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This paper is the first empirical evidence for the impact of financial development on the real estate market (REM) in Vietnam. The researchers utilize time series data in Vietnam in the period from 2004:Q3 to 2018:Q4. By using the autoregressive distributed lag (ARDL) model, the paper analyzes the impact of financial development through the banking system development and the stock market development on the REM in the short and long term. The research results are consistent with some previous studies as the impact of financial development on REM is found in the short and long term, and the impact is mainly positive. In particular, the impact of the banking system development on the REM is stronger than the impact of the stock market development on the REM. In addition, the paper also achieves great success in discovering the negative impact of the global financial crisis on the In particular, the impact of the banking system development on the REM is stronger than the impact of the stock market development on the REM in the short and long term, which is a new discovery compared to the previous studies. These findings are significant for the In particular, the impact of the banking system development on the REM is stronger than the impact of the stock market development on the REM in the economies all over the world, especially for a developing country like Vietnam.

The financial development and the real estate market in Vietnam: a study in case of the global financial crisis