01966cas a2200289 a 4500 AALejournalIMF022074 230101c9999 xx r poo 0 0eng d 5.00 USD 9781484378243 1018-5941 BD-DhAAL BD-DhAAL Katagiri, Mitsuru. House Price Synchronization and Financial Openness : A Dynamic Factor Model Approach / Mitsuru Katagiri. Washington, D.C. : International Monetary Fund, 2018. 1 online resource (28 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper investigates the developments in house price synchronization across countries by a dynamic factor model using a country- and city-level dataset, and examines what drives the synchronization. The empirical results indicate that: (i) the degree of synchronization has been rising since the 1970s, and (ii) a large heterogeneity in the degree of synchronization exists across countries and cities. A panel and cross-sectional regression analysis show that the heterogeneity of synchronization is partly accounted for by the progress in financial and trade openness. Also, the city-level analysis implies that the international synchronization is mainly driven by the city-level connectivity between large and international cities. Mode of access: Internet Classification Methods imf Cluster Analysis imf Factor Models imf Principal Components imf IMF Working Papers; Working Paper ; No. 2018/209 Full text available on IMF http://elibrary.imf.org/view/journals/001/2018/209/001.2018.issue-209-en.xml IMF e-Library