol
dc.date.accessioned2025-03-23T19:32:07Z
dc.date.available2025-03-23T19:32:07Z
dc.date.issued2025
dc.departmentSinop Üniversitesi
dc.description.abstractPurpose This study aims to determine how changes in macroeconomic indicators and the housing prices index (HPI) are related. These factors can cause short-term and long-term changes in the housing market in Spain.Design/methodology/approach The study used cointegrating regression, fully modified ordinary least squares and dynamic ordinary least squares methodologies. The models are trained using quarterly time series data for these parameters from 2010 to 2022. A comprehensive examination is conducted to explore the relationship between macroeconomic issues and fluctuations in the HPI.Findings The results indicate statistically significant short-run effects (p < 0.05) of economic growth, inflation, Spanish stock indices, foreign trade and the interest rate on HPI. The inflation variables, Spain's stock indices, interest rate and monetary rate, have statistically significant long-run effects (p < 0.05) on HPI. The exchange rate, unemployment and money supply have no substantial impact on HPI in Spain.Originality/value The study's findings significantly contribute to increased information concerning the level of investing activity in the Spanish housing sector. After conducting an in-depth study of both the long-run and short-run connections with HPI, the study proved to be highly effective in formulating appropriate policies.
dc.identifier.doi10.1108/IJHMA-07-2023-0094
dc.identifier.endpage248
dc.identifier.issn1753-8270
dc.identifier.issn1753-8289
dc.identifier.issue1
dc.identifier.scopus2-s2.0-85171423109
dc.identifier.scopusqualityQ2
dc.identifier.startpage227
dc.identifier.urihttps://doi.org/10.1108/IJHMA-07-2023-0094
dc.identifier.urihttps://hdl.handle.net/11486/5419
dc.identifier.volume18
dc.identifier.wosWOS:001068195800001
dc.identifier.wosqualityN/A
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.language.isoen
dc.publisherEmerald Group Publishing Ltd
dc.relation.ispartofInternational Journal of Housing Markets and Analysis
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/closedAccess
dc.snmzKA_WOS_20250323
dc.subjectHousing price index
dc.subjectSpain stock indices
dc.subjectFully modified least square
dc.subjectDynamic least square
dc.subjectMacroeconomic indicators
dc.subjectHousing
dc.titleMacro-economic indicators and housing price index in Spain: fresh evidence from FMOLS and DOLS
dc.typeArticle

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