Do Foreign Buyers Pay More Than Domestic Buyers? Evidence from International Transaction-Level Data
Do Foreign Buyers Pay More Than Domestic Buyers? Evidence from International Transaction-Level Data
复制标题
国外买家支付的费用比国内买家高吗？
DOI：
10.1007/s11146-022-09937-6
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发表时间：
2022
期刊：
影响因子：
--
通讯作者：
Uesugi Iichiro
中科院分区：
文献类型：
--
作者：
Miyakawa Daisuke;Shimizu Chihiro;Uesugi Iichiro
在本文中，我们研究的作用，国际资本流动在真实的房地产价格通过量化的程度，外国买家支付他们的房地产投资，以及溢出效应，这种行为对房地产价格的国内买家支付。使用一个独特的数据集，涵盖澳大利亚，加拿大，法国，香港，日本，荷兰，英国和美国的约30，000笔房地产投资交易，我们发现以下内容。首先，外国投资者支付的价格远远高于国内投资者，即使考虑到各种各样的管制措施。其次，买家在东道国的房地产投资风险越大，这种超额支付就越小。这些结果表明，当外国投资者对房地产市场了解较少时，他们会被多收费用，而且他们的投资经验越多，他们被多收费用的程度就越低。第三，我们没有发现外国投资者支付过高的价格对东道国真实的房地产价格产生任何显著的溢出效应。这一发现与一组现有的研究是一致的，这些研究采用总体数据来研究国际资本流动与真实的房地产价格之间的联系。
In this paper, we examine the role of international capital flows in real estate prices by quantifying the extent foreign buyers overpay for their realty investments as well as the spillover effect of such behavior on property prices domestic buyers pay. Using a unique dataset accounting for about 30,000 realty investment transactions in Australia, Canada, France, Hong Kong, Japan, the Netherlands, the United Kingdom, and the United States, we find the following. First, foreign investors pay significantly higher prices than domestic investors, even after taking a wide variety of controls into account. Second, this paying over the odds becomes smaller the larger the buyers’ exposure to realty investments in the host countries. These results indicate that foreign investors are overcharged when they are less informed about the property market and that the extent to which they are overcharged decreases the more investment experience they have. Third, we did not find any significant spillover effects from overpaying by foreign investors to real estate prices in host countries. This finding is consistent with a group of extant studies employing aggregate-level data to examine the link between international capital flows and real estate prices.
影响因子：
8.9
作者：
Cristian Badarinza;T. Ramadorai
通讯作者：
T. Ramadorai
住房市场溢出：来自马萨诸塞州剑桥市租金管制结束的证据
影响因子：
8.2
作者：
David H. Autor;C. Palmer;Parag A. Pathak
通讯作者：
Parag A. Pathak
NBER 工作论文系列：储蓄和银行业过剩对美国经济的影响
DOI：
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发表时间：
2013
期刊：
影响因子：
--
作者：
Alejandro Justiniano;Giorgio E Primiceri;Andrea Tambalotti;Klaus Adam;F. Signoretti;Martin Uribe;Efrem Castelnuovo;Gianluca Benigno;Andrea Ferrero;Andrea Raffo;A. Kirkman;Todd Messer
通讯作者：
Todd Messer