The differential effects of exchange rate fluctuations on local housing price growth: evidence from Australia

REFERENCES

• Abarcar, P. (2017). The return motivations of legal permanent migrants: Evidence from exchange rate shocks and immigrants in Australia. Journal of Economic Behavior & Organization, 144, 62–77. https://doi.org/10.1016/j.jebo.2017.09.025
   Web of Science ®Google Scholar
• Accetturo, A., Manaresi, F., Mocetti, S., & Olivieri, E. (2014). Don’t stand so close to me: The urban impact of immigration. Regional Science and Urban Economics, 45, 45–56. https://doi.org/10.1016/j.regsciurbeco.2014.01.001
   Web of Science ®Google Scholar
• Adam, K., Kuang, P., & Marcet, A. (2012). House price booms and the current account. NBER Macroeconomics Annual, 26(1), 77–122. https://doi.org/10.1086/663990
   Google Scholar
• Aizenman, J., & Jinjarak, Y. (2009). Current account patterns and national real estate markets. Journal of Urban Economics, 66(2), 75–89. https://doi.org/10.1016/j.jue.2009.05.002
   Web of Science ®Google Scholar
• Altonji, J. G., & Card, D. (1991). The effects of immigration on the labor market outcomes of less-skilled natives. In J. M. Abowd & R. B. Freeman (Eds.), Immigration, trade and the labor market (pp. 201–234). University of Chicago Press.
   Google Scholar
• Anderson, T., & Rubin, H. (1949). Estimation of the parameters of a single equation in a complete system of stochastic equations. The Annals of Mathematical Statistics, 20(1), 46–63. https://doi.org/10.1214/aoms/1177730090
   Google Scholar
• Andrews, I., Stock, J. H., & Sun, L. (2019). Weak instruments in instrumental variables regression: Theory and practice. Annual Review of Economics, 11(1), 727–753. https://doi.org/10.1146/annurev-economics-080218-025643
   Web of Science ®Google Scholar
• Ari, A., Puy, D., & Shi, Y. (2020). Foreign demand and local house prices: Evidence from the US (Working Papers No. WP/20/43). International Monetary Fund (IMF).
   Google Scholar
• Australian Bureau of Statistics (ABS). (2020, April 28). Migration, Australia, 2018–19 (cat. no. 3412.0). ABS. https://www.abs.gov.au/articles/australias-population-over-75-million-born-overseas
   Google Scholar
• Åslund, O. (2005). Now and forever? Initial and subsequent location choices of immigrants. Regional Science and Urban Economics, 35(2), 141–165. https://doi.org/10.1016/j.regsciurbeco.2004.02.001
   Web of Science ®Google Scholar
• Badarinza, C., & Ramadorai, T. (2018). Home away from home? Foreign demand and London house prices. Journal of Financial Economics, 130(3), 532–555. https://doi.org/10.1016/j.jfineco.2018.07.010
   Web of Science ®Google Scholar
• Bahmani-Oskooee, M., & Wu, T. (2018). Housing prices and real effective exchange rates in 18 OECD countries: A bootstrap multivariate panel Granger causality. Economic Analysis and Policy, 60, 119–126. https://doi.org/10.1016/j.eap.2018.09.005
   Web of Science ®Google Scholar
• Bartel, A. P. (1989). Where do the new U.S. immigrants live? Journal of Labor Economics, 7(4), 371–391. https://doi.org/10.1086/298213
   PubMed Web of Science ®Google Scholar
• Bartik, T. (1991). Who benefits from state and local economic development policies? W. E. Upjohn Institute.
   Google Scholar
• Baxter, J., & McDonald, P. F. (2004). Trends in home ownership rates in Australia: The relative importance of affordability trends and changes in the population composition. Australian Housing and Urban Research Institute.
   Google Scholar
• Datt, G., Wang, L. C., & Badji, S. (2020). Is emigration of workers contributing to better schooling outcomes in Nepal? Review of International Economics, 28(4), 1046–1075. https://doi.org/10.1111/roie.12481
   Web of Science ®Google Scholar
• Deng, Y., Hu, M. R., & Lee, A. D. (2021). Melting pot or salad bowl: Cultural distance and housing investments. Real Estate Economics, 49(S1), 235–267. https://doi.org/10.1111/1540-6229.12311
   Google Scholar
• Dustmann, C. (2003). Return migration, wage differentials, and the optimal migration duration. European Economic Review, 47(2), 353–369. https://doi.org/10.1016/S0014-2921(01)00184-2
   Web of Science ®Google Scholar
• Dustmann, C., & Görlach, J. S. (2016). The economics of temporary migrations. Journal of Economic Literature, 54(1), 98–136. https://doi.org/10.1257/jel.54.1.98
   Web of Science ®Google Scholar
• Feenstra, R. C., Inklaar R., & Timmer, M. P. (2015). The next generation of the Penn World Table. American Economic Review, 105(10), 3150–3182. https://doi.org/10.1257/aer.20130954
   Web of Science ®Google Scholar
• Goldsmith-Pinkham, P., Sorkin, I., & Swift, H. (2020). Bartik instruments: What, when, why, and how. American Economic Review, 110(8), 2586–2624. https://doi.org/10.1257/aer.20181047
   Web of Science ®Google Scholar
• Gonzalez, L., & Ortega, F. (2013). Immigration and housing booms: Evidence from Spain. Journal of Regional Science, 53(1), 37–59. https://doi.org/10.1111/jors.12010
   Web of Science ®Google Scholar
• Gradwell, D. (2017, December 7). Foreign buyers not to blame for house prices. bluenotes. https://bluenotes.anz.com/posts/2017/12/Foreign-buyers-not-to-blame-for-house-prices
   Google Scholar
• Jaeger, D. A., Ruist, J., & Stuhler, J. (2018). Shift–share instruments and the impact of immigration. National Bureau of Economic Research (NBER).
   Google Scholar
• Khoo, S.-E., McDonald, P., Temple, J., & Edgar, B. (2012). Scoping study of migration and housing needs. Report for National Housing Supply Council Unit, Department of the Treasury, 31, 1–69.
   Google Scholar
• Labanca, C. (2020). The effects of a temporary migration shock: Evidence from the Arab spring migration through Italy. Labour Economics, 67, 101903. https://doi.org/10.1016/j.labeco.2020.101903
   Web of Science ®Google Scholar
• Larsen, G. (2013). Family migration to Australia (Vol. 23). Parliamentary Library.
   Google Scholar
• Ley, D. (2017). Global China and the making of Vancouver’s residential property market. International Journal of Housing Policy, 17(1), 15–34. https://doi.org/10.1080/14616718.2015.1119776
   Web of Science ®Google Scholar
• Moallemi, M., Melser, D., Chen, X., & De Silva, A. (2022). The globalization of local housing markets: Immigrants, the motherland and housing prices in Australia. The Journal of Real Estate Finance and Economics, 65(1), 103–126. https://doi.org/10.1007/s11146-021-09828-2
   Web of Science ®Google Scholar
• Monras, J. (2020). Immigration and wage dynamics: Evidence from the Mexican peso crisis. Journal of Political Economy, 128(8), 3017–3089. https://doi.org/10.1086/707764
   Web of Science ®Google Scholar
• Munshi, K. (2003). Networks in the modern economy: Mexican migrants in the U. S. Labor market. The Quarterly Journal of Economics, 118(2), 549–599. https://doi.org/10.1162/003355303321675455
   Web of Science ®Google Scholar
• Nekoei, A. (2013). Immigrants’ labor supply and exchange rate volatility. American Economic Journal: Applied Economics, 5(4), 144–164. https://doi.org/10.1257/app.5.4.144
   Web of Science ®Google Scholar
• Nguyen, H. T., & Duncan, A. S. (2017). Exchange rate fluctuations and immigrants’ labour market outcomes: New evidence from Australian household panel data. Journal of International Economics, 105, 174–186. https://doi.org/10.1016/j.jinteco.2016.12.010
   Web of Science ®Google Scholar
• Organisation for Economic Co-operation and Development (OECD), World Bank, United Nations Economic Commission for Europe, & Statistical Office of the European Communities & Luxembourg. (2004). Consumer price index manual: Theory and practice. International Labour Organization (ILO).
   Google Scholar
• Phillips, J., & Simon-Davies, J. (2017). Migration to Australia: A quick guide to the statistics – January 2017 update. Parliamentary Library.
   Google Scholar
• Rabanal, P. (2018). An estimated DSGE model to analyze housing market policies in Hong Kong SAR (IMF Working Papers No. 2018(090)). https://doi.org/10.5089/9781484347577.001
   Google Scholar
• Rogers, D., Lee, C. L., & Yan, D. (2015). The politics of foreign investment in Australian housing: Chinese investors, translocal sales agents and local resistance. Housing Studies, 30(5), 730–748. https://doi.org/10.1080/02673037.2015.1006185
   Web of Science ®Google Scholar
• Sá, F. (2015). Immigration and house prices in the UK. The Economic Journal, 125(587), 1393–1424. https://doi.org/10.1111/ecoj.12158
   Web of Science ®Google Scholar
• Saiz, A. (2003). Room in the kitchen for the melting pot: Immigration and rental prices. Review of Economics and Statistics, 85(3), 502–521. https://doi.org/10.1162/003465303322369687
   Web of Science ®Google Scholar
• Saiz, A. (2007). Immigration and housing rents in American cities. Journal of Urban Economics, 61(2), 345–371. https://doi.org/10.1016/j.jue.2006.07.004
   Web of Science ®Google Scholar
• Stark, O., Helmenstein, C., & Yegorov, Y. (1997). Migrants’ savings, purchasing power parity, and the optimal duration of migration. International Tax and Public Finance, 4(3), 307–324. https://doi.org/10.1023/A:1008616421523
   Google Scholar
• Yang, D. (2006). Why do migrants return to poor countries? Evidence from Philippine migrants’ responses to exchange rate shocks. Review of Economics and Statistics, 88(4), 715–735. https://doi.org/10.1162/rest.88.4.715
   Web of Science ®Google Scholar
• Zavodny, M. (1999). Determinants of recent immigrants’ locational choices. International Migration Review, 33(4), 1014–1030. https://doi.org/10.1177/019791839903300408
   Web of Science ®Google Scholar
• Zhu, J., Pryce, G., & Brown, S. (2019). Immigration and house prices under various labour market structures in England and Wales. Urban Studies, 56(9), 1801–1817. https://doi.org/10.1177/0042098018777420
   Web of Science ®Google Scholar