Exchange rate pass-through to house rental prices. Evidence from the Buenos Aires’ semi-dollarized 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....

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Κύριοι συγγραφείς:	Rosanovich, Sergio Andrés, Di Giovambattista, Ana Paula
Μορφή:	Online
Γλώσσα:	eng
Έκδοση:	Revista INVI 2020
Διαθέσιμο Online:	https://revistainvi.uchile.cl/index.php/INVI/article/view/63202
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spelling	oai:ojs.revistas.uchile.cl:article-632022020-12-14T16:40:07Z Exchange rate pass-through to house rental prices. Evidence from the Buenos Aires’ semi-dollarized market Efecto transferencia del tipo de cambio a precios de alquiler de vivienda. Evidencia del mercado semi-dolarizado de Buenos Aires Rosanovich, Sergio Andrés Di Giovambattista, Ana Paula 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. Múltiples autores han abordado extensamente la relación entre el tipo de cambio y el índice de precios al consumidor (IPC). Sin embargo, los enfoques agregados impiden la posibilidad de identificar características específicas de este nexo en diferentes sectores de la economía, particularmente en relación a los cambios en los precios relativos. El objetivo de este trabajo consiste en examinar la dinámica del mercado de viviendas en alquiler ante fluctuaciones en el tipo de cambio. Se evalúa el caso del mercado inmobiliario en la Ciudad Autónoma de Buenos Aires, debido a su configuración peculiar: la coexistencia de un segmento de ventas altamente dolarizado y un segmento de alquileres en el que las operaciones están denominadas en moneda local. Con este objetivo, se llevó a cabo una regresión de panel en dos etapas de precios de alquiler de oferta espacialmente desagregados para estimar el efecto transferencia en un mercado no transable. Las estimaciones muestran una traslación de precios de alquiler superior al 30% ante fluctuaciones cambiarias, lo que representa una mayor significatividad de lo esperado. Revista INVI 2020-08-03 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion application/pdf application/xml https://revistainvi.uchile.cl/index.php/INVI/article/view/63202 Revista INVI; Vol. 35 Núm. 99 (2020); 130-147 0718-8358 0718-1299 eng https://revistainvi.uchile.cl/index.php/INVI/article/view/63202/66837 https://revistainvi.uchile.cl/index.php/INVI/article/view/63202/66862 Derechos de autor 2020 Sergio Andrés Rosanovich, Ana Paula Di Giovambattista
institution	Universidad de Chile
collection	OJS
language	eng
format	Online
author	Rosanovich, Sergio Andrés Di Giovambattista, Ana Paula
spellingShingle	Rosanovich, Sergio Andrés Di Giovambattista, Ana Paula Exchange rate pass-through to house rental prices. Evidence from the Buenos Aires’ semi-dollarized market
author_facet	Rosanovich, Sergio Andrés Di Giovambattista, Ana Paula
author_sort	Rosanovich, Sergio Andrés
title	Exchange rate pass-through to house rental prices. Evidence from the Buenos Aires’ semi-dollarized market
title_short	Exchange rate pass-through to house rental prices. Evidence from the Buenos Aires’ semi-dollarized market
title_full	Exchange rate pass-through to house rental prices. Evidence from the Buenos Aires’ semi-dollarized market
title_fullStr	Exchange rate pass-through to house rental prices. Evidence from the Buenos Aires’ semi-dollarized market
title_full_unstemmed	Exchange rate pass-through to house rental prices. Evidence from the Buenos Aires’ semi-dollarized market
title_sort	exchange rate pass-through to house rental prices. evidence from the buenos aires’ semi-dollarized market
description	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.
publisher	Revista INVI
publishDate	2020
url	https://revistainvi.uchile.cl/index.php/INVI/article/view/63202
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Exchange rate pass-through to house rental prices. Evidence from the Buenos Aires’ semi-dollarized market

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