{"id":{"repo_id":"uiuc","oai_identifier":"oai:www.ideals.illinois.edu:2142/49831"},"canonical_url":"https://search.dev.ndltd.org/etd/uiuc/oai:www.ideals.illinois.edu:2142/49831","repository":{"repo_id":"uiuc","name":"University of Illinois - Urbana-Champaign","base_url":"https://www.ideals.illinois.edu/oai-pmh"},"display":{"title":"Disaster risk and resiliency in Latin America","abstract":"This dissertation analyzes the implications of economic crises on real estate markets in Latin America using a new database on real estate prices from seven countries in the region. In the first chapter it is found that after a crisis begins, the Price Earnings Ratio (PER) of real estate increases significantly relative to stocks and sovereign bonds. This result implies that during times of instability investors are willing to pay a price premium for holding real estate instead of stocks and sovereign bonds. The argument behind this empirical finding is that during these crises there is a capital flight towards real estate due to a higher resiliency perceived by investors on this asset class. The second chapter develops a theoretical asset-pricing model that uses the notion of resiliency to economic disasters to explain the empirical observation of a widening in the gap between the PER of resilient (real estate) and non-resilient (stocks, bonds) assets during crises. The model was calibrated using data on real estate, stocks and sovereign bonds from Argentina, Brazil and Uruguay. The calibrated model was able to match the risk premium of each asset class and predict correctly the heterogeneous evolution of the asset's PER after an increase in the probability of disaster.","abstract_html":"This dissertation analyzes the implications of economic crises on real estate markets in Latin America using a new database on real estate prices from seven countries in the region. In the first chapter it is found that after a crisis begins, the Price Earnings Ratio (PER) of real estate increases significantly relative to stocks and sovereign bonds. This result implies that during times of instability investors are willing to pay a price premium for holding real estate instead of stocks and sovereign bonds. The argument behind this empirical finding is that during these crises there is a capital flight towards real estate due to a higher resiliency perceived by investors on this asset class. The second chapter develops a theoretical asset-pricing model that uses the notion of resiliency to economic disasters to explain the empirical observation of a widening in the gap between the PER of resilient (real estate) and non-resilient (stocks, bonds) assets during crises. The model was calibrated using data on real estate, stocks and sovereign bonds from Argentina, Brazil and Uruguay. The calibrated model was able to match the risk premium of each asset class and predict correctly the heterogeneous evolution of the asset's PER after an increase in the probability of disaster.","abstract_has_math":false,"creators":["Fernandez, Santiago"],"institution":"University of Illinois at Urbana-Champaign","degree_name":"Ph.D.","degree_level":"Dissertation","degree_discipline":"Economics","degree_department":null,"school":null,"contributors":["Almeida, Heitor","Baer, Werner W.","Hewings, Geoffrey J.D.","Bebczuk, Ricardo"],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2014,"date_issued":"2014-05-30T17:20:00Z","date_published":"2014-05-30T17:20:00Z","updated_at":"2026-07-22T22:25:40Z","subjects":["Disaster Risk","Resiliency","Asset-pricing","Real estate","Latin America"],"languages":["en"],"rights":["Copyright 2014 Santiago Fernandez"],"rights_urls":[],"identifier_entries":[]},"links":{"outbound_url":"http://hdl.handle.net/2142/49831","outbound_label":"Handle","outbound_source":"dc:identifier"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Almeida, Heitor","Baer, Werner W.","Hewings, Geoffrey J.D.","Bebczuk, Ricardo"]},{"key":"dc:creator","label":"Author","values":["Fernandez, Santiago"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["2014-05-30T17:20:00Z","2016-09-22T20:59:16Z","2014-05"]},{"key":"dc:type","label":"Dc Type","values":["text"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Economics"]},{"key":"thesis:degree_level","label":"Degree Level","values":["Dissertation"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Ph.D."]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["University of Illinois at Urbana-Champaign"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["Disaster Risk","Resiliency","Asset-pricing","Real estate","Latin America"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language","label":"Dc Language","values":["en"]},{"key":"dc:rights","label":"Dc Rights","values":["Copyright 2014 Santiago Fernandez"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["http://hdl.handle.net/2142/49831"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["This dissertation analyzes the implications of economic crises on real estate markets in Latin America using a new database on real estate prices from seven countries in the region. 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