Gounopoulos, Dimitrios, Kosmidou, Kyriaki, Kousenidis, Dimitrios and Patsika, Victoria ORCID: https://orcid.org/0000-0002-5763-2020 2018. The investigation of the dynamic linkages between real estate market and stock market in Greece. European Journal of Finance 25 (7) , pp. 647-669. 10.1080/1351847X.2018.1532443 |
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Abstract
We use quarterly data from Greece over the period 1997:1–2015:2 and investigate the dynamic linkages between the price of the real estate market and the price of the stock market focusing on two transmission mechanisms, namely the wealth and credit-price effects. The empirical analysis employs advanced methodological techniques and presents evidence supporting the existence of both the wealth effect and the credit effect in the long-run while in the short-run there is a one-way causal effect running from stock market towards house market. Results reveal asymmetric adjustment to equilibrium process and considerably stronger for positive deviations from the equilibrium.
Item Type: | Article |
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Date Type: | Published Online |
Status: | Published |
Schools: | Business (Including Economics) |
Publisher: | Taylor & Francis |
ISSN: | 1351-847X |
Date of First Compliant Deposit: | 22 January 2020 |
Date of Acceptance: | 28 August 2018 |
Last Modified: | 06 Jan 2024 20:52 |
URI: | https://orca.cardiff.ac.uk/id/eprint/128809 |
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