Exchange rate pass-through to house rental prices. Evidence from the Buenos Aires’ semi-dollarized market
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| Format: | Artículo científico |
| Sprache: | en |
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Universidad de Chile
2020
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| _version_ | 1876440399726247936 |
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| author | Sergio Andrés Rosanovich |
| author_facet | Sergio Andrés Rosanovich |
| contents | Exchange rate pass-through to house rental prices. Evidence from the Buenos Aires’ semi-dollarized market Sergio Andrés Rosanovich Ana Paula Di Giovambattista Estudios Territoriales pass through inflation Buenos Aires Rental market The relationship between the exchange rate and the consumer price index (CPI) has been extensively covered. However, aggregated approaches hinder the possibility of identifying specific features of this effect over different sectors of the economy, particularly regarding changes in relative prices. This paper aims to examine the dynamics of the rental housing market at a given shift in the exchange rate. We evaluate the case of the real estate market of Buenos Aires, due to its peculiar configuration: the coexistence of a highly dollarized sales segment and a market of housing rentals in which the operations are denominated in local currency. For this purpose, we carry out a two-step panel regression of spatially disaggregated offer rent prices to estimate the pass-through in a non-tradable market. The estimates show an exchange pass-through to rental prices exceeding 30%, more significant than we would have expected. 2020 artículo científico 0718-1299 https://www.redalyc.org/articulo.oa?id=25865172006 https://www.redalyc.org/journal/258/25865172006/ https://www.redalyc.org/journal/258/25865172006/html/ https://www.redalyc.org/journal/258/25865172006/25865172006.epub https://www.redalyc.org/journal/258/25865172006/movil 10.4067/S0718-83582020000200001 en http://www.redalyc.org/revista.oa?id=258 Revista INVI application/pdf Universidad de Chile Revista INVI (Chile) Num.99 Vol.35 |
| format | Artículo científico |
| id | redalyc_25865172006 |
| institution | Redalyc |
| language | en |
| publishDate | 2020 |
| publisher | Universidad de Chile |
| spellingShingle | Exchange rate pass-through to house rental prices. Evidence from the Buenos Aires’ semi-dollarized market Sergio Andrés Rosanovich Estudios Territoriales pass through inflation Buenos Aires Rental market Exchange rate pass-through to house rental prices. Evidence from the Buenos Aires’ semi-dollarized market Sergio Andrés Rosanovich Ana Paula Di Giovambattista Estudios Territoriales pass through inflation Buenos Aires Rental market The relationship between the exchange rate and the consumer price index (CPI) has been extensively covered. However, aggregated approaches hinder the possibility of identifying specific features of this effect over different sectors of the economy, particularly regarding changes in relative prices. This paper aims to examine the dynamics of the rental housing market at a given shift in the exchange rate. We evaluate the case of the real estate market of Buenos Aires, due to its peculiar configuration: the coexistence of a highly dollarized sales segment and a market of housing rentals in which the operations are denominated in local currency. For this purpose, we carry out a two-step panel regression of spatially disaggregated offer rent prices to estimate the pass-through in a non-tradable market. The estimates show an exchange pass-through to rental prices exceeding 30%, more significant than we would have expected. 2020 artículo científico 0718-1299 https://www.redalyc.org/articulo.oa?id=25865172006 https://www.redalyc.org/journal/258/25865172006/ https://www.redalyc.org/journal/258/25865172006/html/ https://www.redalyc.org/journal/258/25865172006/25865172006.epub https://www.redalyc.org/journal/258/25865172006/movil 10.4067/S0718-83582020000200001 en http://www.redalyc.org/revista.oa?id=258 Revista INVI application/pdf Universidad de Chile Revista INVI (Chile) Num.99 Vol.35 |
| title | Exchange rate pass-through to house rental prices. Evidence from the Buenos Aires’ semi-dollarized market |
| topic | Estudios Territoriales pass through inflation Buenos Aires Rental market |
| url | https://www.redalyc.org/articulo.oa?id=25865172006 https://www.redalyc.org/journal/258/25865172006/ https://www.redalyc.org/journal/258/25865172006/html/ https://www.redalyc.org/journal/258/25865172006/25865172006.epub https://www.redalyc.org/journal/258/25865172006/movil |