A model for housing markets in a small open economy: the case of Switzerland
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| Format: | Thesis Book |
| Language: | English |
| Published: |
2003
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | 189 S. graph. Darst. |
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| adam_text | Table of contents
Introduction 1
A. Survey of literature 5
A.I. Introduction 5
A.2. Theoretical models 6
A.2.1. A basic framework 6
A.2.2. The demand for housing 10
A.2.3. The flow supply of houses 19
A.2.4. The market for housing 22
A.2.5. The market for houses 29
A.2.6. Land development and pricing 32
A.3. Conclusion 35
B. A model for housing markets in a small open economy....37
B.I. Introduction 37
B.2. The broad approach 38
B.2.1. A general equilibrium framework 38
B.2.2. Partial equilibrium 41
B.3. Formalisation 42
B.3.1. Technical choices 42
B.3.2. Consumers 46
B.3.3. Producers 54
B.3.4. Market equilibrium 61
B.4. Steady State 64
B.4.1. A stationary economy with two household and two house types 64
B.4.2. Aspects of the steady state in a growing economy 77
B.5. Dynamic behaviour around the steady state 84
B.5.1. Introduction 84
B.5.2. Dynamics with rational expectations 86
B.5.3. Rent control and rationing with rational expectations 88
B.5.4. New and old houses 90
B.5.5. Dynamics with adaptive expectations 92
B.6. Conclusion 94
C. The Swiss market 97
C.I. Historical evolution and structural facts 98
C.I.I. Market evolution 98
C.I.2. Market structure 104
C.2. Taxation and regulation 108
C.2.1. Taxation 108
C.2.2. Rent regulation 113
C.2.3. Other regulative issues 117
C.3. Structural aspects of housing demand 118
C.3.1. The model 118
C.3.2. Data filtering 119
C.3.3. Estimation 120
C.4. Conclusion 125
D. Discussion of Swiss market structure and evolution 127
D.I. Introduction 127
D.2. Ownership patterns 128
D.2.1. Corporate versus private ownership of rental houses 130
D.2.2. Tenure choice 134
D.3. Structural aspects of rent formation 139
D.3.1. The model 139
D.3.2. Data filtering 140
D.3.3. Hedonic rent equation 141
D.3.4. Estimation results 142
D.4. Market evolution 147
D.5. Conclusion 156
Appendix 159
1. Solution of the basic model 159
2. Simplification of the intertemporal equilibrium of the developer 160
3. Method of solution for dynamics 161
4. Parameters for the simulation of the model 162
5. The multinomial logit model 164
6. Data used for the multinomial logit model 167
7. Log likelihoods for the different functional forms 171
8. Data description for the hedonic rent equation 172
9. Result of hedonic rent equation (full model) 173
Abbreviations 179
Bibliography 181
Illustrations
Figure Intro 1: Structure of the thesis 3
Figure A l: Market equilibrium with bid rents 23
Figure B 1: Structure of a general equilibrium model 40
Figure B 2: Timing of changes in asset holdings and interest payments 49
Figure B 3: Evolution of structures 58
Figure B 4: Structure of the partial equilibrium model 62
Figure B 5: Interpretation of m, 69
Figure B 6: Behaviour of key indicators with rational expectations 86
Figure B 7: Behaviour of key indicators with rent control 89
Figure B 8: Behaviour of key indicators with new and old houses 91
Figure B 9: Behaviour of key indicators with adaptive expectations 93
Figure C l: House price evolution in Canton Zurich (1980= 100) 98
Figure C 2: Sales of vacant land and houses in Canton Zurich and
sales of apartment buildings in the city of Berne (1974= 100) 100
Figure C 3: Population growth and structure and real income (1980=100) 101
Figure C 4: Evolution of the stock of houses and new construction,
structure of new construction (in %) 102
Figure C 5: Rents, consumer prices and vacancy rate (in %) 103
Figure C 6: Mortgage rate in %, evolution of mortgages and
mortgages 66% of house value (1980= 100) 104
Figure C l: Choice probabilities of 18 household types among six
housing types in the city of Lucerne (1985 1990) 124
Figure D l: Proportion of private households holding rental houses
and income tax difference 133
Figure D 2: Deviation of house price growth from trend growth 149
Figure D 3: Behaviour of key market indicators with rational expectations 150
Figure D 4: Price movement with a bubble term 154
Figure D 5: Structure of net assets held by the banking system 155
Tables
Table B l: Effects of different market structures on price shifts in
the steady state equilibrium 74
Table C l: Ownership of Swiss houses in 1990 106
Table C 2: Structure of mortgage lending 1998 (in mio. chf) 108
Table C 3: Corporate and personal income tax 111
Table C 4: Wealth and capital taxation 112
Table C 5: Results of the multinomial logit model for the city of Lucerne 122
Table D 1: Linear probability estimation with private ownership
rate of rental houses as dependent variable 133
Table D 2: Selected results of the hedonic rent equation 144
Table D 3: Evolution of key market factors 1986 1997 used for the simulation 149
Table AP 1: Parameter values for the simulation of the model 164
Table AP 2: Matching of wage categories in the wage statistic with census data 170
Table AP 3: Regions in the wage statistic 172
Table AP 4: Log likelihood of estimates of general functional forms
for the hedonic price function 172
Table AP 5: Results of the hedonic rent equation (full model) 174
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| geographic | Schweiz (DE-588)4053881-3 gnd |
| geographic_facet | Schweiz |
| id | DE-604.BV017638939 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T19:20:13Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-010609117 |
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| physical | 189 S. graph. Darst. |
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| spelling | Sager, Daniel Verfasser aut A model for housing markets in a small open economy the case of Switzerland Daniel Sager 2003 189 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier St. Gallen, Univ., Diss., 2003 Wohnungsmarkt / Kleines-offenes-Land / Marktstruktur / Schweiz Offene Volkswirtschaft (DE-588)4172486-0 gnd rswk-swf Ökonometrisches Modell (DE-588)4043212-9 gnd rswk-swf Wohnungsmarkt (DE-588)4066794-7 gnd rswk-swf Schweiz (DE-588)4053881-3 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Schweiz (DE-588)4053881-3 g Wohnungsmarkt (DE-588)4066794-7 s Offene Volkswirtschaft (DE-588)4172486-0 s Ökonometrisches Modell (DE-588)4043212-9 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010609117&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Sager, Daniel A model for housing markets in a small open economy the case of Switzerland Wohnungsmarkt / Kleines-offenes-Land / Marktstruktur / Schweiz Offene Volkswirtschaft (DE-588)4172486-0 gnd Ökonometrisches Modell (DE-588)4043212-9 gnd Wohnungsmarkt (DE-588)4066794-7 gnd |
| subject_GND | (DE-588)4172486-0 (DE-588)4043212-9 (DE-588)4066794-7 (DE-588)4053881-3 (DE-588)4113937-9 |
| title | A model for housing markets in a small open economy the case of Switzerland |
| title_auth | A model for housing markets in a small open economy the case of Switzerland |
| title_exact_search | A model for housing markets in a small open economy the case of Switzerland |
| title_full | A model for housing markets in a small open economy the case of Switzerland Daniel Sager |
| title_fullStr | A model for housing markets in a small open economy the case of Switzerland Daniel Sager |
| title_full_unstemmed | A model for housing markets in a small open economy the case of Switzerland Daniel Sager |
| title_short | A model for housing markets in a small open economy |
| title_sort | a model for housing markets in a small open economy the case of switzerland |
| title_sub | the case of Switzerland |
| topic | Wohnungsmarkt / Kleines-offenes-Land / Marktstruktur / Schweiz Offene Volkswirtschaft (DE-588)4172486-0 gnd Ökonometrisches Modell (DE-588)4043212-9 gnd Wohnungsmarkt (DE-588)4066794-7 gnd |
| topic_facet | Wohnungsmarkt / Kleines-offenes-Land / Marktstruktur / Schweiz Offene Volkswirtschaft Ökonometrisches Modell Wohnungsmarkt Schweiz Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010609117&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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