Schätz, Alexander and Sebastian, Steffen P. (2009) The links between property and the economy - evidence from the British and German markets. Journal of Property Research 26 (2), pp. 171-191.
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This study supplies empirical evidence on the dynamic interactions between the property markets in Germany and the United Kingdom and their country-specific macroeconomic environment. Using a VECM framework, the findings contribute to improving the evaluation of the properties' behaviour by considering a wide range of macroeconomic risk factors. On a long-term basis, we find remarkable similarities between both examined real estate markets with respect to significance, signs and magnitude of coefficients, despite essential differences in terms of market structure, conditions and performance. This suggests that the fundamental role of property markets in an economy dominates the country-specific characteristics in the long run. However, the distinctive features of the national property markets, including differences with respect to the financial systems, are primarily relevant during the short-term adjustment process back to the long-term equilibrium.
|Institutions:|| Business, Economics and Information Systems > Institut für Betriebswirtschaftslehre > Lehrstuhl für Immobilienfinanzierung (Prof. Dr. Steffen Sebastian)|
Business, Economics and Information Systems > IRE|BS > Lehrstuhl für Immobilienfinanzierung (Prof. Dr. Steffen Sebastian)
|Research groups and research centres:||Immobilien- und Kapitalmärkte|
|Subjects:||000 Computer science, information & general works > 000 Generalities, Science|
|Refereed:||Yes, this version has been refereed|
|Created at the University of Regensburg:||Yes|
|Deposited On:||08 Jan 2010 08:36|
|Last Modified:||23 Nov 2011 09:36|