[go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/p/col/000382/007125.html
   My bibliography  Save this paper

El mercado de vivienda en Barranquilla y el sector externo de la economía

Author

Listed:
  • Néstor Garza Puentes
  • Rafael Tovar Vanegas
Abstract
This document deals with a theoretical and empirical approach to the relation between housing prices in Barranquilla and the external sector of the Colombian economy in the period 1990-2005. The freetrade must exert a positive impact on prices (valorization) after the specialization and consumption substitution effects attached to it, because of the associated non-tradables valorization with free trade. The analysis allows us to consider that capital account movements are bigger than those referred to the current account, which implies that there should be a relation between housing prices per m2 and Real Exchange Rate Index. The result of a more precise assessment of this relation was no conclusive, indeed; particularly if we take into account the geographical aggregation process applied to the information. Este artículo explora a nivel teórico y empírico la relación entre el comportamiento del sector externo de la economía y el precio de vivienda en la ciudad de Barranquilla durante el período 1990-2005. Se enuncia que el impacto del comercio exterior libre, en términos de especialización y modificación del patrón de consumo, debe valorizar el precio de las mercancías no transables, y puesto que la vivienda, debido a su dependencia territorial del suelo urbano, es la mercancíano-transable por definición, su precio debería aumentar relativamente durante el período de apertura.El análisis realizado establece que los movimientos en la cuenta de capitales resultan mayores que los movimientos de la cuenta corriente y que, por consiguiente, debería encontrarse una relaciónestrecha entre el Índice de la Tasa de Cambio Real y el precio de la vivienda por m2.El resultado de una evaluación precisa a dicha estimación resultó, sin embargo, ambigua, y más si se tiene en cuenta el carácter agregado en términos geográficos de la información utilizada.

Suggested Citation

  • Néstor Garza Puentes & Rafael Tovar Vanegas, 2009. "El mercado de vivienda en Barranquilla y el sector externo de la economía," Revista de Economía del Caribe 7125, Universidad del Norte.
    • Handle: RePEc:col:000382:007125
    as

    Download full text from publisher

    File URL: http://rcientificas.uninorte.edu.co/index.php/economia/article/viewFile/566/307
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Bela Balassa, 1964. "The Purchasing-Power Parity Doctrine: A Reappraisal," Journal of Political Economy, University of Chicago Press, vol. 72(6), pages 584-584.
    2. Bhagwati, Jagdish N, 1984. "Why Are Services Cheaper in the Poor Countries?," Economic Journal, Royal Economic Society, vol. 94(374), pages 279-286, June.
    3. Bardhan, Ashok Deo & Edelstein, Robert H. & Leung, Charles, 2004. "A note on globalization and urban residential rents," Journal of Urban Economics, Elsevier, vol. 56(3), pages 505-513, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Nestor Garza & Colin Lizieri, 2019. "An empirical approach to urban land monopoly: A case study of the city of Barranquilla, Colombia," Urban Studies, Urban Studies Journal Limited, vol. 56(10), pages 1931-1950, August.
    2. Gastón Ballut Dajud & Néstor Garza, 2015. "Segmentación inmobiliaria en una ciudad intermedia del caribe colombiano: el caso de Sincelejo," Revista de Economía del Caribe 14785, Universidad del Norte.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Balázs Égert, 2007. "Real Convergence, Price Level Convergence and Inflation in Europe," Working Papers 267, Bruegel.
    2. Yin‐Wong Cheung & Eiji Fujii, 2014. "Exchange Rate Misalignment Estimates—Sources Of Differences," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 19(2), pages 91-121, March.
    3. Mr. Juan Zalduendo, 2008. "Bivariate Assessments of Real Exchange Rates Using PPP Data," IMF Working Papers 2008/153, International Monetary Fund.
    4. George Alessandria & Joseph P. Kaboski, 2011. "Pricing-to-Market and the Failure of Absolute PPP," American Economic Journal: Macroeconomics, American Economic Association, vol. 3(1), pages 91-127, January.
    5. Martin Berka & Michael B. Devereux, 2010. "What determines European real exchange rates?," Globalization Institute Working Papers 46, Federal Reserve Bank of Dallas.
    6. Nabi, Ijaz & Malik, Abdul & Hattari, Rabin & Husain, Turab & Shafqat, Adeel & Anwaar, Sana & Rashid, Ammar, 2010. "Economic growth and structural change in South Asia: miracle or mirage?," LSE Research Online Documents on Economics 36389, London School of Economics and Political Science, LSE Library.
    7. Leon Podkaminer, 2004. "Why is food cheaper in rich (European) countries?," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 57(230), pages 297-327.
    8. Vasily Astrov, 2005. "Sectoral Productivity, Demand, and Terms of Trade: What Drives the Real Appreciation of the East European Currencies?," wiiw Working Papers 34, The Vienna Institute for International Economic Studies, wiiw.
    9. Dobrescu, Emilian, 2002. "Macromodel Estimation for the Romanian "Pre-Accession Economic Programme"," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(5), pages 5-38, December.
    10. Hai Long Vo & Duc Hong Vo, 2023. "The purchasing power parity and exchange‐rate economics half a century on," Journal of Economic Surveys, Wiley Blackwell, vol. 37(2), pages 446-479, April.
    11. Shohei Nakamura & Rawaa Harati & Somik V. Lall & Yuri M. Dikhanov & Nada Hamadeh & William Vigil Oliver & Marko Olavi Rissanen & Mizuki Yamanaka, 2019. "Is living in African cities expensive?," Applied Economics Letters, Taylor & Francis Journals, vol. 26(12), pages 1007-1012, July.
    12. Fabrizio Leone & Rocco Macchiavello & Tristan Reed, 2022. "Market size, markups and international price dispersion in the cement industry," CEP Discussion Papers dp1862, Centre for Economic Performance, LSE.
    13. Marek Mičúch, 2009. "Vývoj teorie parity kupní síly a rovnovážný měnový kurz [Purchasing power parity and the equilibrium exchange rate]," Politická ekonomie, Prague University of Economics and Business, vol. 2009(3), pages 405-428.
    14. George Alessandria & Joseph P. Kaboski, 2004. "Violating purchasing power parity," Working Papers 04-19, Federal Reserve Bank of Philadelphia.
    15. Pieter van Foreest & Casper de Vries, 2003. "The Forex Regime and EMU Expansion," Open Economies Review, Springer, vol. 14(3), pages 285-298, July.
    16. Yuan‐Ching Chang, 2002. "On The Microfoundations Of The Theory Of Purchasing Power Parity," South African Journal of Economics, Economic Society of South Africa, vol. 70(6), pages 1126-1134, September.
    17. Balázs Égert & László Halpern & Ronald MacDonald, 2006. "Equilibrium Exchange Rates in Transition Economies: Taking Stock of the Issues," Journal of Economic Surveys, Wiley Blackwell, vol. 20(2), pages 257-324, April.
    18. Zhang, Zhibai, 2010. "A comparison of the BEER and Penn effect models via their applications on the valuation of the Renminbi," MPRA Paper 40649, University Library of Munich, Germany.
    19. Cécile Couharde & Carl Grekou & Valérie Mignon, 2021. "MULTIPRIL, a New Database on Multilateral Price Levels and Currency Misalignments," International Economics, CEPII research center, issue 165, pages 94-117.
    20. repec:dgr:rugggd:200258 is not listed on IDEAS
    21. Frederic Bec & Melika Ben Salem & Marine Carrasco, 2004. "Tests for Unit-Root versus Threshold Specification With an Application to the Purchasing Power Parity Relationship," Journal of Business & Economic Statistics, American Statistical Association, vol. 22, pages 382-395, October.

    More about this item

    Keywords

    Real-estate markets; international macroeconomics; international trade.Mercados inmobiliarios; macroeconomía internacional; comercio exterior.;
    All these keywords.

    JEL classification:

    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
    • F11 - International Economics - - Trade - - - Neoclassical Models of Trade

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:col:000382:007125. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Departamento de Economía UN (email available below). General contact details of provider: https://edirc.repec.org/data/denorco.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.