Region-Specific Estimates of the Determinants of Residential Investment

Journal of Urban Planning and Development

Volumn 137, Issue 1, 2011, Pages 1-6

  Choy, Lennon H T ^a   Ho, Winky K O ^a   Mak, Stephen W K ^a  

^a HONG KONG POLYTECHNIC UNIVERSITY   (Hong Kong)

Author keywords

China regions; Panel data model; Residential investment differentials

Indexed keywords

ADJUSTMENT MECHANISMS; CHINA REGION; EMPIRICAL RESULTS; EQUILIBRIUM MODELS; PANEL DATA; PANEL DATA MODELS; PEOPLE'S REPUBLIC OF CHINA; PLANNING REGULATIONS; PROPERTY MARKET; REAL INTEREST; RESIDENTIAL INVESTMENT DIFFERENTIALS;

MODELS;

INVESTMENTS;

ESTIMATION METHOD; HOUSING MARKET; INTEREST RATE; INVESTMENT; METROPOLITAN AREA; MODELING; PANEL DATA; PROPERTY MARKET; RESIDENTIAL DEVELOPMENT;

CHINA;

EID: 79952338601     PISSN: 07339488     EISSN: None     Source Type: Journal    
DOI: 10.1061/(ASCE)UP.1943-5444.0000030     Document Type: Article

References (36)

1. Berger-Thomas L. Ellis L. Housing construction cycles and interest rates. 2004, and Research Discussion Paper 2004-08, Reserve Bank of Australia, Sydney.
2. Browne L.E. National and regional housing patterns. New England Econ. Rev. 2000, July/August:32-57. NWEEAP.
3. 2008, China Infobank International.
4. Demers F. Modelling and forecasting housing investment: The case of Canada. 2005, Working Paper 2005-41, Bank of Canada, Ottawa.
5. Dynan K. Elmendorf D. Sichel D. Can financial innovation help to explain the reduced volatility of economic activity?. J. Monetary Econ. 2006, 53(1):123-150. JMOEDW, and.
6. Edge R.M. The effect of monetary policy on residential and structures investment under differential project planning and completion times. 2000, Int. Finance Discussion Paper No. 617, Board of Governors of the Federal Reserve System, Washington, DC.
7. Egebo T. Richardson P. Lienert I. model of housing investment for the major OECD economies. OECD J. Econ. Stud. 1990, 14:151-188. 1995-2848, and.
8. Fisher J.D. M. Gervais M. First-time home buyers and residential investment volatility. 2007, and Working Paper 2007-15, Federal Reserve Bank of Chicago, Chicago.
9. Fortura P. Kushner J. Canadian intercity house price differentials. AREUEA J. 1986, 14(4):525-536. and.
10. Gern J. Meier P. Explaining growth divergences in the Euro area: The role of residential investment. 2006, and European Forecasting Network.
11. Green R. Follow the leader: How changes in residential and non-residential investment predict changes in GDP. AREUEA J. 1997, 25(2):253-270.
12. Green R. Malpezzi S. Mayo S. Metropolitan-specific estimates of the price elasticity of supply of housing, and their sources. Am. Econ. Rev. 2005, 95(2):334-339. 0002-8282, 10.1257/000282805774670077, and.
13. Hausman J.A. Specification test in econometrics. Econometrica 1978, 46(6):1251-1272. ECMTA7, 0098-1699, 10.2307/1913827.
14. Hsiao C. Analysis of panel data 2003, Cambridge University Press, Cambridge, MA.
15. Hsiao C. Why panel data?. 2005, "" IEPR Working Paper 05.33, Univ. of Southern California, Los Angeles.
16. Krainer J. Residential investment over the real estate cycle. 2006, 1-3. FRBSF Economic Letter, 2006-15, Federal Reserve Bank of San Francisco.
17. Lindh T. Malmberg B. Demography and housing demand-What can we learn from residential construction data?. 2005, 1-26. and "" Arbetsrapport, 2005:20.
18. Mak S.W. K. Choy L.H. T. Ho W.K. O. Privatization, housing conditions and affordability in the People's Republic of China. Habitat Int. 2007, 31(2):177-192. 0197-3975, 10.1016/j.habitatint.2006.11.003, and.
19. Manning C. Explaining intercity home price differences. J. Real Estate Finance Econ. 1989, 2(2):131-149. 0895-5638, 10.1007/BF00159795.
20. Mayer C.J. Somverville C.T. Residential construction: Using the urban growth model to estimate housing supply. J. Urban Econ. 2000, 48(1):85-109. JUECDW, and.
21. McCarthy J. Peach R.W. Monetary policy transmission to residential investment. Econ. Policy Rev. 2002, May:139-158. and.
22. Miller N. Peng L. Exploring metropolitan housing price volatility. J. Real Estate Finance Econ. 2006, 33(1):5-18. 0895-5638, 10.1007/s11146-006-8271-8, and.
23. China statistical yearbook 2007, National Bureau of Statistics of China, China Statistical Press, Beijing.
24. Statistical data. 2008, National Bureau of Statistics of China.
25. Nunn S. Public and private built environment in the new economy: Exploring regional differences, 1990-2000. J. Urban Plann. Dev. 2004, 130(3):125-132. JUPDDM, 0733-9488, 10.1061/(ASCE)0733-9488(2004)130:3(125).
26. Ozanne L. Thibodeau T. Explaining metropolitan housing price differentials. J. Urban Econ. 1983, 13(1):51-66. JUECDW, and.
27. Pakes A. Griliches Z. Estimating distributed lags in short panels with an application to the specialization of depreciation patterns and capital stock construct. Rev. Econ. Stud. 1984, 51(2):243-262. 0034-6527, 10.2307/2297690, and.
28. Peek J. Wilcox J. Housing, credit constraints, and the macro stability: The secondary mortgage market and reduced cyclicality of residential investment. Am. Econ. Rev. 2006, 96(2):135-140. 0002-8282, 10.1257/000282806777211973, and.
29. Interest rates of RMB charged by financial institutions. 2008, People's Bank of China.
30. Pollakowski H.O. Wachter S.M. The effects of land-use constraints on housing prices. Land Econ. 1990, 66(3):315-324. LAECAD, and.
31. Potepan M. Explaining intermetropolitan variation in housing prices, rent and land prices. AREUEA J. 1996, 24(2):219-245.
32. Reichert A.K. The impact of interest rates, income, and employment upon regional housing prices. J. Real Estate Finance Econ. 1990, 3(4):373-391. 0895-5638, 10.1007/BF00178859.
33. Rosen S. Estimating inter-city differences in the price of housing services. Urban Stud. 1978, 15(3):351-355. 0042-0980.
34. Wang T.Y. Wang S. China. World property atlas 1996, 133-153. R. F. Calatchi, S. Rosenburg, and and eds., Euromoney Publications, London.
35. Wooldridge J.M. Econometric analysis of cross section and panel data 2002, MIT Press, Cambridge, MA.
36. Yang S. rational look at the top ten cities of real estate development potentials. 2004, (in Chinese).