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|dc.identifier.citation||Journal of International Money and Finance, 2006; 25(6):974-991||en|
|dc.description.abstract||Currently, there exists relatively little research on the influence that the 1997 Asian financial crisis has had upon capital flows within the property market and the associated long-run implications of it. This paper examines the impact that the crisis has had upon the integration and dynamic links between a number of Asia-Pacific real estate markets. The results show that Asia-Pacific property markets are integrated, despite a structural shift occurring at the time of the crisis. These results are a particularly important finding for fund managers concerned with the impact of globalization on the performance of their real estate portfolios, showing that in the Asia-Pacific region diversification benefits are actually less than that suggested by an analysis incorrectly ignoring the crisis.||en|
|dc.description.statementofresponsibility||Richard Gerlach, Patrick Wilson and Ralf Zurbruegg||en|
|dc.publisher||Elsevier Sci Ltd||en|
|dc.subject||Unit-root hypothesis; oil-price shock; cointegration vectors; regime shifts; common trends; great crash; equity; tests; discovery; models||en|
|dc.title||Structural breaks and diversification: The impact of the 1997 Asian financial crisis on the integration of Asia-Pacific real estate markets||en|
|pubs.library.collection||Business School publications||en|
|dc.identifier.orcid||Zurbrugg, R. [0000-0002-8652-0028]||en|
|Appears in Collections:||Business School publications|
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