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Web of shocks: Crises across Asian real estate markets

McKibbin, Renee Anne; Dungey, Mardi; Bond, Shaun A.


The behaviour of real estate markets during the 1997–98 financial crisis in Asian economies has received little attention despite the extensive research on other asset markets over this time. This paper examines the transmission of shocks across national real estate markets prior to and during the Asian crisis using a multivariate latent factor framework. The results reveal that diversification opportunities prior to the crisis are much reduced during the crisis. A comparison with...[Show more]

CollectionsANU Research Publications
Date published: 2006
Type: Journal article
Source: Journal of Real Estate Finance and Economics 32.3 (2006): 253-274
DOI: 10.1007/s11146-006-6800-0


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