Public Investment and Housing Price Appreciation: Evidence from the Neighborhood Stabilization Program

2017 ◽  
Author(s):  
Victor Westrupp
Keyword(s):  
Public Investment ◽  
Housing Price ◽  
Price Appreciation ◽  
Neighborhood Stabilization

Three essays on China's housing market, monetary policy and macroeconomy

2019 ◽  
Author(s):  
◽  
Yifeng Jia
Keyword(s):  
Monetary Policy ◽  
Housing Market ◽  
Negative Impact ◽  
House Price ◽  
Housing Price ◽  
Policy Instruments ◽  
Heterogeneous Effects ◽  
Price Appreciation ◽  
Economic Stimulus ◽  
Monetary Policy Shock

[ACCESS RESTRICTED TO THE UNIVERSITY OF MISSOURI AT REQUEST OF AUTHOR.] This dissertation studies China's housing market and macroeconomic activity with a strong focus on the role of monetary policy behind the markets. The first two chapters concentrate on the house price dynamics in China. Chapter 1 examines the in influence of monetary policy on China's housing price fluctuation by estimating a VAR model with China's aggregated house price data from 1998Q1 to 2015Q4. The monetary policy shock is identify ed by the sign restriction approach following Uhlig (2005), with the identification assumptions extended to three common policy instruments utilized by the central bank of China: interest rate, required reserve ratio and M2. The results suggest a negative impact of a contractionary monetary policy shock on the house price, and M2 tends to be the most effective monetary instruments in terms of policy transmission. The framework is also extended to examine the link between China's 2008 government economic stimulus plan and the subsequent house price appreciation. The obtained evidence suggests that the economic stimulus props up the house price, but its contribution to the post-2008 house price appreciation is not as prominent as indicated by other relevant studies. However, this discrepancy may be explained by the heterogeneous effects of the stimulus policy on local housing markets across China

scholarly journals INTERNAL AND EXTERNAL DETERMINANTS OF HOUSING PRICE BOOM IN HONG KONG

2020 ◽  
Vol 23 (4) ◽  
pp. 597-620
Author(s):  
Farhad Taghizadeh-Hesary ◽  
Naoyuki Yoshino ◽  
Aline Mortha ◽  
Alvin Chiu ◽  
Niki Naderi
Keyword(s):  
Hong Kong ◽  
Housing Prices ◽  
Mainland China ◽  
Housing Price ◽  
Capital Inflow ◽  
Macroeconomic Factors ◽  
Price Boom ◽  
Price Appreciation ◽  
Key Variables ◽  
Internal And External Factors

Hong Kong’s housing market witnessed a dramatic housing price appreciation in recent years, with the price index for private domestic housing units being three times higher than ten years ago. This trend is supported by both internal and external factors, as illustrated in this paper. By developing a theoretical model and an empirical analysis on the key variables influencing housing prices using monthly data from 1999 to 2018, we find that the main drivers of housing price appreciation are from the demand side and include income level, money supply and inflation. The main contribution of this study is the quantification of the role of Mainland China’s macroeconomic factors in housing price booms in Hong Kong. Our study shows that capital inflow from and inflation and recessions in Mainland China contribute to increasing housing prices in Hong Kong because the city’s real estate is seen as a way to preserve asset value. These findings call for the need for control of capital inflow between the two economies as well as for stricter regulations against empty houses in Hong Kong.

The Social Ecology of Speculation: Community Organization and Non-occupancy Investment in the U.S. Housing Bubble

2018 ◽  
Vol 83 (6) ◽  
pp. 1108-1143 ◽  
Author(s):  
Adam Goldstein
Keyword(s):  
Social Organization ◽  
Community Organization ◽  
Local Development ◽  
Housing Price ◽  
The United States ◽  
Entrepreneurial Activity ◽  
Economic Activities ◽  
The Social ◽  
Price Appreciation ◽  
Community Environments

The housing boom of the mid-2000s saw the widespread popularization of non-occupant housing investment as an entrepreneurial activity within U.S. capitalism. In 2005, approximately one sixth of all mortgage-financed home purchases in the United States were for investment purposes. This article develops a sociological account that links the geographic distribution of popular investment to the social and institutional organization of communities. Regression analyses of 1,566 municipalities from 2000 to 2006 indicate that non-occupant investment (but not conventional owner-occupant investment) occurred at significantly greater rates in places where local development institutions were organized in accordance with laissez-faire principles to a greater degree, where economic activities in other domains were less locally embedded in place, and where greater residential instability produced more tenuous connections between residents and places. The magnitudes of these associations suggest that social organization and cultural-institutional conditions were at least as informative as variations in housing price appreciation in shaping the incidence of investor activity during the bubble. Social organization also moderated the behavioral effects of price appreciation. The article advances research on locally-embedded bases of economic action by examining how community environments provide more or less fertile ground for mass-participatory housing speculation and instrumental orientations toward places as exchange-values.

Borrower Risk and Housing Price Appreciation

2018 ◽  
Vol 58 (4) ◽  
pp. 544-566 ◽  
Author(s):  
Darren K. Hayunga ◽  
R. Kelley Pace ◽  
Shuang Zhu
Keyword(s):  
Housing Price ◽  
Price Appreciation

scholarly journals Economic Consequences of Housing Speculation

2020 ◽  
Vol 33 (11) ◽  
pp. 5248-5287 ◽  
Author(s):  
Zhenyu Gao ◽  
Michael Sockin ◽  
Wei Xiong
Keyword(s):  
Housing Price ◽  
Capital Gains ◽  
Economic Consequences ◽  
Housing Construction ◽  
Household Demand ◽  
Economic Downturns ◽  
Housing Boom ◽  
Price Appreciation ◽  
State Capital ◽  
The U.S

Abstract By exploiting variation in state capital gains taxation as an instrument, we analyze the economic consequences of housing speculation during the U.S. housing boom in the 2000s. We find that housing speculation, anchored, in part, on extrapolation of past housing price changes, led not only to greater price appreciation, economic expansions, and housing construction during the boom in 2004–2006 but also to more severe economic downturns during the subsequent bust in 2007–2009. Our analysis supports supply overhang and local household demand as two key channels for transmitting these adverse effects.

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