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The Estimation and Determinants of the Price Elasticity of Housing Supply: Evidence from China

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  • Songtao Wang

    ()
    (Tsinghua University)

  • Su Han Chan

    ()
    (Baruch College, City University of New York)

  • Bohua Xu

    ()
    (University of Southern California)

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    Abstract

    This paper provides a first look at estimates of the price elasticity of housing supply in China at both the national and city levels. Using a panel dataset consisting of 35 cities in China from 1998 to 2009, we find the implied national price elasticity of housing supply to be between 2.8 and 5.6. Our city-level analysis reveals that geographic, economic as well as regulatory factors are significant determinants of the variation in the observed price elasticity of housing supply. The study of a different regulatory and economic environment contributes to the growing literature on supply elasticity and helps explain the seemingly wide variation in supply elasticities observed across cities and countries.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/new_current/vol34n03/03.311_344.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal journal of Real Estate Research.

    Volume (Year): 34 (2012)
    Issue (Month): 3 ()
    Pages: 311-344

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    Handle: RePEc:jre:issued:v:34:n:3:2012:p:311-344

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    Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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    Cited by:
    1. Elias Oikarinen & Risto Peltola & Eero Valtonen, 2014. "Regional variation in the elasticity of supply of housing, and its determinants: The case of a small sparsely populated country," Discussion Papers 91, Aboa Centre for Economics.
    2. Jian Chen & David H. Downs, 2013. "Property Tax and Tenure Choice: Implications for China," International Real Estate Review, Asian Real Estate Society, vol. 16(3), pages 323-343.
    3. Jing Wu & Joseph Gyourko & Yongheng Deng, 2013. "Is There Evidence of a Real Estate Collateral Channel Effect on Listed Firm Investment in China?," NBER Working Papers 18762, National Bureau of Economic Research, Inc.

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