... for these countries the existence of cointegration could not be rejected. We therefore specify the VAR models in the level of the variables. Nevertheless, we neither impose the number of cointegrating ... and residential property price data: Australia, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Japan, the Netherlands, Norway, Spain, Sweden, Switzerland, the UK and the ... countries: the fall of residential property prices is significantly different from zero even at the 95% level in Canada, Finland, the Netherlands, Norway, Sweden, Switzerland, the UK and the US....