Housing prices in Hong Kong have gained international attention. This study suggests that the housing supply may be insufficient. Consistent with previous studies, we confirm that merely increasing the land supply may not increase the housing supply. We also find preliminary evidence for...

This paper argues that since China closes her asset markets, investors turn to Hong Kong instead. The initial public offerings (IPO) of Chinese firms in the Hong Kong stock market and the local housing market of Hong Kong improve the prediction of each other, as they may serve as a coordinator...

This paper studies how commodity price movements have affected the local house prices in commodity-dependent economies, Australia and New Zealand. We build a geographically hierarchical empirical model and find the commodity prices influence local house prices directly and also indirectly...

This study of the co-movements of transaction prices and trading volumes reveals that the mean correlation of prices and trading volumes alike, among different housing sub-markets, increase during the market boom. After a financial crisis, the correlations dramatically drop and stay low. The...

Using Chinese city-level data from 1999 to 2012 and considering geological, environmental, and social diversity, this study suggests that credit plays a significant role in driving up house prices after the Great Recession, whereas property prices only influence bank lending before 2008....

This paper investigates the dynamics of property prices and their interaction with output growth in a general equilibrium model. Closed form solutions and testable hypotheses are derived from a mildly restricted version of the model. The testable hypotheses are broadly supported empirically. In...

Tariff is probably one of the oldest form of taxation and there is a long history of tariff study. (For instance, see Irwin,1996), McCord (1970), and the reference therein.) Previous studies on tariff tend to ignore its impact on the housing market. Traditionally, the study of housing market and...

A multi-period collateral-constrained model economy is built to study the impact of land supply elasticity and land use regulation. For sufficiently adverse shocks constrained entrepreneurs may need to liquidate their assets for debt repayment. This effect can spillover to the residential...

The significant price-trading volume correlation found in the residential property market presents a challenge to the rational expectation hypothesis. Existing theories account for this fact with either capital market imperfection (down-payment effect or loss-aversion consideration) or imperfect...

This paper studies the relative volatility of commercial and residential property prices. Empirical evidence of commercial property prices being more volatile than that of residential property is presented. Models are built a la Lucas. Theoretical statements are derived to show the exact...