English, Article, Journal or magazine article edition: Transmission Channels Linking Real Estate Shocks with Macroeconomic Performance: Evidence from Malaysia Hon-Chung Hui

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Bookmark: http://trove.nla.gov.au/version/28953
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Transmission Channels Linking Real Estate Shocks with Macroeconomic Performance: Evidence from Malaysia
Author
  • Hon-Chung Hui
Physical Description
  • preprint
Notes
  • This paper examines the transmission channels through which property markets propagate shocks to the real economy. Using a four-equation model which portrays the theoretical inter-linkages between real estate value and other components of the economy, our findings suggest that in the short run, negative real estate shocks affect GDP by dampening construction, bank lending activities and to a certain extent, consumption. The impact of shocks on investment is harder to decipher given the complicated dynamics arising from an almost instantaneous adjustment process towards equilibrium each time the system is perturbed. In the long run, there is no evidence of positive wealth effects on consumption while sustained depressions in property markets could be harmful to future economic growth.
  • Real estate shocks; Transmission channels; Macroeconomic performance
  • RePEc:nom:nubsmc:2008-09
Language
  • English
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