@article{ART001351710},
author={Kim Seokchin and JoongGi Kim and Jongsik Hwang},
title={The Effects of REITs on Housing Markets in U.S},
journal={The Korea Spatial Planning Review},
issn={1229-8638},
year={2009},
volume={61},
pages={175-187},
doi={10.15793/kspr.2009.61..010}
TY - JOUR
AU - Kim Seokchin
AU - JoongGi Kim
AU - Jongsik Hwang
TI - The Effects of REITs on Housing Markets in U.S
JO - The Korea Spatial Planning Review
PY - 2009
VL - 61
IS - null
PB - 국토연구원
SP - 175
EP - 187
SN - 1229-8638
AB - There are two paths which real estate investment trusts (hereafter REITs) affect housing markets. First, REITs enhance market liquidity through the securitization. Therefore, REITs help real estate to be priced in equilibrium. Second, REITs could be a speculative demand in housing markets since REITs should compensate higher benefits to investors through dividends.
This study estimates bubbles in U.S. housing and REITs prices for the 1987-2008 periods with FMOLS method. We detect bubbles in both housing and REITs prices since 2004. Furthermore, both bubbles have a positive relationship. Bubbles in REITs prices grangercause bubbles in housing markets. This result implies overheated REITs themselves become a speculative demand because of high dividend burden and contribute to bubbles in housing markets.
KW - REITs;REITs Dividend;Speculative Demand;Bubble
DO - 10.15793/kspr.2009.61..010
ER -
Kim Seokchin, JoongGi Kim and Jongsik Hwang. (2009). The Effects of REITs on Housing Markets in U.S. The Korea Spatial Planning Review, 61, 175-187.
Kim Seokchin, JoongGi Kim and Jongsik Hwang. 2009, "The Effects of REITs on Housing Markets in U.S", The Korea Spatial Planning Review, vol.61, pp.175-187. Available from: doi:10.15793/kspr.2009.61..010
Kim Seokchin, JoongGi Kim, Jongsik Hwang "The Effects of REITs on Housing Markets in U.S" The Korea Spatial Planning Review 61 pp.175-187 (2009) : 175.
Kim Seokchin, JoongGi Kim, Jongsik Hwang. The Effects of REITs on Housing Markets in U.S. 2009; 61 175-187. Available from: doi:10.15793/kspr.2009.61..010
Kim Seokchin, JoongGi Kim and Jongsik Hwang. "The Effects of REITs on Housing Markets in U.S" The Korea Spatial Planning Review 61(2009) : 175-187.doi: 10.15793/kspr.2009.61..010
Kim Seokchin; JoongGi Kim; Jongsik Hwang. The Effects of REITs on Housing Markets in U.S. The Korea Spatial Planning Review, 61, 175-187. doi: 10.15793/kspr.2009.61..010
Kim Seokchin; JoongGi Kim; Jongsik Hwang. The Effects of REITs on Housing Markets in U.S. The Korea Spatial Planning Review. 2009; 61 175-187. doi: 10.15793/kspr.2009.61..010
Kim Seokchin, JoongGi Kim, Jongsik Hwang. The Effects of REITs on Housing Markets in U.S. 2009; 61 175-187. Available from: doi:10.15793/kspr.2009.61..010
Kim Seokchin, JoongGi Kim and Jongsik Hwang. "The Effects of REITs on Housing Markets in U.S" The Korea Spatial Planning Review 61(2009) : 175-187.doi: 10.15793/kspr.2009.61..010
