Home Away from Home? Foreign Demand and London House Prices
Home Away from Home? Foreign Demand and London House Prices
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家外之家？
DOI：
10.2139/ssrn.2353124
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发表时间：
2016
影响因子：
8.9
通讯作者：
T. Ramadorai
中科院分区：
文献类型：
--
作者：
Cristian Badarinza;T. Ramadorai
危机的罕见性意味着纯时间序列方法很难区分资本外逃对资产价格的影响与各种替代驱动因素的影响。我们提出了一种新的横截面方法，其动机是投资者在广泛的资产类别中可能有不同的“首选栖息地”。我们将该方法应用于外国资本是否对伦敦和纽约等全球城市的住宅房地产价格变动负责的问题，特别是在危机期间。将我们的方法应用于过去二十年住房交易的大型数据库，我们发现外国风险强烈影响伦敦房价。其影响是持久的，并且与避险效应和移民有关。
The infrequent nature of crises means that pure time-series methods struggle to distinguish the effects of capital flight on asset prices from a wide range of alternative drivers. We present a new cross-sectional approach, which is motivated by the insight that investors may have different "preferred habitats" within a broad asset class. We apply the method to the question of whether foreign capital is responsible for residential real estate price movements in global cities such as London and New York, especially during crises. Applying our method on large databases of housing transactions over the past two decades, we find that foreign risk strongly affects London house prices. The effects are long-lasting, and are associated with both safe-haven effects and immigration.
影响因子：
8.2
作者：
ROSEN, S
通讯作者：
ROSEN, S
影响因子：
13.7
作者：
Genesove, D;Mayer, C
通讯作者：
Mayer, C