The Impact of the Global Financial Crisis on Asia-Pacific Real Estate Markets: Evidence from Korea, Japan, Australia and U.S. REITs

Kim, Bum Suk

doi:10.1080/14445921.2009.11104288

Cited by 12 publications

(11 citation statements)

References 13 publications

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“…According to Cheng and Annuar (2012), unit root tests (also known as test of stationarity) are performed to determine order of integration of variables since this can influence its behavior and therefore the methodology to analyze data (Fadli et al, 2011). The statisticians advocated that transformation of integrated into stationary time series requires that series be differenced successively prior to using models in order to avoid spurious regressions (Dolado, Gonzalo, and Marmol, 1999;Bum, 2009).…”

Section: Estimation Techniquesmentioning

confidence: 99%

Can public debt stimulate public investment and economic growth in South Africa?

Ncanywa

Masoga

2018

Cogent Economics & Finance

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Sharecopy and redistribute the material in any medium or format. Adaptremix, transform, and build upon the material for any purpose, even commercially. The licensor cannot revoke these freedoms as long as you follow the license terms. Under the following terms: Attribution-You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use. No additional restrictions You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.

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Section: Estimation Techniquesmentioning

confidence: 99%

Can public debt stimulate public investment and economic growth in South Africa?

Ncanywa

Masoga

2018

Cogent Economics & Finance

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“…Previous studies found that the U.S. REIT market has significant impact on various developed REIT markets in Asia especially after crisis periods due to volatility spillovers and the size effect impacts ( (Bum 2009); (Yong and Do 2017); (Ijasan, Tweneboah et al 2019)). While, some studies ( (Bum 2009); (Gupta and Marfatia 2018)) find that developed markets are segmented and influence emerging markets which could be due to similar economic situation of developed markets and the liquidity spilling over to emerging markets. Therefore, this study aims to emphasis the influences of developed markets on emerging markets.…”

Section: Objectives and Contributionsmentioning

confidence: 99%

“…Whereas, the U.S. REIT market is the largest one in the world. Previous studies found that the U.S. REIT market has significant impact on various developed REIT markets in Asia especially after crisis periods due to volatility spillovers and the size effect impacts ( (Bum 2009); (Yong and Do 2017); (Ijasan, Tweneboah et al 2019)). Therefore, this study hypothesizes that the U.S. REIT market trend to has greater impact on to the developed Asia REIT markets (Japan, Singapore, and Hong Kong) during the COVID-19 period.…”

Section: Objectives and Contributionsmentioning

confidence: 99%

“…For Hong Kong and Taiwan, almost all of the REIT are diversified type. Before the outbreak of COVID-19, the clustering of Asia markets and the contagion effect may varies depending on the characteristics and capital structure of REIT (Bum 2009). However, it is expected to change after the breakout of COVID-19.…”

Section: Objectives and Contributionsmentioning

confidence: 99%

“…Whereas, cross-market linkages vary with countries and changed significantly after the crises period. Moreover, well-developed markets tend to lead/lag smaller or less developed market ( (Bum 2009); (Yong and Do 2017); (Ijasan, Tweneboah et al 2019)).…”

Section: Introduction 11 Backgroundmentioning

confidence: 99%

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Asia REITs interdependence and the impact of COVID-19 pandemic

Asawapiched

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This study investigates Asia REIT interdependence and the impact of COVID-19 pandemic. The data of six major REIT markets in Asia (Japan, Singapore, Hong Kong, Thailand, Malaysia, and Taiwan) have been applied with Johansen cointegration test, Granger causality test, impulse response functions, and variance decomposition. In addition, U.S. REIT is incorporated to emphasis the its impact on Asia markets. The results indicate market integration at long-run period as REIT performance is closely related to the direct real estate market whereas REIT is affected by shocks and noise like stock in short-run. Moreover, it is found that Asia developed markets (Japan, Singapore, Hong Kong) are segmented and influence others which could be due to similar economic situation and the liquidity spilling over to emerging markets. The interdependent significantly changes after the breakout of COVID-19 suggesting international diversification in short run. It varies depending on the characteristics and capital structure of REIT. While, the recovery of REIT may rely on different disease control measures, monetary policy, and fund flow. The results show that the markets dominated by hotel and retail REIT (Singapore, Thailand, and Malaysia) have higher cointegration and differentiate from the others. Furthermore, the impact of U.S. significantly increases during the COVID-19 period which is the possible effect of massive COVID-19 stimulus packages of U.S. to Asian REIT markets.

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Managing crises ‘together’: how can the built environment contribute to social resilience?

Rashidfarokhi

Danivska

2023

Building Research & Information

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The Impact of the Global Financial Crisis on Asia-Pacific Real Estate Markets: Evidence from Korea, Japan, Australia and U.S. REITs

Cited by 12 publications

References 13 publications

Can public debt stimulate public investment and economic growth in South Africa?

Can public debt stimulate public investment and economic growth in South Africa?

Asia REITs interdependence and the impact of COVID-19 pandemic

Managing crises ‘together’: how can the built environment contribute to social resilience?

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