Real Estate Papers

Document Type

Journal Article

Date of this Version


Publication Source

The Economic Journal





Start Page


Last Page



DOI: 10.1111/ecoj.12003


Advances in communication technologies have increased the availability of cultural goods across borders, raising concerns that cultural products from large economies will displace those in smaller economies. This article provides stylised facts about global music consumption and trade since 1960 using a unique data on popular music charts corresponding to over 98% of the global music market. Contrary to growing fears about large-country dominance, our gravity estimates show a substantial bias towards domestic music that has, perhaps surprisingly, increased in the past decade. Moreover, we find no evidence that new communications channels reduce the consumption of domestic music.

Copyright/Permission Statement

This is the peer reviewed version of the following article: Pavlov, A., Steiner, E. and Wachter, S. (2015), Macroeconomic Risk Factors and the Role of Mispriced Credit in the Returns from International Real Estate Securities. Real Estate Economics, 43: 241–270., which has been published in final form at doi: 10.1111/1540-6229.12084. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving


Date Posted: 27 November 2017

This document has been peer reviewed.