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首页> 外文期刊>Journal of Real Estate Portfolio Management >Interest Rate Sensitivity in European Public Real Estate Markets
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Interest Rate Sensitivity in European Public Real Estate Markets

机译：欧洲公共房地产市场的利率敏感性

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摘要

The importance of interest rates, in both financial markets and the broader economy, was clearly highlighted during and subsequent to the financial crisis of 2007-09. This paper examines the sensitivity of seven public real estate markets in Europe from 1995 to 2013. Europe is a particularly interesting market to look at in this context. Badly impacted during the financial crisis, it has been further affected by the sovereign debt crisis within the Eurozone. The introduction of the Euro and a single monetary policy within the Eurozone is a complicating factor that raises additional issues. The results highlight that, with one exception, the markets display significant sensitivity in terms of both returns and volatility. The results are, however, sensitive in both a temporal sense and to the interest rate-yield curve proxy used.
机译：金融市场和更广泛经济的利率的重要性在2007 - 09年的金融危机期间和之后明显突出显示。 本文从1995年到2013年审查了七个公共房地产市场的敏感性。在这种背景下，欧洲是一个特别有趣的市场。 在金融危机期间受到严重影响，它受到欧元区内主权债务危机的进一步影响。 欧元区欧元和单一货币政策的引入是一种复杂因素，提出了其他问题。 结果突出显示，在一个例外，市场就返回和波动性显示出显着的灵敏度。 然而，结果是在时间意义上敏感，并且使用的利率 - 产量曲线代理。

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