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Prepared by Giang Ho.
Saiz (2010), using data for U.S. metropolitan areas, found that geographic constraints were strongly associated with regulatory constraints. Theoretically, regulation may be endogenous as voters may explicitly restrict the supply of land to keep its value high, but only have an incentive to do so in areas where land was initially scarce.
The administrative structure of Denmark’s municipalities underwent a reform in 2007. We use the correspondence between the old structure (over 270 municipalities) and new structure (close to 100 municipalities) to splice together the pre-2007 and post-2007 series.
We use the interest rates that mortgage institutes charge households on housing loans (effective rates including fees) from Statistics Denmark.