¿Do economic cycles affect the price of urban land? The case of Gran Concepción, Chile, during the period 1992-2002
DOI:
https://doi.org/10.22320/hem.v22i2.6327Keywords:
Urban land prices, Urban Economy, Economic cyclesAbstract
The objective of this research is to explain the price of urban land in Greater Concepción, through macroeconomic variables associated with the respective economic cycles at both the national, regional and local levels. The Greater Concepción conurbation, Chile, experienced expansive and recessive economic cycles in the period 1992-2002, the latter associated with the Asian crisis that affected it starting in 1997. After analytical and econometric work, it is concluded that the variations of the price of urban land in Greater Concepción during these periods are associated with variations in macroeconomic variables related to economic growth in an expansive cycle to which the real exchange rate is added in the event that a recessive cycle is also experienced.
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