| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7566 |
| 来源ID | Working Paper 7566 |
| Global Real Estate Markets - Cycles and Fundamentals | |
| Bradford Case; William N. Goetzmann; K. Geert Rouwenhorst | |
| 发表日期 | 2000-02-01 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | The correlations among international real estate markets are surprisingly high, given the degree to which they are segmented. While industrial, office and retail properties exist all around the world, they are not economic substitutes because of locational specificity. In addition, the broad securitization of real estate property companies has, until recently, lagged that of other types of companies. Never-the-less, international property returns move together in dramatic fashion. In this paper, we use eleven years of global property returns to explore the factors influencing this co-movement. We attribute a substantial amount of the correlation across world property markets to the effects of changes in GNP, suggesting that real estate is a bet on fundamental economic variables which are correlated across countries. A decomposition shows that a local production factor is more important in some countries than in others. |
| URL | https://www.nber.org/papers/w7566 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565113 |
| 推荐引用方式 GB/T 7714 | Bradford Case,William N. Goetzmann,K. Geert Rouwenhorst. Global Real Estate Markets - Cycles and Fundamentals. 2000. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w7566.pdf（216KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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