Real Estate Valuation, Current Account, and Credit Growth Patterns Before and After the 2008–2009 Crisis

Joshua Aizenman and Yothin Jinjarak
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Yothin Jinjarak: Asian Development Bank Institute

No 429, ADBI Working Papers from Asian Development Bank Institute

Abstract: This paper explores the stability of the key conditioning variables accounting for real estate valuation before and after the crisis of 2008–2009, in a panel of 36 countries, for the period of 2005:I–2012:IV, recognizing the incidence of global financial crisis. Our paper validates the robustness of the association between the real estate valuation of lagged current account patterns, both before and after the crisis. The results are supportive of both current account and credit growth channels, with the animal-spirits and momentum channels playing the most important role in the boom and bust of real estate valuation.

Keywords: current account; real estate; credit supply; global crisis; housing boom (search for similar items in EconPapers)
JEL-codes: F15 F21 F32 R21 R31 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2013-07-23
New Economics Papers: this item is included in nep-ban, nep-opm, nep-sea and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (15)

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