Efectos de mecanismos institucionales en el precio de la vivienda nueva en Medellín

We investigate the mechanisms by which public policy affects the price of new housing in Medellin, Colombia. Using a vector autoregressive structural model we show that shocks to the real cost of credit (UVR) have a highly elastic, short-run negative effect on therealpriceofhousingpersquaremeter. Further,usingasystemofequationsestimated using seemingly unrelated regression (SUR) and three-stage OLS regression, we show that a reduction in the mortgage rate [via subsidies through the Reserve Fund for Stabilization of the Mortgage Portfolio (FRECH)] has a positive impact on the demand for housing, which generates upward pressure on the price of new housing. Through these mechanisms public policy plays a fundamental role in the dynamics of the construction sector.

• Autores: García, John Jairo; Cossio, Daniel; Mesa, Ricardo
• Fecha de publicación: 2017
• Institución: Universidad EAFIT
• Repositorio: Repositorio EAFIT
• Idioma: spa
• OAI Identifier: oai:repository.eafit.edu.co:10784/11431
• Acceso en línea: http://hdl.handle.net/10784/11431
• Palabra clave: New housing; supply and demand model; UVR; SVAR; SUR; 3SLS Medellín - Colombia.; vivienda nueva; modelo de oferta y demanda; UVR; VARE; SANR; MC3E; Medellín – Colombia.
• License: Acceso abierto