The Inflation-Hedging Ability of Real Estate Thai Evidence: 1987-2011
This study examines whether Thai real estate can hedge against ex post and ex ante inflation during the 1987-2011 period. Using the Fama and Schwert framework, we find that real estate returns have a positive (albeit not strongly significant) relation with both ex post and unexpected inflation over...
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| Veröffentlicht in: | Advances in management and applied economics 2014-01, Vol.4 (1), p.1 |
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| creator | Amonhaemanon, Dalina Annaert, Jan De Ceuster, Marc J K |
| description | This study examines whether Thai real estate can hedge against ex post and ex ante inflation during the 1987-2011 period. Using the Fama and Schwert framework, we find that real estate returns have a positive (albeit not strongly significant) relation with both ex post and unexpected inflation over the period. However, by focusing on various sub-periods in order to control for possible structural changes in the economy, we find that the relationship between inflation and real estate returns depends on the state of the economy. Real estate provided a super hedge against inflation, especially, in the recent financial crisis. [PUBLICATION ABSTRACT] |
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| source | Elektronische Zeitschriftenbibliothek - Frei zugängliche E-Journals |
| subjects | Commercial real estate Hedging Hypotheses Inflation Institutional investments Interest rates Purchasing power Rates of return Real estate Studies |
| title | The Inflation-Hedging Ability of Real Estate Thai Evidence: 1987-2011 |
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