Har förhållandet mellan Aktiemarknaden och Bostadsmarknaden förändrats på grund av regleringar? - En Ekonometrisk analys

Sammanfattning: A frequently asked question is if owning real estate is a good asset to diversify one's portfolio from the stock market. A common perception is that it favors the portfolio since the two assets are segmentated. Earlier studies came to the conclusion that there is a weak or even negative correlation which is often considered as the basis for this argument. The question is if the stock market and the housing market really are so separated as earlier presumed. The financial crisis 2007-2008, started as a national crisis in the US housing market and grew to include the rest of the world and had a big effect on its economies and stock markets. After the crisis, regulations were introduced to strengthen the financial systems and to prevent similar crises in the future. An interesting question to then ask is if these regulations have influenced the relationship between the two markets. Have the regulations prevented or enhanced the possibility for segmentation by distinguishing them more. We found that there existed a causal relationship and cointegration leading up to the financial crisis, when the housing market was considered a very liquid market. But this relation changed after the financial crisis and the regulations that followed.