MARC Record from Library of Congress

LEADER: 02359cam a22002897a 4500
001 2008610775
003 DLC
005 20140827074612.0
007 cr |||||||||||
008 080625s2008 mau sb 000 0 eng
010 $a 2008610775
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aAizenman, Joshua.
245 10 $aCurrent account patterns and national real estate markets$h[electronic resource] /$cJoshua Aizenman, Yothin Jinjarak.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2008.
490 1 $aNBER working paper series ;$vworking paper 13921
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 6/25/2008.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"This paper studies the association between the current account and real estate valuation across countries, subject to data availability [43 countries, of which 25 are OECD], during 1990-2005. We find robust and strong positive association between current account deficits and the appreciation of the real estate prices/(GDP deflator). Controlling for lagged GDP/capita growth, inflation, financial depth, institution, urban population growth and the real interest rate; a one standard deviation increase of the lagged current account deficits is associated with a real appreciation of the real estate prices by 10%. This real appreciation is magnified by financial depth, and mitigated by the quality of institutions. Intriguingly, the economic importance of current account variations in accounting for the real estate valuation exceeds that of the other variables, including the real interest rate and inflation. Among the OECD countries, we find evidence of a decline overtime in the cross country variation of the real estate/(GDP deflator), consistent with the growing globalization of national real estate markets. Weaker patterns apply to the non-OECD countries in the aftermath of the East Asian crisis"--National Bureau of Economic Research web site.
700 0 $aYothin Jinjarak.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 13921.
856 40 $uhttp://papers.nber.org/papers/w13921