scholarly journals High-speed Urbanization and Housing Bubbles

CONVERTER ◽  
2021 ◽  
pp. 398-407
Author(s):  
Yao Pang, Yancheng Fan, Meng Ye
Keyword(s):  
High Speed ◽  
Housing Prices ◽  
Housing Price ◽  
Expected Returns ◽  
Economic Stability ◽  
Short Term ◽  
Housing Investment ◽  
Price Growth ◽  
Housing Bubbles ◽  
The Impact

With China's high-speed urbanization, the housing demands and housing prices have increased rapidly in major cities. By combining the classical bubble theory with investors’ short-term decisions, we propose a method to simulate bubbles' rising and bursting process in a multi-sector economy. We find that when urbanization goes too fast, the housing price growth rate will exceed the industrial interest rate, causing enterprises to buy houses. Enterprises’ housing investment further increases the expected returns of housing investment, attracting more investment and leads to housing bubbles. The faster the speed of urbanization, the higher the housing price grows, the longer the bubble cycle, and the greater the impact on the economy when bubbles burst. Continued urbanization cannot prevent bubbles from bursting. To ensure economic stability, the pace of urbanization needs to be limited.

scholarly journals Economic Impact of the High-Speed Railway on Housing Prices in China

2018 ◽  
Vol 10 (12) ◽  
pp. 4799 ◽  
Author(s):  
Yuxiang Wang ◽  
Xueli Liu ◽  
Feng Wang
Keyword(s):  
High Speed ◽  
Synergistic Effects ◽  
Housing Prices ◽  
Housing Price ◽  
Quantitative Relationship ◽  
Economic Effects ◽  
High Speed Railway ◽  
Central Cities ◽  
Price Growth ◽  
Regional Imbalance

This study investigated whether and to what extent does the High-Speed Railway (HSR) affect city-level housing prices. With the data of HSR operation and housing prices from 285 cities from 2009 to 2017, the paper aimed to estimate the quantitative relationship between HSR and city-level housing prices and exploited city and regional dummy variables to assess the disparities between regions, followed by the economic effects between typical city pairs. Our findings were as follows: (1) The introduction of HSR leads to a 13.9% increase in city-level housing prices, and the figures for national central cities and regional central cities were 31.7% and 19.6%, respectively; (2) regional imbalance was mitigated with the development of the HSR, and some central cities in underdeveloped regions were stimulated with regard to housing price growth; (3) siphon effects and diffusion effects were observed in megacity–small city pairs, while synergistic effects often lay in megacity–megacity pairs, and such effects all tended to be more significant with increases in the number of HSR lines and a drop in the travel time.

scholarly journals The Impact of High-Speed Rail on Housing Prices: Evidence from China’s Prefecture-Level Cities

2019 ◽  
Vol 11 (13) ◽  
pp. 3681
Author(s):  
Rong Wang ◽  
Li Ye ◽  
Liwen Chen
Keyword(s):  
High Speed ◽  
Rapid Development ◽  
Housing Prices ◽  
Housing Price ◽  
Significance Test ◽  
Chinese Government ◽  
High Speed Rail ◽  
Local Conditions ◽  
Rail Line ◽  
The Impact

The rapid development of the high-speed rail (HSR) network enhanced the regional accessibility between cities, drove the rise in cities’ investment levels, and expanded the activity radius of the labor force, causing changes in housing prices along the rail lines. Based on panel data of 285 cities in China from 2008–2016, this study used the difference-in-difference based on propensity score matching (PSM-DID) method to calculate the impact of HSR on housing prices. The conclusions of the study indicated that, at the regional level, HSR significantly promoted the rise in housing prices in HSR cities along the rail line. HSR had a positive effect on housing prices, where the coefficient of HSR influence was 0.1511 and passed a 1% significance test. From the perspective of the combination of sub-regional and sub-city scales, HSR mainly played a significant role in promoting housing prices in “small and medium-sized cities” and “central and western cities”, especially in small and medium-sized cities in the central and western regions; in general, HSR can narrow the housing price gap between “small and medium-sized HSR cities” in the central and western regions and large HSR cities in the east region. Lastly, the results of the intermediary mechanism test showed that the income level of residents and employment levels played an intermediary role in the influence of HSR on the housing prices of cities along the rail line. Thus, this paper suggests that the Chinese government needs to formulate housing price control policies that suit local conditions according to the characteristics of different cities.

scholarly journals Are There Any Housing Bubbles in Turkey?

2021 ◽  
Author(s):  
Özge Korkmaz ◽  
Ebru Çağlayan Akay ◽  
Hoşeng Bülbül
Keyword(s):  
Housing Market ◽  
House Prices ◽  
Housing Prices ◽  
Housing Price ◽  
Economic Fundamentals ◽  
The Past ◽  
Price Increases ◽  
Long Time ◽  
Housing Bubbles ◽  
Turkish Lira

It is very important that the housing market, which meets the most basic need of people is needed for shelter from the past to the present, has a stable structure. The instability structure of the housing market is generally associated with the presence of housing bubbles. The deviation of housing prices from their basic value and not being able to be explained by economic fundamentals leads to the formation of housing bubbles. Housing bubbles can lead to permanent losses, as it may take a long time to return to normal prices. For Turkey as a developing country, it is important to identify an unstable structure in house prices discuss the basic economic factors related to this. After the global increases in housing prices, inflation, and depreciation in the Turkish lira, Turkey has become the country with the highest housing price increases globally in 2020. In the study, the presence of bubbles in the housing market for Ankara, Izmir, Istanbul, and Turkey in general, was investigated by SADF and GSADF unit root tests for the period 2010:01-2021:02. In this context, the study examines the presence of bubbles in housing prices for Ankara, Izmir, Istanbul, and Turkey in general, which are the three cities with the highest price increases. As a result of the study, the presence of bubbles in the housing market has been determined for Ankara, Istanbul, Izmir, and Turkey in general.

scholarly journals A Hybrid Short-Term Forecasting Model of Passenger Flow on High-Speed Rail considering the Impact of Train Service Frequency

2017 ◽  
Vol 2017 ◽  
pp. 1-9 ◽  
Author(s):  
Qingying Lai ◽  
Jun Liu ◽  
Yongji Luo ◽  
Minshu Ma
Keyword(s):  
Hybrid Model ◽  
Traffic Management ◽  
High Speed ◽  
Short Term ◽  
High Speed Rail ◽  
Passenger Flow ◽  
Proposed Model ◽  
Service Frequency ◽  
Short Term Forecasting ◽  
The Impact

Short-term forecasting of OD (origin to destination) passenger flow on high-speed rail (HSR) is one of the critical tasks in rail traffic management. This paper proposes a hybrid model to explore the impact of the train service frequency (TSF) of the HSR on the passenger flow. The model is composed of two parts. One is the Holt-Winters model, which takes advantage of time series characteristics of passenger flow. The other part considers the changes of TSF for the OD in different time during a day. The two models are integrated by the minimum absolute value method to generate the final hybrid model. The operational data of Beijing-Shanghai high-speed railway from 2012 to 2016 are used to verify the effectiveness of the model. In addition to the forecasting ability, with a definite formation, the proposed model can be further used to forecast the effects of the TSF.

scholarly journals Short-term dynamics of a density interface following an impact

2007 ◽  
Vol 577 ◽  
pp. 241-250 ◽  
Author(s):  
A. ANTKOWIAK ◽  
N. BREMOND ◽  
S. LE DIZÈS ◽  
E. VILLERMAUX
Keyword(s):  
Surface Tension ◽  
High Speed ◽  
Liquid Velocity ◽  
Short Term ◽  
Liquid Surface Tension ◽  
Image Velocimetry ◽  
Interface Curvature ◽  
Impulse Pressure ◽  
The Impact ◽  
Wetting Liquid

A tube filled with a perfectly wetting liquid falls axially under its own weight. In its gravity-free reference frame, the liquid interface is deformed by surface tension into a hemispherical shape. On impact of the tube on a rigid floor, the interface curvature reverses violently, forming a concentrated jet. If the contact angle at the tube wall is such that the interface is flat, the liquid rebounds as a whole with the tube, with no deformation. We analyse this phenomenon using an impulse pressure description, providing an exact description of the initial liquid velocity field at the impact, supported by high-speed image velocimetry measurements. This initial dynamics is insensitive to liquid surface tension and viscosity.

scholarly journals Precarious Suicide Behavior According to Housing Price Gap: A Case Study on South Korea

2021 ◽  
Vol 18 (18) ◽  
pp. 9877
Author(s):  
Sungik Kang ◽  
Hosung Woo ◽  
Ja-Hoon Koo
Keyword(s):  
South Korea ◽  
Urban Areas ◽  
Statistical Significance ◽  
Economic Inequality ◽  
Housing Prices ◽  
Housing Price ◽  
National Health Survey ◽  
Primary Analysis ◽  
The Impact

In 2018, the suicide rate in South Korea was the highest among the Organisation for Economic Co-operation and Development countries, and socioeconomic inequality has intensified. This study analyzes the impact relationship between suicidal impulses and economic inequality in South Korea. This study measures suicidal impulses thoughts National Health Survey Data and economic inequality based on the housing prices gap in the country. The primary analysis results were as follows: First, suicidal impulses were positively associated with the high index of housing price inequality; this correlation has become tight in recent years. Second, it was confirmed that the higher the income level, the higher the correlation between suicidal impulses with the index of housing price inequality. Third, the correlation between housing price inequality with suicidal impulse increased consistently in highly urbanized areas, but the statistical significance was low in non-urban areas.

The Impact of Tourism, Game of Thrones and Income on Croatian Housing Prices

2021 ◽  
Author(s):  
Billie Ann Brotman
Keyword(s):  
Price Index ◽  
Housing Prices ◽  
Housing Price ◽  
Least Squares Regression ◽  
Television Show ◽  
Tourism Impact ◽  
Housing Price Index ◽  
The Republic ◽  
The Impact ◽  
Game Of Thrones

The Game of Thrones television program was widely seen throughout the world. The show acted as an advertisement for travel and home purchases in the Republic of Croatia. A hedonic least squares regression model adjusted for autocorrelation is used to consider the impact of the television show, tourist visits to the country and domestic personal income on the housing price index. The descriptive statistics and regression results suggest that the television show and tourism impact existing housing prices. Visitors to the country purchased or rented enough housing to cause demand to increase for residential properties which results in a higher housing price index. Per capita domestic income is not a significant factor influencing the housing price index for existing dwellings.

Application of ARMA Regression Model of Housing Prices Influence Factors of Xi'an

2013 ◽  
Vol 405-408 ◽  
pp. 3340-3342
Author(s):  
Hui Zhi ◽  
Yue Fan Wang
Keyword(s):  
Real Estate ◽  
Regression Model ◽  
Housing Prices ◽  
Influence Factors ◽  
Housing Price ◽  
The Real Estate ◽  
Housing Price Index ◽  
Long Run ◽  
The Government ◽  
The Impact

By selecting the relevant factors affect the real estate price, with the qualitative analysis method to analyze the housing prices changes of Xi'an, and then establish ARMA regression model of the housing price index, found that the factors exist long-run co-integration. In order to better reflect the actual, the government policy as a dummy variable is introduced into the model to make regression results more significantly, showing that government policies play an important role in the control of the impact on real estate prices.

scholarly journals Incomplete Financial Markets and the Booming Housing Sector in China

2020 ◽  
Vol 20 (265) ◽  
Author(s):  
Tamim Bayoumi ◽  
Yunhui Zhao
Keyword(s):  
Financial Markets ◽  
Housing Prices ◽  
Housing Price ◽  
Structural Vulnerability ◽  
Demand And Supply ◽  
Government Interventions ◽  
Balance Sheets ◽  
Market Incompleteness ◽  
The Government ◽  
The Impact

Housing is by far the most important asset in Chinese households’ balance sheets. However, despite forceful and frequent government interventions, the rise in Chinese housing prices has not been contained as much as intended, a trend that has not been reversed by the COVID-19 shock. In this paper, we first provide some stylized facts and then a DSGE model (encompassing both demand and supply channels) to highlight the impact of a “slow-moving” structural vulnerability—financial market incompleteness—on China’s housing prices. The model implies that to eradicate the root causes of the rising housing price, policymakers need to go beyond the housing market itself; instead, it would be desirable to deepen financial markets because these markets would help channel financial resources to productive sectors rather than to housing speculation. This is particularly important in the COVID era because without addressing this structural vulnerability, the higher household savings and the government stimulus may fuel the housing bubble and sow seeds for a future crisis. The paper can also shed light on the housing markets in other economies that face similar vulnerabilities.

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