Frontiers of Business Research in China

Table 1 Housing price correlation matrix across 18 OECD countries

From: Cultural similarities and housing market linkage: evidence from OECD countries

R ²	AUS	BEL	CAN	DEN	FIN	FRA	GER	IRL	ITA	JPN	NLD	NZL	NOR	ESP	SWE	CHE	UK	US
AUS	1.00
BEL	0.93	1.00
CAN	0.93	0.89	1.00
DEN	0.79	0.82	0.67	1.00
FIN	0.75	0.61	0.72	0.59	1.00
FRA	0.93	0.93	0.91	0.82	0.73	1.00
GER	0.33	0.29	0.22	0.50	0.49	0.39	1.00
IRL	0.72	0.75	0.53	0.85	0.53	0.72	0.52	1.00
ITA	0.51	0.56	0.49	0.38	0.39	0.63	0.25	0.56	1.00
JPN	0.12	0.17	0.07	0.26	0.01	0.15	0.08	0.12	0.00	1.00
NLD	0.73	0.83	0.56	0.81	0.46	0.70	0.43	0.90	0.48	0.19	1.00
NZL	0.95	0.90	0.90	0.83	0.70	0.90	0.32	0.70	0.45	0.14	0.68	1.00
NOR	0.93	0.87	0.90	0.81	0.73	0.89	0.32	0.62	0.34	0.18	0.65	0.92	1.00
ESP	0.77	0.79	0.66	0.76	0.67	0.82	0.56	0.87	0.71	0.04	0.79	0.73	0.62	1.00
SWE	0.81	0.79	0.83	0.68	0.57	0.81	0.17	0.46	0.31	0.31	0.51	0.79	0.84	0.48	1.00
CHE	0.13	0.04	0.23	0.01	0.34	0.12	0.00	0.00	0.05	0.13	0.01	0.10	0.13	0.04	0.14	1.00
UK	0.94	0.87	0.83	0.83	0.81	0.91	0.45	0.84	0.56	0.07	0.77	0.90	0.86	0.87	0.69	0.13	1.00
US	0.75	0.75	0.60	0.81	0.59	0.75	0.43	0.93	0.59	0.06	0.81	0.74	0.66	0.85	0.47	0.02	0.89	1.00

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