TY  - JOUR
AB  - Tests the inflation‐hedging ability of Swiss real estate over the
1943‐1991 period and, for comparison purposes, that of stocks. Results
show that in the long run real estate seems to provide a better hedge
against inflation than common stocks. When the inflation rate is broken
down into its expected and unexpected components, all coefficients are
negative for stocks, whereas some coefficients are positive for real
estate. This is particularly true for unexpected inflation. These
results are interesting in that the proxy used for real estate (i.e.
data pertaining to real estate mutual funds) should be a much better
indicator of changes in the underlying real estate than indices which
have been used so far. Moreover, the data exists for a very long time
period, which makes it possible to test the long‐term ability of real
estate to hedge against changes in the purchasing power.
VL  - 12
IS  - 3
SN  - 0960-2712
DO  - 10.1108/14635789410063913
UR  - https://doi.org/10.1108/14635789410063913
AU  - Hoesli Martin
PY  - 1994
Y1  - 1994/01/01
TI  - Real Estate as a Hedge against Inflation: Learning from the Swiss Case
T2  - Journal of Property Valuation and Investment
PB  - MCB UP Ltd
SP  - 51
EP  - 59
Y2  - 2024/05/12
ER  -