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The Journal of Real Estate Finance and Economics

, Volume 58, Issue 2, pp 264–289 | Cite as

Dynamic Linkages Among U.S. Real Estate Sectors Before and After the Housing Crisis

  • Nafeesa YunusEmail author
Article
  • 249 Downloads

Abstract

This study explores the dynamic nature of linkages among seven key real estate sectors which include residential, health, lodging-resort, storage, office, retail and industrial. Long-run results reveal evidence of increased integration and contagion across the real estate sectors in the wake of the housing crisis. Short-run analyses suggest bi-directional causality and indicate that shocks to one real estate sector have a much more severe and persistent impact on other real estate sectors during the post-crisis period in comparison to the pre-crisis period. Finally, ripple effects are observed across the real estate sectors with shocks emanating from the ``dominant” residential sector and spilling over to other real estate sectors.

Keywords

Real estate sectors Housing crisis Ripple effects Contagion Portfolio Diversification 

JEL Classification

C22 C58 G1 G11 F15 

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Copyright information

© Springer Science+Business Media, LLC 2017

Authors and Affiliations

  1. 1.Department of Finance and Economics, Merrick School of BusinessThe University of BaltimoreBaltimoreUSA

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