International capital movement towards the Spanish real estate sector

IF 1.6 Q3 BUSINESS, FINANCE Journal of Property Investment & Finance Pub Date : 2020-12-13 DOI:10.1108/jpif-05-2019-0067
Sun Zhenyu, P. Taltavull
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引用次数: 4

Abstract

The purpose of this paper is to examine the determinants that affect international capital flows (ICF) toward the Spanish real estate market over the period 1995 first quarter to 2017 fourth quarter.,VECM methodology is used to analyze time series and panel methods using pooled EGLS regression.,VECM parameter results for construction and real estate activities sectors, quickly suggesting a stable performance of capital flows toward Spanish real estate sector that the short-term fluctuation of foreign investment results contributes to the long-term equilibrium relatively soon. By applying the Monetary theory of Johnson, the model identifies a relevant role of M3 explaining capital flows to real estate, together with the lagged variables of construction and real estate activities capital flows, Spanish real interest rate and Spain’s economic growth rate; they are the significant determinants on capital movement to Spanish real estate sector. Interestingly, Spanish housing prices as an exogenous variable, directly, significantly and negatively affect real estate capital flows in all cases as a way to capture the assets price bubble.,Findings highlight reasons affecting capital flows to real estate and construction activities to Spanish sectors which allow capital Funds to take into account those drivers in their investment decisions.,This paper is the first attempt to analyze the determinants of ICF to Spanish real estate market; it has a significant meaning for both Spanish economy and international investors.
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西班牙房地产行业的国际资本流动
本文的目的是研究1995年第一季度至2017年第四季度期间影响国际资本流向西班牙房地产市场的决定因素。,VECM方法用于使用集合EGLS回归分析时间序列和面板方法。,VECM参数结果适用于建筑和房地产活动部门,很快表明流向西班牙房地产部门的资本表现稳定,外国投资结果的短期波动相对较快地促进了长期均衡。通过应用Johnson的货币理论,该模型确定了M3对房地产资本流动的相关解释作用,以及建筑和房地产活动资本流动、西班牙实际利率和西班牙经济增长率的滞后变量;它们是西班牙房地产行业资本流动的重要决定因素。有趣的是,西班牙房价作为一个外生变量,在所有情况下都会直接、显著和负面地影响房地产资本流动,以此来捕捉资产价格泡沫。,调查结果强调了影响资本流向西班牙房地产和建筑活动的原因,这使得资本基金在投资决策中能够考虑到这些驱动因素。,本文首次尝试分析ICF对西班牙房地产市场的影响因素;它对西班牙经济和国际投资者都具有重要意义。
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来源期刊
CiteScore
3.50
自引率
23.10%
发文量
33
期刊介绍: Fully refereed papers on practice and methodology in the UK, continental Western Europe, emerging markets of Eastern Europe, China, Australasia, Africa and the USA, in the following areas: ■Academic papers on the latest research, thinking and developments ■Law reports assessing new legislation ■Market data for a comprehensive review of current research ■Practice papers - a forum for the exchange of ideas and experiences
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