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首页> 外文期刊>Journal of property research >Co-movement between the US and the securitised real estate markets of the Asian-Pacific economies
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Co-movement between the US and the securitised real estate markets of the Asian-Pacific economies

机译：美国与亚太经济经济体的证券房地产市场之间的合作

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The novelty of this study is the use of continuous wavelet transform analysis of wavelet coherence, as well as its partial and multiple forms, to revisit the co-movements of Asian-Pacific public real estate markets among therpselves and with the US, for a time span which covers the 12 January 1995-23 June 2016 period. Earlier research does not have satisfactory results because traditional methods average different relationships in time domain only. From the wavelet analysis, investors can extract the time-scale that most interests them. We find that the co-movement relationship across the real estate markets increases during the two major crisis period, as well as becomes stronger as the scale increases. Hong Kong and Singapore have the strongest time-scale co-movement relationship. Finally, the influence of domestic macroeconomic factors on real estate return co-movement appears to be greater at the long-term horizons than at the short-term horizons.
机译：本研究的新颖性是利用小波一致性的连续小波变换分析，以及其部分和多种形式，重新审视亚太公共房地产市场的共同运动，持续时间和与美国在一起涵盖1995-23 2016年1月12日的跨度。早期的研究没有令人满意的结果，因为传统方法仅在时域中的平均关系。从小波分析中，投资者可以提取最令人利益的时间表。我们发现，在两个主要危机期间，房地产市场的合作关系会增加，并且随着规模的增加，变得更强。香港和新加坡具有最强的时态合作关系。最后，国内宏观经济因素对房地产返回合作的影响似乎在长期视野中似乎更大，而不是短期视野。

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