Politická ekonomie
Politická ekonomie
Prague Economic Papers
University of Economics, Prague

Prague Economic Papers Vol. 26 No. 3

A Comprehensive Method for House Price Sustainability Assessment in the Czech Republic

DOI: https://doi.org/10.18267/j.pep.613

[plný text (PDF)]

Hana Hejlová, Michal Hlaváček, Luboš Komárek


JEL klasifikace: C32, R21, R31

Borio, C. E., McGuire, P. (2004). Twin Peaks in Equity and Housing Prices? BIS Quarterly Review, March 2004.

CNB (2015). Financial Stability Report 2014/2015. Czech National Bank.

EC (2015). Taxation Trends in the European Union. Brussels: European Commission.

ECB (2011). Tools for Detecting a Possible Misalignment of Residential Property Prices

from Fundamentals, ECB Financial Stability Review, June, 57–59. Available at:



Égert, B., Mihaljek, D. (2008). Determinants of House Prices in Central and Eastern Europe, CNB Working Paper Series No. 1/2008.

ESRB (2014). The ESRB Handbook on Operationalising Macro-prudential Policy in the Banking

Sector. Frankfurt am Main: European Systemic Risk Board.

Frait, J., Komárková, Z. (2011). Financial Stability, Systemic Risk and Macroprudential Policy. Financial Stability Report 2010/2011, Czech National Bank, 96–111. Available at:



Gimeno, R., Martinez-Carrascal, C. (2010). The Relationship between House Prices and House

Purchase Loans: The Spanish Case. Journal of Banking & Finance, 34(8), 1849–1855,


Himmelberg, C., Mayer, C., Sinait, T. (2005). Assessing High House Prices: Bubbles, Fundamentals, and Misperceptions. National Bureau of Economic Research Working Paper No. 11643.

Hlaváček, M., Komárek, L. (2009). Housing Prices Bubbles and Their Determinants in the Czech Republic and its Regions. Czech National Bank Working Paper 12/2009.

Hlaváček, M., Komárek, L. (2010). Rovnovážnost cen nemovitostí v České republice.

(Equilibrium Development of Housing Prices in the Czech Republic), Politická ekonomie,

58(3), 326–342, http://dx.doi.org/10.18267/j.polek.733

Hlaváček, M., Komárek, L. (2011). Regional Analysis of Housing Price Bubbles and Their

Determinants in the Czech Republic. Czech Journal of Economics and Finance, 61(1), 67–91.

Available at: https://www.cnb.cz/en/research/research_publications/cnb_wp/2009/


Iacoviello, M. (2002). House Prices and Business Cycles in Europe: A VAR Analysis. Boston College Working Papers in Economics Vol. 540.

Kajuth, F., Knetsch, T. A., Pinkwart, N. (2013). Assessing House Prices in Germany: Evidence from an Estimated Stock-Flow Model Using Regional Data. Deutsche Bundesbank Discussion Paper No. 46/2013.

Komárek, L., Kubicová, I. (2011). The Classification and Identification of Asset Price Bubbles.Czech Journal of Economics and Finance, 61(1), 34–48.

McQuinn, K. (2004). A Model of the Irish Housing Sector. Central Bank & Financial Services

Authority of Ireland Research Technical Paper No. 1/RT/04.

NBB (2012). Affordability of Housing in Belgium. National Bank of Belgium Annual Report 2012, 105–106.

Nobili, A. Zollino, F. (2012). A Structural Model for the Housing and Credit Markets in Italy. Bank of Italy Working Paper No. 887.

Poterba, J. M. (1984). Tax Subsidies to Owner-Occupied Housing: An Asset-Market Approach.

Quarterly Journal of Economics, 99(4), 729–752, http://dx.doi.org/10.2307/1883123

Schneider, M. (2013). Are Recent Increases of Residential Property Prices in Vienna and Austria Justified by Fundamentals? Monetary Policy & The Economy Q4/2013, OeNB. Available at: https://www.oenb.at/dam/jcr.../mop_2013_q4_analyses2.pdf

Tsatsaronis, K., Zhu, H. (2004). What Drives Housing Price Dynamics: Cross-Country Evidence. BIS Quarterly Review, March 2004, 65–78. Available at: http://www.bis.org/publ/qtrpdf/r_qt0403f.pdf

Zhu, H. (2005). The Importance of Property Markets for Monetary Policy and Financial Stability. BIS Working Paper No. 21.


Submit Article

Aktuální číslo



Milan Fičura

Sercan Demiralay

Jana Poláková

Jiangli Dou, Bing Ye

Andrea Feher, Bogdan Virgil Condea, Daniela Harangus

Maciej Malaczewski

Milan Hrdý, Markéta Pláničková