Table 4. Linear ARDL estimates –...

Table 4.

Linear ARDL estimates – dependent variable: Δhouse prices

	Coefficients	t-Statistics
ADJ − Error correct (ECM) Log house price	−0.055^***	−3.15
Long run
Log household income per capita	0.527^***	3.68
Mortgage rate on new loans	−0.018^***	−3.77
Log index of buildings completed	0.745^***	3.97
CPI	−0.002	−0.36
Short-run
Log house prices
LD	0.863^***	9.44
L2D	−0.670^***	−6.79
L3D	0.439^***	4.28
L4D	−0.482^***	−5.19
L5D	0.213^***	2.94
Log household income per capita	0.020	0.39
D1	−0.012	−0.25
LD	0.053	1.07
L2D
Mortgage rate on new loans	−0.002^**	−2.44
D1	0.002^**	2.21
LD
Log index of buildings plans passed	−0.023	−1.49
D1	−0.008	−0.54
LD	−0.008	−0.58
L2D
CPI	−0.001^**	−2.46
D1	0.001*	1.85
LD	0.000	0.17
L2D	0.134^***	3.88
Constant

	Coefficients	t-Statistics
ADJ − Error correct (ECM)Log house price	−0.055^***	−3.15
Long run
Log household income per capita	0.527^***	3.68
Mortgage rate on new loans	−0.018^***	−3.77
Log index of buildings completed	0.745^***	3.97
CPI	−0.002	−0.36
Short-run
Log house prices
LD	0.863^***	9.44
L2D	−0.670^***	−6.79
L3D	0.439^***	4.28
L4D	−0.482^***	−5.19
L5D	0.213^***	2.94
Log household income per capita	0.020	0.39
D1	−0.012	−0.25
LD	0.053	1.07
L2D
Mortgage rate on new loans	−0.002^**	−2.44
D1	0.002^**	2.21
LD
Log index of buildings plans passed	−0.023	−1.49
D1	−0.008	−0.54
LD	−0.008	−0.58
L2D
CPI	−0.001^**	−2.46
D1	0.001*	1.85
LD	0.000	0.17
L2D	0.134^***	3.88
Constant

Note:

*, ** and *** denote 10, 5 and 1%, respectively

Source: By authors