Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/64032 
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dc.contributor.authorAizenman, Joshuaen
dc.contributor.authorJinjarak, Yothinen
dc.date.accessioned2009-07-13-
dc.date.accessioned2012-09-21T11:53:42Z-
dc.date.available2012-09-21T11:53:42Z-
dc.date.issued2008-
dc.identifier.urihttp://hdl.handle.net/10419/64032-
dc.description.abstractThis 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.en
dc.language.isoengen
dc.publisher|aUniversity of California, Santa Cruz Institute for International Economics (SCIIE) |cSanta Cruz, CAen
dc.relation.ispartofseries|aWorking Paper |x08-16en
dc.subject.jelF15en
dc.subject.jelF21en
dc.subject.jelF32en
dc.subject.jelR21en
dc.subject.jelR31en
dc.subject.ddc330en
dc.subject.keywordcurrent accounten
dc.subject.keywordreal estateen
dc.subject.keywordappreciationen
dc.subject.keywordfinancial depthen
dc.subject.stwZahlungsbilanzungleichgewichten
dc.subject.stwLeistungsbilanzen
dc.subject.stwImmobilienpreisen
dc.subject.stwAufwertungen
dc.subject.stwZinsen
dc.subject.stwInflationsrateen
dc.subject.stwWelten
dc.subject.stwOECD-Staatenen
dc.titleCurrent account patterns and national real estate markets-
dc.typeWorking Paperen
dc.identifier.ppn604576528en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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