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Regional House Prices and the Ripple Effect in Malaysia

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  • Hooi Hooi Lean
  • Russell Smyth

Abstract

This paper applies univariate and panel Lagrange multiplier (LM) unit root tests with one and two structural breaks to the ratio of the regional to national house price to examine the ripple effect for five different housing price indices (aggregate housing, detached housing, semi-detached housing, terrace housing and high-rise housing) across 14 regional locations in Malaysia. Segmentation is restricted to a small group of states across most housing types for which there is no long-run relationship with the Malaysian average. When all housing types are taken together, evidence of a ripple effect is generally found from the most developed states to the less developed states of Malaysia. While overall rates of conversion to the long-run equilibrium are consistent with a low level of persistence, there is some evidence of regional clusters based on similar speeds of adjustment in different parts of the country.

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Bibliographic Info

Article provided by Urban Studies Journal Limited in its journal Urban Studies.

Volume (Year): 50 (2013)
Issue (Month): 5 (April)
Pages: 895-922

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Handle: RePEc:sae:urbstu:v:50:y:2013:i:5:p:895-922

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Web page: http://www.gla.ac.uk/departments/urbanstudiesjournal

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Cited by:
  1. Christophe Andre & Luis A. Gil-Alana & Rangan Gupta, 2013. "Comovement in Euro Area Housing Prices: A Fractional Cointegration Approach," Working Papers 201359, University of Pretoria, Department of Economics.

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