The investigation of the dynamic linkages between real estate market and stock market in Greece
使用希腊1997年至2015年的季度数据，研究房地产价格与股票价格之间的动态关联，发现长期存在财富效应和信贷效应，短期股市单向影响房市。
We use quarterly data from Greece over the period 1997:1–2015:2 and investigate the dynamic linkages between the price of the real estate market and the price of the stock market focusing on two transmission mechanisms, namely the wealth and credit-price effects. The empirical analysis employs advanced methodological techniques and presents evidence supporting the existence of both the wealth effect and the credit effect in the long-run while in the short-run there is a one-way causal effect running from stock market towards house market. Results reveal asymmetric adjustment to equilibrium process and considerably stronger for positive deviations from the equilibrium.