英文文献：Openness and Attractiveness of Real Estate Markets in Emerging Economies: Empirical Analysis of the Nigerian Real Estate Market-新兴经济体房地产市场的开放性与吸引力:尼日利亚房地产市场的实证分析
英文文献作者：B. G. Ekemode
英文文献摘要：
Purpose: This study examined the openness and attractiveness of the Nigerian real estate market by analyzing the effects of macro-economic variables on the real estate sub-sector of the Nigerian economy.Design/Methodology: Secondary data were utilized for the study. Quarterly data on the real estate contribution to GDP, economic outlook, business confidence and the business constraints affecting the confidence level of investors such as inflation rate, interest rate and exchange rate were obtained from the databases of the National Bureau of Statistics and the Central Bank of Nigeria from 2008 to 2017. The data were analysed using econometric tools such as unit root test and dynamic ordinary least square (DOLS) which is a co-integrating model.Findings: The results of the analysis showed that economic outlook and business confidence has a negative influence on the real estate contribution to GDP. Also, interest rate as a business constraint exhibited a negative effect on the real estate sub-sector of the GDP. Both business confidence and exchange rate displayed positive but not statistically significant relationship with the real estate sub-sector.Research Limitations: This study is limited by the unavailability of data for a longer span. The availability of data on some of the variables analysed beyond 2008 could have improved the findings of the study.Practical Implications: This paper has implications for institutional and international investors participating or contemplating investment decisions in the Nigerian real estate market.Originality/Value: This paper highlights the openness and attractiveness of the Nigerian real estate market and provided information that could enhance the flow of foreign direct investment in the market.

目的:通过分析宏观经济变量对尼日利亚经济房地产分部门的影响，研究尼日利亚房地产市场的开放性和吸引力。设计/方法:本研究使用了二手资料。季度数据对房地产对GDP的贡献,经济前景,商业信心和业务约束影响投资者的信心水平,如通货膨胀率、利率和汇率都从数据库获得国家统计局和尼日利亚中央银行从2008年到2017年。数据分析使用计量工具，如单位根检验和动态普通最小二乘(DOLS)，这是一个协整模型。结果:分析结果表明，经济前景和商业信心对房地产对GDP的贡献有负面影响。此外，利率作为一种业务约束，对房地产分部门的GDP表现出负的影响。商业信心和汇率与房地产分部门之间均显示出正但统计上不显著的关系。研究局限:本研究受限于无法获得较长时间跨度的数据。2008年以后分析的一些变量数据的可用性本可以改善研究的结果。实际意义:本文对参与或考虑在尼日利亚房地产市场投资决策的机构和国际投资者有意义。原创性/价值:本文强调了尼日利亚房地产市场的开放性和吸引力，并提供了可以促进外国直接投资流入市场的信息。