Table A2

Variable definitions and sources

DescriptionSource
HICPEurostat
Log of real house price index deflated by the HICPBank of Estonia (computed from the data from the Land Board)
Log of new housing loans in real terms, deflated by the HICP, seasonally adjustedBank of Estonia
Log of labour income deflated by HICPEurostat
Nominal interest rate for housing loans divided by 100Bank of Estonia
Real interest rate for housing loans deflated by HICP and divided by 100, seasonally adjustedBank of Estonia
Log of new dwellings completed, seasonally adjustedStatistics Estonia
Consumer confidence indicatorEurostat
Capital inflows in real terms (change in net foreign liabilities, financial account and current account), seasonally adjustedEurostat

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