Economic impact of monetary policy: Focus on real estate sector in Italy

Ahmed, Irfan; Socci, Claudio; Medabesh, Ali; Severini, Francesca; Zotti, Jacopo

doi:10.1002/ijfe.1848

Cited by 7 publications

(5 citation statements)

References 43 publications

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“…Looking at the graph, about 26% of the decrease in production is due to the drop in the construction and real estate activities sector, and the 18% is due to the drop in the retail trade and hotels and catering services, indicating that 44% of the drop in production is due to these four sectors. These findings are different from those of Ahmed et al (2021a, b), which use a biregional extended inoperability model in the same economy. They investigated the socioeconomic spillovers of the 2016–2017 earthquakes in Italy.…”

Section: Findings/economic Impact Of Covid-19contrasting

confidence: 99%

“…A significant contraction concentrates on construction and real estate activities, followed by retail trade and hotel and catering services. The greater impact in the construction and real estate sectors is due to the fact that these sectors received noteworthy investment in recent years (Ahmed et al , 2021a, b). Moreover, as the key sectors, growth in these sectors stimulates the production of other sectors in Italy (Ciaschini and Socci, 2007).…”

Section: Findings/economic Impact Of Covid-19mentioning

confidence: 99%

“…Second, notwithstanding that the IO models have already been used for impact analysis, they are less likely to quantify and predict economic losses and inoperability suffered by individual sectors in response to a sector or a set of sectors affected by a disaster (Ahmed et al , 2021a, b). Hence, the inoperability approach introduced by Haimes and Jiang (2001) was used to assess inoperability caused by disruptive events, such as earthquakes, floods, terrorism and pandemics.…”

Section: Introductionmentioning

confidence: 99%

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COVID-19 and a trade-off between health and economics: an extended inoperability model for Italy

Socci

Ahmed

Alfify

et al. 2021

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PurposeThe recent COVID-19 has obliged governments to enact large-scale policies to contain it. A topic of economic debate is the quantification of the impact that these policies can create in the economy, with the aim of activating regulatory mechanisms to minimize this impact. In this vein, this study aims to propose a quantification of the effects of the Italian government policy that blocks nonessential production activities.Design/methodology/approachThe authors use a multisectoral extended inoperability model on the social accounting matrix of Italy. The analysis identifies the pandemic’s impact on outputs, endogenous demands, value-added and disposable incomes of institutional sectors.FindingsThe construction and real estate sectors revealed a significant contraction followed by the retail trade and hotel and catering services sectors. The output contraction further impacts the value-added generation, disposable income and final demand components.Originality/valueThe current pandemic is alleged to have a greater impact than the epidemics of the past century, considering the present dimension of the world economy and the increasing interconnections between industries and institutions. In this scenario, it is challenging to safeguard not only human health and life but also the economy. Hence, there is a need to establish a trade-off between health and economics; and in this regard, the current study empirically quantifies the impact of health measures on the economy. The findings of this study help identify the sectors that are more prone to disaster effects and also present the structure of income circular flow in the Italian economy.

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Section: Findings/economic Impact Of Covid-19contrasting

confidence: 99%

Section: Findings/economic Impact Of Covid-19mentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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COVID-19 and a trade-off between health and economics: an extended inoperability model for Italy

Socci

Ahmed

Alfify

et al. 2021

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“…Concerning Italy, first of all, there are studies on the economic impact of monetary policy (Ahmed et al ., 2021), unconventional (Ahmed et al ., 2020), and analyses on equity crowdfunding (Battisti et al ., 2020), as well as monographic writings in local languages (Baiardi and Tronconi, 2010; Cermignano and Fasano, 2011).…”

Section: Literature and Hypothesesmentioning

confidence: 99%

Profitability and financial performance of Italian real estate companies: quantitative profiles

Migliaccio,

De Palma

2023

IJPPM

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PurposeThis study illustrates the economic and financial dynamics of the sector, analysing the evolution of the main ratios of profitability and financial structure of 1,559 Italian real estate companies divided into the three macro-regions: North, Centre and South, in the period 2011–2020. In this way, it is also possible to verify the responsiveness to the 2020 pandemic crisis.Design/methodology/approachThe analysis uses descriptive statistics tools and the ANOVA method of analysis of variance, supplemented by the Tukey–Kramer test, to identify significant differences between the three Italian macro-regions.FindingsThe study shows the increase in profitability after the 2008 crisis, despite its reverberation in the years 2012–2013. The financial structure of companies improved almost everywhere. The pandemic had modest effects on performance.Research limitations/implicationsIn the future, other indices should be considered to gain a more comprehensive view. This is a quantitative study based on financial statements data that neglects other important economic and social factors.Practical implicationsPublic policies could use this study for better interventions to support the sector. In addition, internal management can compare their company's performance with the industry average to identify possible improvements.Social implicationsThe research analyses an economic field that employs a large number of people, especially when considering the construction and real estate services covered by this analysis.Originality/valueThe study contributes to the literature by providing a quantitative analysis of industry dynamics, with comparative information that can be deduced from financial statements over the years.

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“…Other influences should also be considered, such as those of the volatility linkages of real estate assets. The inception of listed real estate futures contracts does have a stabilization effect by improving the market efficiency and reducing market noise in international real estate stocks [45][46][47]. The relationships between local and global securitized real estate markets are analyzed, but also between securitized real estate and common stock markets [48].…”

Section: Real Estate Market Volatility Modelsmentioning

confidence: 99%

Heterogeneous Impacts of Policy Sentiment with Different Themes on Real Estate Market: Evidence from China

et al. 2023

Sustainability

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This paper empirically investigates the heterogeneous impacts of the media sentiment about policies with different themes on the real estate market in China. Based on the policy texts collected from both official and unofficial sources, we construct sentiment indices to capture the sentiment about policies with different themes, including real estate policies, fiscal policies, monetary policies, land policies, healthcare policies, household registration policies, and education policies, using text mining methods. Mediation models and GARCH models are then established to examine the impact of these sentiment indices on the real estate market. The E-GARCH model is established to examine the asymmetric effect of positive and negative sentiment on real estate market. The results show the following: (1) The real estate market in China is more affected by the policy sentiment on official media compared with the unofficial ones. (2) Policy sentiment affects the real estate price through the mediating variables of interest rate, real estate construction area, and real estate sales. (3) The impacts of sentiment with different themes on the volatility of the real estate market are heterogeneous. (4) The impacts of policy sentiment on official media are more pronounced in a tight government-policy environment than those in a loose one. (5) The effect of negative unofficial media policies sentiment on real estate price is bigger than the positive unofficial media policies sentiment.

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Economic impact of monetary policy: Focus on real estate sector in Italy

Cited by 7 publications

References 43 publications

COVID-19 and a trade-off between health and economics: an extended inoperability model for Italy

COVID-19 and a trade-off between health and economics: an extended inoperability model for Italy

Profitability and financial performance of Italian real estate companies: quantitative profiles

Heterogeneous Impacts of Policy Sentiment with Different Themes on Real Estate Market: Evidence from China

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