Nexus Between Housing And The Macro Economy: The Hong Kong Case
AbstractThis paper shows that, consistent with the 'economic base' theory, exports drive domestic consumption and domestic investment, but housing appears to serve as an important link between exports and domestic expenditures. Focusing on the Hong Kong economy, which is a small open economy with a big population, we found that exports and interest rates drive housing prices over a long period, while housing prices in turn drive domestic expenditures. Copyright 2008 The Authors. Journal compilation 2008 Blackwell Publishing Ltd
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Pacific Economic Review.
Volume (Year): 13 (2008)
Issue (Month): 2 (05)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1361-374X
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- Chen, Yu-Fu & Funke, Michael & Mehrotra, Aaron, 2011.
"What drives urban consumption in mainland China? The role of property price dynamics,"
BOFIT Discussion Papers
13/2011, Bank of Finland, Institute for Economies in Transition.
- Yu-Fu Chen & Michael Funke & Aaron Mehrotra, 2011. "What Drives Urban Consumption In Mainland China? The Role Of Property Price Dynamics," Dundee Discussion Papers in Economics 255, Economic Studies, University of Dundee.
- Chen, Yu-Fu & Funke, Michael & Mehrotra, Aaron, 2011. "What drives urban consumption in mainland china? The role of property price dynamics," SIRE Discussion Papers 2011-50, Scottish Institute for Research in Economics (SIRE).
- Yu-Fu Chen & Michael Funke & Aaron Mehrotra, 2011. "What Drives Urban Consumption in Mainland China? The Role of Property Price Dynamics," Working Papers 152011, Hong Kong Institute for Monetary Research.
- Ho, Lok Sang & Wong, Gary Wai-chung, 2009. "The first step on the housing ladder: A natural experiment in Hong Kong," Journal of Housing Economics, Elsevier, vol. 18(1), pages 59-67, March.
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