Changing integration of EMU public property markets |
| |
Authors: | Nafeesa Yunus Peggy E. Swanson |
| |
Affiliation: | a Department of Finance and Economics, Merrick School of Business, The University of Baltimore, Baltimore, MD 21201, United States b Department of Finance and Real Estate, UTA Box 19449, The University of Texas at Arlington, Arlington, TX 76019, United States |
| |
Abstract: | This paper examines the impact of the European Monetary Union (EMU) on European public property market integration. Results indicate that the property markets are long-run independent and show little evidence of short-run relationships prior to the formation of the EMU. However, the degree of interdependence and the extent of convergence among the largest property markets have intensified substantially after the launch of the Euro as the common currency in January, 1999. Moreover, each of the property markets under consideration is endogenous in that none is found to “dominate” the others toward long-run equilibrium. Short-run results indicate substantial interrelationships among the markets after the adoption of the Euro. Finally, the study shows that stock markets, bond markets, and public property markets follow similar convergence patterns. |
| |
Keywords: | C5 E44 F33 F36 G15 |
本文献已被 ScienceDirect 等数据库收录! |
|