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Determinants of house prices in nine Asia-Pacific economies

Author

Listed:
  • Eloisa T Glindro
  • Tientip Subhanij
  • Jessica Szeto
  • Haibin Zhu

Abstract

The paper investigates the characteristics of house price dynamics and the role of institutional features in nine Asia-Pacific economies during 1993-2006. On average, house prices tend to be more volatile in markets with lower supply elasticity and a more flexible business environment. At the national level, the current run-up in house prices mainly reflects adjustment to improved fundamentals rather than speculative housing bubbles. However, evidence of bubbles does exist in some market segments.

Suggested Citation

  • Eloisa T Glindro & Tientip Subhanij & Jessica Szeto & Haibin Zhu, 2008. "Determinants of house prices in nine Asia-Pacific economies," BIS Working Papers 263, Bank for International Settlements.
    • Handle: RePEc:bis:biswps:263
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    3. Steffen Dyck, 2009. "Emerging Asia's Middle Class-A Force to be Reckoned With," Working Papers id:2232, eSocialSciences.
    4. Alessio Ciarlone, 2015. "House price cycles in emerging economies," Studies in Economics and Finance, Emerald Group Publishing Limited, vol. 32(1), pages 17-52, March.
    5. Christos S. Savva, 2018. "Factors Affecting Housing Prices: International Evidence," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, vol. 12(2), pages 87-96, December.
    6. Yiu, Matthew S. & Yu, Jun & Jin, Lu, 2013. "Detecting bubbles in Hong Kong residential property market," Journal of Asian Economics, Elsevier, vol. 28(C), pages 115-124.
    7. Ashvin Ahuja & Lillian Cheung & Gaofeng Han & Nathan Porter & Wenlang Zhang, 2011. "Are Housing Prices Rising Too Fast in China?," Working Papers id:3646, eSocialSciences.
    8. Llesh Lleshaj & Bezo Lorena - Balili, 2020. "Economic Growth Model and Foreign Direct Investment: Evidence from Albania," European Journal of Marketing and Economics Articles, Revistia Research and Publishing, vol. 4, January -.
    9. Andrew Filardo & Jason George & Mico Loretan & Guonan Ma & Anella Munro & Ilhyock Shim & Philip Wooldridge & James Yetman & Haibin Zhu, 2010. "The international financial crisis: timeline, impact and policy responses in Asia and the Pacific," BIS Papers chapters, in: Bank for International Settlements (ed.), The international financial crisis and policy challenges in Asia and the Pacific, volume 52, pages 21-82, Bank for International Settlements.
    10. Chang, Soon-taek, 2010. "Mortgage lending in Korea : an example of a countercyclical macroprudential approach," Policy Research Working Paper Series 5505, The World Bank.
    11. Cao, Xiaping & Huang, Bihong & Lai, Rose Neng, 2018. "The Impact of Exogenous Demand Shock on the Housing Market: Evidence from the Home Purchase Restriction Policy in the People’s Republic of China," ADBI Working Papers 824, Asian Development Bank Institute.

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