Capital Flows and Real Estate Prices: An Analysis for the Emerging Markets

• Main Authors: Huang, Da-You, 黃大祐
• Other Authors: Yeh, Kuo-Chun
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/28121835934415352286

碩士 === 國立中正大學 === 國際經濟研究所 === 102 === The purpose of this study is viewing the liquidity for the real estate prices affect the emerging economies of Eastern Europe, East Asia and Latin America in particular by controlling the economic, financial characteristics variables. The main sources are from International Settlements Bank database, and we use the general method of least squares (GLS) process. The empirical results show that capital flows has an impact for the price index in the East Asian emerging market countries. Although most of the countries in the region show net outflow of funds, but relatively low amount of direct investment abroad may still lead to a significant rise of real estate prices. Thus, direct investment abroad has more explanatory power on the price index changes comparing to the current account balance reflecting net inflows of funds. In the Eastern European markets with net inflows, direct investment abroad has same a similar effect on the housing boom.