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El efecto de los flujos de capitales en los precios de las viviendas: una estimación de datos de panel

In: Precios de activos internos, fundamentos globales y estabilidad financiera

Author

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  • Harold A. Vásquez Ruiz

    (Banco Central de la República Dominicana)

Abstract

Este trabajo emplea un panel trimestral, de 1990 a 2012, de 45 países que incluye tanto a economías desarrolladas como no desarrolladas para determinar el efecto de los flujos de capitales en los precios de las viviendas. Se distingue entre los distintos tipos de flujos de capital (es decir, los flujos de inversión extranjera directa, flujos de inversión de cartera y flujos de deuda, entre otros) para evaluar la contribución de estas categorías en la dinámica de los precios de vivienda en mercados desarrollados y subdesarrollados. Los resultados muestran que los flujos de capital afectan positiva y significativamente los precios de las viviendas, y la magnitud de este efecto es considerada para el caso de la inversión de cartera. Además, el crecimiento económico, el régimen cambiario del país, el grado de profundidad del mercado financiero, y el grado de apertura comercial y de la cuenta de capitales también determinan los precios de la vivienda.

Suggested Citation

  • Harold A. Vásquez Ruiz, 2017. "El efecto de los flujos de capitales en los precios de las viviendas: una estimación de datos de panel," Investigación Conjunta-Joint Research, in: Gerardo Licandro & Jorge Ponce (ed.), Precios de activos internos, fundamentos globales y estabilidad financiera, edition 1, volume 1, chapter 2, pages 15-78, Centro de Estudios Monetarios Latinoamericanos, CEMLA.
    • Handle: RePEc:cml:incocp:4sp-2
    Note: Programa de Investigación Conjunta XVII Reunión de la Red de Investigadores de Bancos Centrales
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    More about this item

    Keywords

    Precios de las viviendas; flujo de capitales; hipótesis exceso de ahorro;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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