Dynamics between housing and stock markets: international evidence over 1870 to 2015

Lin, P.-T. ORCID: https://orcid.org/0000-0003-2745-0119 and Stankov, I. (2025) Dynamics between housing and stock markets: international evidence over 1870 to 2015. Journal of Real Estate Research. ISSN 2691-1175 doi: 10.1080/08965803.2024.2442226

Abstract/Summary

This research investigates the dynamic relationship between housing and stock markets across nine countries. Using total return indices from 1870 to 2015, empirical results around the globe consistently show that stock and housing markets are linearly segmented, with fractional integration found in Denmark and the US. A positive lead-lag relationship from stock to housing is observed for most countries, offering support for the wealth effect theory. The results have important implications for portfolio diversification strategy and government policy.

Item Type	Article
URI	https://reading-clone.eprints-hosting.org/id/eprint/119638
Identification Number/DOI	10.1080/08965803.2024.2442226
Refereed	Yes
Divisions	Henley Business School > Real Estate and Planning
Publisher	American Real Estate Society
Download/View statistics	View download statistics for this item