دانلود مقاله ISI انگلیسی شماره 42248
عنوان فارسی مقاله

الگوهای ارزیابی املاک و مستغلات، حساب جاری و رشد اعتبار قبل و بعد از بحران 2008 و 2009

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
42248 2014 22 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Real estate valuation, current account and credit growth patterns, before and after the 2008–9 crisis ☆
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of International Money and Finance, Volume 48, Part B, November 2014, Pages 249–270

کلمات کلیدی
حساب جاری - املاک و مستغلات - تامین اعتبار - بحران جهانی -
پیش نمایش مقاله
پیش نمایش مقاله الگوهای ارزیابی املاک و مستغلات، حساب جاری و رشد اعتبار قبل و بعد از بحران 2008 و 2009

چکیده انگلیسی

We explore the stability of the conditioning variables accounting for the real estate valuation before and after the crisis of 2008–9, in a panel of 36 countries, recognizing the crisis break. We validate the robustness of the association between the real estate valuation and lagged current account patterns, both before and after the crisis. The most economically significant variable in accounting for real estate valuation changes turned out to be the lagged real estate valuation appreciation (real estate inflation minus CPI inflation), followed by lagged declines of the current account/GDP, lagged domestic credit/GDP growth, and lagged equity market valuation appreciation (equity market appreciation minus CPI inflation). A one standard deviation increase in lagged real estate appreciation is associated with a 10% increase in the present real estate appreciation, larger than the impact of a one standard deviation deterioration in the lagged current account/GDP (5%) and of the lagged domestic credit/GDP growth (3%). The results are supportive of both current account and credit growth channels, with the momentum channels playing the most important role. Smaller current account/GDP surpluses or larger deficits may serve as warning signals, especially when coinciding with credit expansion and real estate appreciation during the past several quarters.

خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.