Current account patterns and national real estate markets

  title={Current account patterns and national real estate markets},
  author={Joshua Aizenman and Yothin Jinjarak},
  • Joshua Aizenman, Yothin Jinjarak
  • Published 2008
This paper studies the association between current account and real estate valuation across countries. We find a robust and strong positive association between current account deficits and the appreciation of the real estate prices/(GDP deflator). Controlling for lagged GDP/capita growth, inflation, financial depth, institution, urban population growth and the real interest rate; a one standard deviation increase of the lagged current account deficits is associated with an appreciation of the… CONTINUE READING
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