A Web Of Shocks: Crises Across Asian Real Estate Markets

Shaun Bond (), Mardi Dungey and Renee Fry-McKibbin

The Journal of Real Estate Finance and Economics, 2006, vol. 32, issue 3, 253-274

Abstract: The behaviour of real estate markets during the 1997–98 Financial crisis in Asian economies has received little attention despite the extensive research on other asset markets over this time. This paper examines the transmission of shocks across national real estate markets prior to and during the Asian crisis using a multivariate latent factor framework. The results reveal that diversification opportunities prior to the crisis are much reduced during the crisis. A comparison with regional equity markets shows that the transmission of shocks differs across the real estate and equity markets, providing evidence that investment in multiple asset classes provides some protection from large market downturns. Copyright Springer Science + Business Media, Inc. 2006

Keywords: Latent factor; Contagion; Indirect estimation; Real estate; G14; F36; C30 (search for similar items in EconPapers)
Date: 2006
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (42)

Downloads: (external link)
http://hdl.handle.net/10.1007/s11146-006-6800-0 (text/html)
Access to full text is restricted to subscribers.

Related works:
Working Paper: A web of shocks: Crises across Asian real estate market (2004)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:kap:jrefec:v:32:y:2006:i:3:p:253-274

Ordering information: This journal article can be ordered from
http://www.springer. ... ce/journal/11146/PS2

DOI: 10.1007/s11146-006-6800-0

Access Statistics for this article

The Journal of Real Estate Finance and Economics is currently edited by Steven R. Grenadier, James B. Kau and C.F. Sirmans

More articles in The Journal of Real Estate Finance and Economics from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().