Housing price bubbles in Beijing and Shanghai | |
Shen, Y. ; Hui, E.C. ; Hongyu Liu | |
2010-05-11 ; 2010-05-11 | |
关键词 | Practical Theoretical or Mathematical/ cost accounting econometrics investment/ housing price bubbles Beijing Shanghai econometric methodology Granger causality test generalized impulse response analysis abnormal housing price phenomena Chinese housing market housing investment economic conditions/ C1290D Systems theory applications in economics and business C1140Z Other topics in statistics |
中文摘要 | Purpose - This study investigates whether there was a housing price bubble in Beijing and Shanghai in 2003. The existence of a bubble can be interpreted from (abnormal) interactions between housing prices and market fundamentals. Design/methodology/approach - With monthly data from the two cities, this paper employs standard econometric methodologies: i.e. Granger causality tests and generalized impulse response analysis, and the reduced form of housing price determinants. Findings - Our findings suggest that there appeared a bubble in Shanghai in 2003, accounting for 22 percent of the housing price. By contrast, Beijing had no sign of a bubble in the same year. The bubble phenomenon, of course, should not be taken without caution for the constraints of data. Nonetheless, this study has laid the ground work for further investigation into abnormal housing price phenomena in Mainland China. Originality/value - Our findings may help foreign investors better understand the Chinese housing markets and make better housing investment decisions in the two cities. |
语种 | 英语 ; 英语 |
出版者 | Emerald ; UK |
内容类型 | 期刊论文 |
源URL | [http://hdl.handle.net/123456789/27222] |
专题 | 清华大学 |
推荐引用方式 GB/T 7714 | Shen, Y.,Hui, E.C.,Hongyu Liu. Housing price bubbles in Beijing and Shanghai[J],2010, 2010. |
APA | Shen, Y.,Hui, E.C.,&Hongyu Liu.(2010).Housing price bubbles in Beijing and Shanghai.. |
MLA | Shen, Y.,et al."Housing price bubbles in Beijing and Shanghai".(2010). |
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