NDLI: ( DRAFT ) May 2006 Exploring the Relationship between Real Estate Activity and Financial ` Markets : Evidence from Jamaica

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( DRAFT ) May 2006 Exploring the Relationship between Real Estate Activity and Financial ` Markets : Evidence from Jamaica

Content Provider	Semantic Scholar
Author	McLean, Esmond A.
Copyright Year	2006
Abstract	This paper utilizes a structural vector a utoregression (VAR) along with a Logit and Probit framework to investigate the relationship between real estate activity and vulnerability in financial markets in the Jamaican economy. Descriptive analysis suggests that changes in the macroeconomic environment influenced volatility in real estate prices, which adversely impacted the health and stability of the financia l system. This was collaborated by numerous country studies as well as the Jamaican experience. Th e relevance of real estate activity on the probabili ty of financial distress was confirmed by the results of the Logit and Probit model. As such asymmetrical real estate price developments often contribute to financial sector distress. The results from the structural VAR indicate that shocks to real estate prices are consistent with a priori expectations. Shocks to real GDP and private sector credit invoke positive responses in real estate prices as increases in purchasing power and credit provision increases the effective demand for real estate. Additionally, given the close association between real estate and stock market activity, this should be closely monitored and factored into determining informed financial sector risk assessments. JEL Classification Numbers: C52; E51; G11; E44; R2
File Format	PDF HTM / HTML
Alternate Webpage(s)	http://www.boj.org.jm/uploads/pdf/papers_pamphlets/papers_pamphlets_Exploring_the_Relationship_between_Real_Estate_Activity_and_Financial_Markets__Evidence_from_Jamaica.pdf
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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