Cultural similarities and housing market linkage: evidence from OECD countries

Frontiers of Business Research in China

Table 6 Results of cultural similarities and international housing price linkage

lnRHP _t	Dyen (1)	Dyen (2)	Dyen (3)	API (1)	API (2)	API (3)	WF1 (1)	WF1 (2)	WF1 (3)	WF2 (1)	WF2 (2)	WF2 (3)
CullnRHP _t − 1	0.04^***	0.04^***	0.04^***	0.031^***	0.019^*	0.037^***	0.01^***	0.01^***	0.01^***	0.05^***	0.05^***	0.05^***
	(6.36)	(4.73)	(7.52)	(3.81)	(2.00)	(5.27)	(5.70)	(5.68)	(6.40)	(5.66)	(3.76)	(6.88)
TralnRHP _t − 1	−0.006			0.143^*			0.157^*			− 0.020
	(−0.08)			(2.02)			(2.48)			(−0.25)
GeolnRHP _t − 1		0.001			0.017^***			0.019^***			0.002
		(0.21)			(3.34)			(4.86)			(0.23)
FDIlnRHP _t − 1			0.001			0.002			0.001			0.001
			(1.22)			(1.81)			(0.65)			(1.00)
lnGDPpc _t	0.330^***	0.322^***	0.312^***	0.337^***	0.289^***	0.372^***	0.379^***	0.297^***	0.454^***	0.288^***	0.278^***	0.272^***
	(6.23)	(5.88)	(6.58)	(6.25)	(5.24)	(7.94)	(7.01)	(5.56)	(10.13)	(5.35)	(5.16)	(5.36)
lnPD _t	0.857^***	0.877^***	0.851^***	0.965^***	1.179^***	0.909^***	1.014^***	1.088^***	1.032^***	1.169^***	1.180^***	1.155^***
	(5.84)	(5.16)	(5.86)	(6.08)	(6.75)	(5.79)	(7.30)	(7.90)	(7.41)	(8.89)	(8.35)	(8.75)
LIR _t	−0.914^***	− 0.917^***	− 0.915^***	− 0.992^***	−1.002^***	− 0.963^***	− 1.174^***	− 1.067^***	− 1.209^***	− 1.061^***	− 1.061^***	− 1.060^***
	(−4.22)	(−4.24)	(−4.24)	(−4.46)	(−4.52)	(−4.33)	(−5.54)	(−5.05)	(−5.70)	(−4.96)	(−4.96)	(−4.96)
Country-specific Effect	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Cons	0.357^*	0.402	0.416^**	0.288	1.131^***	0.529^**	0.335^*	1.074^***	0.609^***	0.502^**	0.544	0.535^***
	(2.26)	(1.42)	(2.81)	(1.72)	(4.36)	(3.26)	(2.10)	(6.58)	(4.33)	(3.19)	(1.78)	(3.74)
N	828	828	828	828	828	828	828	828	828	828	828	828

Notes. (1) t-statistics in parentheses, (2) *, ** and *** denote p < 0.05, p < 0.01 and p < 0.001, respectively (hereinafter)