Precios de viviendas. una metodología para evaluar desvíos respecto a sus fundamentos

This paper contributes to financial stability analysis by proposing a methodology to identify deviations of asset prices over domestic and global fundamentals. We develop a panel data model to estimate the housing price of fundamentals in Uruguay, giving special emphasis to the role of the international fundamentals. This methodology allows us to evaluate deviations of prices from fundamentals. Despite the shortcomings of the series of housing prices in Uruguay we do not find evidence of deviation of housing prices in Uruguay with respect to fundamentals.