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It has been argued that real estate should provide a better hedge: however, empirical results have been mixed, with real estates often appearing to offer a perverse hedge against inflation. This paper explores the relationship between real or nominal housing returns and inflation in Korea using the quarterly data over the period 1992Q4~2008Q4.1992Q4~200 is divided into expdeded and unexpdeded comp00ents using two es~2m4~200 tdeh0iques. The results do not provide little evidenee to supp0rt the hedging hypothesis. Rather the housing asset seems to work as a perverse hedge.


It has been argued that real estate should provide a better hedge: however, empirical results have been mixed, with real estates often appearing to offer a perverse hedge against inflation. This paper explores the relationship between real or nominal housing returns and inflation in Korea using the quarterly data over the period 1992Q4~2008Q4.1992Q4~200 is divided into expdeded and unexpdeded comp00ents using two es~2m4~200 tdeh0iques. The results do not provide little evidenee to supp0rt the hedging hypothesis. Rather the housing asset seems to work as a perverse hedge.