House prices and aggregate consumption: Do they move together? Evidence from Singapore

Journal of Housing Economics

Volumn 13, Issue 2, 2004, Pages 101-119

  Phang, Sock Yong ^a  

^a SINGAPORE MANAGEMENT UNIVERSITY   (Singapore)

Author keywords

Consumption; Housing prices; Life cycle permanent income hypotheses

Indexed keywords

EID: 3242674522     PISSN: 10511377     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jhe.2004.04.003     Document Type: Article

References (48)

1. Abrahams J.M. Hendershott P.H. Bubbles in metropolitan housing markets J. Housing Res. 7 1996 191-207
2. Altonji J.G. Siow A. Testing the response of consumption to income changes with (noisy) panel data Quart. J. Econ. 102 1987 293-328
3. Aoki K. Proudman J. Vlieghe G. Houses as collateral: has the link between house prices and consumption in the UK changed? Fed. Reserve Bank New York Econ. Pol. Rev. 8 2002 163-178
4. Bardhan A.D. Datta R. Edelstein R.H. Kim L.S. A tale of two sectors: upward mobility and the private housing market in Singapore J. Housing Econ. 12 2003 83-105
5. Bourassa S.C. Hendershott P.H. Murphy J. Further evidence on the existence of housing market bubbles J. Property Res. 18 2001 1-20
6. Browning M. Crossley T.F. The life-cycle model of consumption and saving J. Econ. Perspect. 15 2001 3-22
7. Campbell J.Y. Deaton A. Why is consumption so smooth? Rev. Econ. Stud. 56 1989 357-374
8. Campbell J.Y. Mankiw G. Permanent income, current income, and consumption J. Bus. Econ. Statist. 8 1990 265-279
9. Carroll C.D. A theory of the consumption function, with and without liquidity constraints J. Econ. Perspect. 15 2001 23-45
10. Case K.E., Quigley J.M., Shiller R.J., 2001. Comparing wealth effects: the stock market versus the housing market. National Bureau of Economic Research Working Paper Series, No. 8606
11. Castells M. Goh L. Kwok R.Y.W. The Shek Kip Mei Syndrome: Economic Development and Public Housing in Hong Kong and Singapore 1990 Pion London
12. Chua B.H. Political Legitimacy and Housing: Stakeholding in Singapore 1997 Routledge London
13. Davey M., 2001. Mortgage equity withdrawal and consumption. Bank of England Quarterly Bulletin. Spring Issue 100-103
14. Deaton A. Understanding Consumption 1992 Clarendon Press Oxford
15. Department of Statistics, Singapore, 1997. Home Upgrading in Singapore: 1991-1995. Singapore Department of Statistics Occasional Paper Series
16. DiPasquale D. Wheaton W. House price dynamics and the future of housing prices J. Urban Econ. 35 1994 1-27
17. Dvornak N., Kohler M. 2003. Housing Wealth, Stock Market Wealth and Consumption: A Panel Analysis for Australia. Reserve Bank of Australia Research Discussion Paper 2003-2007
18. Elliott J.W. Wealth and wealth proxies in a permanent income model Quart. J. Econ. 95 1980 509-535
19. Engelhardt G.V. House prices and home owner saving behavior Reg. Sci. Urban Econ. 26 1996 313-336
20. Friedman M. A Theory of the Consumption Function 1957 Princeton University Press Princeton
21. Fu Y.M. Housing Market and Housing Policies In: Cheung S.Y.L. Stephen M.H. (Eds.) The Other Hong Kong Report 1995 261-285 The Chinese University Press Hong Kong
22. Gramlich E.M. 2002. Consumption and Wealth Effect: The United States and the United Kingdom. Remarks before the International Bond Congress. London, UK, February 20, 2002
23. Greenspan A. 1999. Mortgage Markets and Economic Activity. Remarks before a conference on Mortgage Markets and Economic Activity sponsored by America's Community Bankers. Washington, DC, November 2, 1999
24. Hoynes H.W. McFadden D.L. The impact of demographics on housing and nonhousing wealth in the United States In: Hurd M.D. Naohiro Y. (Eds.) The Economic Effects of Aging in the United States and Japan 1997 153-194 University of Chicago Press for NBER Chicago
25. Levin L. Are assets fungible? Testing the behavioral theory of life-cycle savings J. Econ. Organ. Behav. 36 1998 59-83
26. Low L. Aw T.C. Housing a Healthy, Educated and Wealthy Nation through the CPF 1997 Times Academic Press for The Institute of Policy Studies Singapore
27. Ludwig A., Slok T. 2002. The Impact of Changes in Stock Prices and House Prices on Consumption in OECD Countries. International Monetary Fund Working Paper Series, WP/02/1
28. Lum S.K. Market fundamentals, public policy and private gain: house price dynamics in Singapore J. Property Res. 19 2002 121-143
29. Lyhagen J. The effect of precautionary saving on consumption in Sweden Appl. Econ. 33 2001 673-681
30. Malpezzi S. A simple error correction model of house prices J. Housing Econ. 8 1999 27-62
31. McCarthy D. Mitchell O.S. Piggott J. Asset rich and cash poor: retirement provision and housing policy in Singapore J. Pension Econ. Finan. 1 2002 197-222
32. Meen G. Time-series models of housing: a transatlantic divide? J. Housing Econ. 11 2002 1-23
33. Mera K. Renaud B. (Eds.) Asia's Financial Crisis and the Role of Real Estate 2000 Sharpe New York
34. Miles D. Housing, Financial Markets and the Wider Economy 1994 John Wiley Chichester
35. Modigliani F. Brumberg R. Utility analysis and the consumption function: an interpretation of cross-section data In Kurihara K.K.(Ed.) Post Keynesian Economics 1954 Rutgers University Press New Brunswick, NJ
36. Muellbauer J. Murphy A. Booms and busts in the UK housing market Econ. J. 107 1997 1701-1727
37. Ong S.E. Sing T.F. Price discovery between private and public housing markets Urban Stud. 39 2002 57-67
38. Phang S.Y. Housing Markets and Urban Transportation: Economic Theory, Econometrics and Policy Analysis for Singapore 1992 McGraw Hill Singapore
39. Phang S.Y. Hong Kong and Singapore In Andelson R.V. (Ed.) Land-Value Taxation Around the World Third ed. 2000 337-352 Blackwell Publishers Malden, MA
40. Phang S.Y. Housing policy, wealth formation and the Singapore economy Housing Stud. 16 2001 443-459
41. Phang S.Y. The Social Compact in Singapore: The changing role of housing In: Yap M.T. (Ed.) Singapore Perspectives 2003 2003 111-124 Eastern Universities Press for Institute of Policy Studies Singapore
42. Phang S.Y. Wong W.K. Government policies and private housing prices in Singapore Urban Stud. 34 1997 1819-1829
43. Reanud B. Pretorius F. Pasadilla B. Markets at Work: Dynamics of the Residential Real Estate Market in Hong Kong 1997 Hong Kong University Press Hong Kong
44. Shea J. Myopia, liquidity constraints, and aggregate consumption: a simple test J. Money Credit Banking 27 1995 798-805
45. Skinner J. Housing wealth and aggregate saving Reg. Sci. Urban Econ. 19 1989 305-324
46. Skinner J. Is Housing Wealth a Sideshow? 1993 Mimeo University of Virginia
47. Wong A. Yeh S.(Eds.) Housing a Nation: 25 Years of Public Housing in Singapore 1985 Housing and Development Board Singapore
48. World Bank, 2003. Singapore at a glance. The World Bank Group: http//www.worldbank.org/data