Table 7 Results of cultural similarities, information dissemination efficiency and international housing price linkage

CullnRHP _t − 1

0.017^*

0.025^**

0.010

0.003

0.008

−0.005

0.011^***

0.010^***

0.011^***

0.029^*

0.036^**

0.023

(2.11)

(3.05)

(1.21)

(0.29)

(0.91)

(−0.51)

(6.01)

(5.76)

(5.92)

(2.33)

(2.72)

(1.81)

MedC∗

CullnRHP _t − 1

0.002^***

0.003^***

0.002^***

0.003^***

0.005^***

0.003^***

0.002^***

0.002^***

0.001^***

0.002^**

0.003^**

0.002^*

(4.60)

(5.84)

(4.07)

(6.65)

(6.66)

(6.78)

(7.20)

(6.07)

(7.52)

(2.68)

(3.09)

(2.22)

TralnRHP _t − 1

−0.186^*

− 0.170^*

−0.227^**

− 0.106

(−2.23)

(−2.04)

(−2.79)

(−1.23)

GeolnRHP _t − 1

−0.038^***

−0.029^***

−0.028^**

−0.019^*

(−4.21)

(−3.37)

(−3.28)

(− 1.96)

FDIlnRHP _t − 1

−0.002

− 0.003^*

−0.003^*

−0.001

(−1.38)

(−2.23)

(−2.56)

(−0.45)

lnGDPpc _t

0.282^***

0.326^***

0.241^***

0.252^***

0.274^***

0.214^***

0.310^***

0.312^***

0.269^***

0.275^***

0.287^***

0.256^***

(5.28)

(6.08)

(4.81)

(4.65)

(5.09)

(4.18)

(5.82)

(5.96)

(5.39)

(5.11)

(5.35)

(5.00)

lnPD _t

0.843^***

0.375^*

0.905^***

0.904^***

0.540^**

0.973^***

0.692^***

0.415^*

0.721^***

1.068^***

0.873^***

1.076^***

(5.81)

(2.00)

(6.26)

(5.84)

(2.76)

(6.36)

(4.87)

(2.38)

(5.11)

(7.84)

(5.07)

(7.89)

LIR _t

−0.881^***

−0.844^***

−0.917^***

−0.965^***

−0.951^***

−1.000^***

−0.970^***

− 0.999^***

−0.971^***

−1.026^***

−1.036^***

− 1.035^***

(−4.12)

(−3.98)

(−4.29)

(−4.45)

(−4.40)

(−4.62)

(−4.68)

(− 4.83)

(− 4.68)

(− 4.81)

(− 4.87)

(− 4.85)

Country-specific Effect

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Cons

0.619^***

− 1.041^**

0.336^*

0.751^***

−0.529

0.441^**

− 0.131

−1.700^***

− 0.499^*

0.554^***

− 0.320

0.413^**

(3.73)

(−2.80)

(2.27)

(4.24)

(−1.49)

(2.78)

(−0.78)

(−3.51)

(− 2.49)

(3.51)

(−0.77)

(2.70)

N

828

828

828

828

828

828

828

828

828

828

828

828