The investigation of the dynamic linkages between real estate market and stock market in Greece

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
Date Type:	Published Online
Status:	Published
Schools:	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:	12 Nov 2024 13:15
URI:	https://orca.cardiff.ac.uk/id/eprint/128809

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