The Q Theory and the Swedish Housing Market—An Empirical Test

The Q Theory and the Swedish Housing Market—An Empirical Test We argue that major changes in economic policy have resulted in a more market driven demand for housing investment in Sweden, due to policy changes at the end of the 1980s and the beginning of the 1990s. Tobin’s transparent Q theory is the investment theory used. For the last period of the sample (1993–2003 quarterly data), our results indicate that there exists a high degree of correlation between the Q ratio and the (logarithm of) two different variables for housing investment. An error correction regression model, controlling for structural breaks, also indicates that a stable long-run relationship could be detected for the logarithm of building starts and the Q ratio between 1993–2003, but not between 1981–1992. The Journal of Real Estate Finance and Economics Springer Journals

The Q Theory and the Swedish Housing Market—An Empirical Test

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Kluwer Academic Publishers
Copyright © 2006 by Springer Science + Business Media, LLC
Economics; Regional/Spatial Science; Financial Services
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