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Frontiers of Economics in China

ISSN 1673-3444

ISSN 1673-3568(Online)

CN 11-5744/F

邮发代号 80-978

Front. Econ. China  2010, Vol. 5 Issue (1): 52-68   https://doi.org/10.1007/s11459-010-0003-6
  Research articles 本期目录
House Price Dynamics: Evidence from Beijing
House Price Dynamics: Evidence from Beijing
Jinhai Yan 1, Lei Feng 2, Helen X. H. Bao3,
1.School of Public Affairs, Xiamen University, Xiamen 361005, China; 2.Department of Land and Real Estate Management, School of Public Administration, Renmin University of China, Beijing 100872, China; 3.Department of Land Economy, University of Cambridge, Cambridge CB39EP, UK;
 全文: PDF(589 KB)  
Abstract:To study the house price dynamics in China, this paper extends the traditional life-cycle model by incorporating land supply, regime shifts and government regulation factors. The models are estimated with an error correction framework using quarterly data from 2000 to 2007 in Beijing. The conclusions are as follows. (1) There exits a stable co-integration relationship between house price and fundamentals; land supply and financial regimes are also important determinants of long-run equilibrium house prices. (2) Short-run dynamics depend on changes of fundamentals and the adjustment process of housing market. Land supply has a significant impact on house price fluctuations while demand factors such as user costs, income and residential mortgage loan have greater influences. The adjustment speed of real house prices to the long-run equilibrium has been reduced significantly since 2005 which means exogenous shocks can cause prolonged deviation of real house prices from the equilibrium level.
Key wordshouse prices    house price dynamics    regime shifts    macro-regulation
出版日期: 2010-03-05
 引用本文:   
. House Price Dynamics: Evidence from Beijing[J]. Front. Econ. China, 2010, 5(1): 52-68.
Jinhai Yan , Lei Feng , Helen X. H. Bao, . House Price Dynamics: Evidence from Beijing. Front. Econ. China, 2010, 5(1): 52-68.
 链接本文:  
https://academic.hep.com.cn/fec/CN/10.1007/s11459-010-0003-6
https://academic.hep.com.cn/fec/CN/Y2010/V5/I1/52
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