This study investigates the long- and short-run relationship between stock- and housingprices in Finland, Denmark, Norway and Sweden between 1987-2017 and 1995-2017 with data from OECD statistics. By using interest rate as a control variable and Johansen's Test for Cointegration, the results show a significant relationship for Finland during the period 1995-2017. The short-run analysis implies a credit effect, which is inline with previous studies. However, in Denmark, Norway and Sweden the analysis show no sign of cointegration. A possible explanation for the insignificant results could be the high degree of policy implementations and changes to market structures in the early 1990s, which theoretically could be controlled for by including additional control variables in the analysis.
| Identifer | oai:union.ndltd.org:UPSALLA1/oai:DiVA.org:kth-236039 |
| Date | January 2018 |
| Creators | AGUZ, JOSEF, MARKIEWICZ, OSSIAN |
| Publisher | KTH, Industriell ekonomi och organisation (Inst.) |
| Source Sets | DiVA Archive at Upsalla University |
| Language | English |
| Detected Language | English |
| Type | Student thesis, info:eu-repo/semantics/bachelorThesis, text |
| Format | application/pdf |
| Rights | info:eu-repo/semantics/openAccess |
| Relation | TRITA-ITM-EX ; 2018:228 |
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