Real state as housing and as a financial investment: A first assesment for Argentina
There exists a widespread perception that Argentine households channel a large share of their savings into real state. However, no hard evidence has produced to date to measure how important this saving behavior is for the determination of housing prices vis-à-vis the traditional housing motive to b...
Guardado en:
| Autores principales: | , |
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| Formato: | Articulo Documento de trabajo |
| Lenguaje: | Inglés |
| Publicado: |
2012
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| Materias: | |
| Acceso en línea: | http://sedici.unlp.edu.ar/handle/10915/45904 http://www.depeco.econo.unlp.edu.ar/doctrab/doc95.pdf |
| Aporte de: |
| id |
I19-R120-10915-45904 |
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| record_format |
dspace |
| institution |
Universidad Nacional de La Plata |
| institution_str |
I-19 |
| repository_str |
R-120 |
| collection |
SEDICI (UNLP) |
| language |
Inglés |
| topic |
Ciencias Económicas JEL: C32, G21, R21 Argentina economía inversión housing demand financial investment equilibrium correction model |
| spellingShingle |
Ciencias Económicas JEL: C32, G21, R21 Argentina economía inversión housing demand financial investment equilibrium correction model Bebczuk, Ricardo Néstor Garegnani, María Lorena Real state as housing and as a financial investment: A first assesment for Argentina |
| topic_facet |
Ciencias Económicas JEL: C32, G21, R21 Argentina economía inversión housing demand financial investment equilibrium correction model |
| description |
There exists a widespread perception that Argentine households channel a large share of their savings into real state. However, no hard evidence has produced to date to measure how important this saving behavior is for the determination of housing prices vis-à-vis the traditional housing motive to buy property. In this light, this paper assesses for the first time whether housing prices in Argentina are mostly driven by housing or by investment motives. To this end, we devised a simple empirical test taking the form of an Equilibrium Correction model of apartment prices in Buenos Aires City on four explanatory variables that separately capture the housing motive (affordability and mortgage loans) and the investment motive (private bank deposits and income). It is found that private bank deposits and income have strong long and short run effects on housing prices behavior. Affordability only shows a short run effect, while mortgage loans turn out to be non-significant. These findings suggest, in line with the popular view on this topic, that real state fulfills a prominent role as a financial investment in Argentina. |
| format |
Articulo Documento de trabajo |
| author |
Bebczuk, Ricardo Néstor Garegnani, María Lorena |
| author_facet |
Bebczuk, Ricardo Néstor Garegnani, María Lorena |
| author_sort |
Bebczuk, Ricardo Néstor |
| title |
Real state as housing and as a financial investment: A first assesment for Argentina |
| title_short |
Real state as housing and as a financial investment: A first assesment for Argentina |
| title_full |
Real state as housing and as a financial investment: A first assesment for Argentina |
| title_fullStr |
Real state as housing and as a financial investment: A first assesment for Argentina |
| title_full_unstemmed |
Real state as housing and as a financial investment: A first assesment for Argentina |
| title_sort |
real state as housing and as a financial investment: a first assesment for argentina |
| publishDate |
2012 |
| url |
http://sedici.unlp.edu.ar/handle/10915/45904 http://www.depeco.econo.unlp.edu.ar/doctrab/doc95.pdf |
| work_keys_str_mv |
AT bebczukricardonestor realstateashousingandasafinancialinvestmentafirstassesmentforargentina AT garegnanimarialorena realstateashousingandasafinancialinvestmentafirstassesmentforargentina |
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Repositorios |
| _version_ |
1764820474198491138 |