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The Macroeconomic Aspects Of The Croatian Housing Market

Author

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  • Josip Tica

    (Faculty of Economics, University of Zagreb)

Abstract

This study analyses structure and driving forces of the housing market in Croatia. The fi rst part of the paper deals with the theoretical analysis of the microeconomic nature of a housing market. The analysis is based on the definition of the object of trade on the market, on the heterogeneity of the housing unit as a good and on the controversial definitions of the stocks and flows on to the housing market. The second part of the study is the microeconomic analysis of the demand and supply function on the housing market. Theoretical model of equilibrium on the housing market is econometrically tested with the data for Croatian housing market between 1965 and 2003. The third part of the study analyses the features of Croatian economy which can render conventional economic analysis. The unofficial economy, the non-transparent cadastral books, the opportunity costs, the structure of costs and the role of tourism industry are included in the extended theoretical analysis of the housing market in Croatia. The fourth part addressed issues of the macroeconomic consequences of the insufficient and suboptimal economic infrastructure on the housing market and the last part of the study has formulated certain policy regulations which could move housing market equilibrium towards better allocation of resources.

Suggested Citation

  • Josip Tica, 2004. "The Macroeconomic Aspects Of The Croatian Housing Market," Ekonomski pregled, Hrvatsko društvo ekonomista (Croatian Society of Economists), vol. 55(7-8), pages 641-659.
    • Handle: RePEc:hde:epregl:v:55:y:2004:i:7-8:p:641-659
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    File URL: https://hrcak.srce.hr/16309
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    References listed on IDEAS

    as
    1. de Leeuw, Frank, 1971. "The Demand for Housing: A Review of Cross-Section Evidence," The Review of Economics and Statistics, MIT Press, vol. 53(1), pages 1-10, February.
    2. Douglas W. Diamond, 1984. "Financial Intermediation and Delegated Monitoring," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 51(3), pages 393-414.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Valerija Botriæ & Željka Kordej de Villa, 2005. "Determinants of Regional Housing Market in Croatia," ERSA conference papers ersa05p289, European Regional Science Association.
    2. Petar Soric & Mateo Zokalj & Marija Logarusic, 2020. "Economic determinants of Croatian consumer confidence: real estate prices vs. macroeconomy," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 18(2B), pages 240-257.
    3. Tamara Slišković, 2018. "Analiza međuovisnosti stambenog tržišta i makroekonomskog sustava u Hrvatskoj," EFZG Occasional Publications (Department of Macroeconomics), in: Zbornik radova znanstvenog skupa: Modeli razvoja hrvatskog gospodarstva, (ur. Družić, G.; Družić, I., izdavač: Ekonomski fakultet Zagreb; Hrvatska aka, edition 1, volume 1, chapter 11, pages 247-280, Faculty of Economics and Business, University of Zagreb.

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    More about this item

    Keywords

    housing market; economic infrastructure; inefficient markets;
    All these keywords.

    JEL classification:

    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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