The subprime crisis provoked a growing study on international housing market linkage. Nevertheless, the extant literature fails to explore housing price co-movements in terms of culture and a country’s responses (e.g. housing market conditions and government participation). Employing the databases on cultural similarities, housing market conditions and government participation in 18 OECD countries over 1970–2016, this article suggests that culture similarities affect house price co-movements via information dissemination efficiency and investment conduct consistency. In addition, housing supply elasticity and government participation are able to mitigate house price contagion. Hence, to withstand external shocks, countries should pay attention to the role of cultural similarities in housing price interdependence. Moreover, it is necessary to ensure that housing supply is resilient and improve government participation.

中文翻译：

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文化相似性和住房市场联系：来自经合组织国家的证据

次贷危机引发了对国际住房市场联系的越来越多的研究。然而，现有文献未能从文化和国家反应（例如住房市场状况和政府参与）方面探讨房价联动。本文利用 18 个经合组织国家 1970-2016 年文化相似性、住房市场状况和政府参与的数据库，表明文化相似性通过信息传播效率和投资行为一致性影响房价联动。此外，住房供应弹性和政府参与能够减轻房价传染。因此，为抵御外部冲击，各国应关注文化相似性在房价相互依存中的作用。而且，