Replication package for "Housing or Bonds as Crisis Diversifiers? The Ranking Depends on the Estimand"

This record contains the replication materials for the article "Housing or Bonds as Crisis Diversifiers? The Ranking Depends on the Estimand". The package includes the complete R script, derived estimation data, regression and robustness results, figures, software environment information and saved model objects. The analysis uses Release 6 of the publicly available JST Macrohistory Database. The original JST workbook is not redistributed and must be downloaded directly from https://www.macrohistory.net/database/. The source database was latest accessed on 17 July 2026. The final common sample contains 1,846 country-year observations for 16 advanced economies over 1871–2020, including 59 systemic financial-crisis onsets. The replication materials reproduce all results reported in the article, including the main figure, appendix correlation diagnostics and robustness coefficient plot. When using these materials in academic research, please cite both the associated article and this Zenodo repository record.