Money supply, exchange rates and office market dynamics: comparative evidence from the UK and Germany

IF 1.6 Q3 BUSINESS, FINANCE
A. Coën, B. Lefebvre
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引用次数: 0

Abstract

PurposeThe aim of this study is to shed light on the relative importance of money supply and exchange rates variations on office markets prices dynamics.Design/methodology/approachUsing a parsimonious real estate asset pricing model, the authors focus on the two biggest European office markets; namely the United Kingdom and Germany. The authors use a panel approach based on a robust econometric methodology (GMM with correction errors-in-variables). The authors take into account the variations of exchange rates and money supplies for the most important currencies.FindingsThe results highlight the impact of money supplies and exchange rates on office prices after the Global Financial Crisis. The authors report that the monetary policies in the UK and in Germany (Euro zone) have had significant influences in the real estate sector after the Global Financial Crisis. However, the authors identified significant differences between British and German office markets for the 2009–2019 period regarding the impact of money supply and exchange rates variations on the office prices dynamics.Practical implicationsThe results highlight the impact of money supplies and exchange rates on office prices after the Global Financial Crisis. The detailed and exclusive database (composed of the main office markets in the United Kingdom and in Germany) allows the authors to identify significant differences and opportunities for investors.Originality/valueThe authors use a parsimonious model and apply a panel approach based on a robust econometric methodology to analyse the impact of exchange rates and money supply variations on the office prices dynamics. The detailed and exclusive database (composed of the main office markets in the United Kingdom and in Germany) allows the authors to identify significant differences for investors.
货币供应、汇率和写字楼市场动态:来自英国和德国的比较证据
本研究的目的是阐明货币供应量和汇率变化对写字楼市场价格动态的相对重要性。采用简约的房地产资产定价模型,作者将重点放在两个最大的欧洲写字楼市场;即英国和德国。作者使用基于稳健计量经济学方法的面板方法(修正变量误差的GMM)。作者考虑了汇率的变化和最重要货币的货币供给。研究结果凸显了全球金融危机后货币供应和汇率对写字楼价格的影响。作者报告说,在全球金融危机之后,英国和德国(欧元区)的货币政策对房地产行业产生了重大影响。然而,作者发现,2009-2019年期间,英国和德国写字楼市场在货币供应和汇率变化对写字楼价格动态的影响方面存在显著差异。实际意义研究结果突出了全球金融危机后货币供应量和汇率对写字楼价格的影响。详细而独特的数据库(由英国和德国的主要办公市场组成)使作者能够为投资者识别重大差异和机会。原创性/价值作者使用一个简约的模型,并应用基于稳健计量经济学方法的面板方法来分析汇率和货币供应变化对写字楼价格动态的影响。详细而独特的数据库(由英国和德国的主要办公市场组成)使作者能够为投资者识别显着差异。
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来源期刊
CiteScore
3.50
自引率
23.10%
发文量
33
期刊介绍: Fully refereed papers on practice and methodology in the UK, continental Western Europe, emerging markets of Eastern Europe, China, Australasia, Africa and the USA, in the following areas: ■Academic papers on the latest research, thinking and developments ■Law reports assessing new legislation ■Market data for a comprehensive review of current research ■Practice papers - a forum for the exchange of ideas and experiences
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