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	An intervention analysis of the effects of macro-control policies on housing prices: The Shanghai case
	Wang, Song Tao ; Liu, Hong Yu
	2010-05-10 ; 2010-05-10
会议名称	Proceedings of CRIOCM 2006 International Research Symposium on Advancement of Construction Management and Real Estate, Vols 1 and 2 ; International Research Symposium on Advancement of Construction Management and Real Estate ; Beijing, PEOPLES R CHINA ; Web of Science
关键词	macro-control intervention analysis macro-control housing price Shanghai Construction & Building Technology Operations Research & Management Science
中文摘要	By using a univariate time-series intervention analysis model, this article makes a quantitative analysis of the effects of macro-control policies, starting from June 2003, on housing prices in Shanghai. The empirical result of this paper will show that this round of macro-control has effectively curbed fast-rising housing prices. All three major macro-control phases have a significant impact on property prices, but their effects were different in terms of manner, magnitude, and time lag. Relatively speaking, the lending control policy and the comprehensive control policy were more important in explaining housing prices in Shanghai. By comparing the theoretical and real impact of the policies, we concluded that the market-oriented and the demand-oriented measures were more effective in controlling housing prices. In addition, with the progress of the macro-controls over Shanghai's property market, the time lags were shortened. This paper provides a new quantitative method for analyzing the policies' impact on housing prices, and the conclusion of this study may serve as a reference for the government's macro-control policies over the property market.
会议录出版者	HONG KONG POLYTECHNIC UNIV ; KOWLOON ; YUK CHOI RD, HUNG HOM, KOWLOON, PEOPLES R CHINA
语种	英语 ; 英语
内容类型	会议论文
源URL	[http://hdl.handle.net/123456789/20187]
专题	清华大学
推荐引用方式 GB/T 7714	Wang, Song Tao,Liu, Hong Yu. An intervention analysis of the effects of macro-control policies on housing prices: The Shanghai case[C]. 见:Proceedings of CRIOCM 2006 International Research Symposium on Advancement of Construction Management and Real Estate, Vols 1 and 2, International Research Symposium on Advancement of Construction Management and Real Estate, Beijing, PEOPLES R CHINA, Web of Science.

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