The short-run and long-run behaviour of personal consumption in Croatia (CROSBI ID 187101)
Prilog u časopisu | izvorni znanstveni rad | međunarodna recenzija
Podaci o odgovornosti
Dumičić, Ksenija ; Čeh Časni, Anita ; Palić, Irena
engleski
The short-run and long-run behaviour of personal consumption in Croatia
In this paper cointegration and error correction models are used to explore the long run and short run behavior of personal consumption in Croatia as a function of income, house prices and total credit to households. The results of the analysis showed that income (approximated by net real wage), house price and total credits to households play an important role in determining personal consumption. Also, lagged values of house prices showed significant impact on consumption, suggesting house price persistence. The most likely factors driving the house price persistence may include expectations and idiosyncratic institutional characteristics like illiquid real estate markets, inadequate property rights protection, high transaction costs, and underdeveloped financial instruments.
Personal consumption ; Income ; House prices ; Total loans to households ; Vector Error Correction model
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Podaci o izdanju
21 (1)
2013.
3-11
objavljeno
1435-246X
1613-9178
10.1007/s10100-012-0254-7