Advances and Applications in Statistics
Volume 61, Issue 1, Pages 65 - 75
(March 2020) http://dx.doi.org/10.17654/AS061010065 |
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HOW DOES FINANCIAL DEPTH INFLUENCE REAL ESTATE MARKET? EVIDENCE FROM THE GLOBAL FINANCIAL CRISIS
Toan Ngoc Bui
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Abstract: The paper investigates the role of the global financial crisis by analysing the impact of financial depth which is measured through size of banking sector relative to the economy on real estate market of Vietnam, a developing country. By employing the autoregressive distributed lag (ARDL) approach, the results show that real estate market is positively influenced by financial depth in the short run and long run, most significantly in the pre-crisis period and least significantly in the post-crisis years. Further, the paper also reveals an unprecedented finding that is the negative impact of the global financial crisis on Vietnam real estate market in the short run and long run. These findings are greatly essential not only to Vietnam but also to other developing countries around the world. |
Keywords and phrases: ARDL, banking system, domestic credit, real estate business, Vietnam.
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