In the aftermath of communism, the road to democratization has been a bumpy one for the Central and Eastern European cities of Tbilisi, Budapest, Zagreb and Belgrade. Once heavily focused on manufacturing under former communist regimes, these cities must now make a successful transition to...

This paper examines the time varying dispersion in city house price levels across the four biggest euro area countries compared with those in the United States. Using available city-level data over the period 1987-2008, it tests for price convergence and analyses key factors explaining price...