房地产资产是否比金融资产更能对冲通胀?一些新西兰的证据

Ting Ting Zhou, Abeyratna Gunasekarage, David M. Power
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引用次数: 12

摘要

本研究考察了房地产资产对冲通胀的有效性;为了进行比较,还对金融资产进行了分析。研究的房地产资产类别包括住宅、商业、工业和农场建筑,而金融资产类别包括股票、短期政府债券和长期政府债券。通货膨胀率由消费者价格指数的变化来表示。研究结果显示,所有四种类型的房地产资产都能部分对冲实际通胀。然而,他们的金融同行未能提供任何对冲通胀的措施。版权所有©2005 John Wiley &儿子,有限公司
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Do real estate assets hedge inflation better than financial assets? Some New Zealand evidence

This study examined the effectiveness of real estate assets in hedging inflation; financial assets are also analysed for the purpose of comparison. The real estate assets classes examined include residential, commercial, industrial and farm buildings, whereas the financial assets classes include stocks, short-term government bonds and long-term government bonds. The rate of inflation is proxied by the change in consumer price index. The findings revealed that all four types of real estate assets provide a partial hedge against actual inflation. However, their financial counterparts failed to provide any hedge against inflation. Copyright © 2005 John Wiley & Sons, Ltd.

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