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Are Asia-Pacific Housing Prices Too High For Comfort?

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Author Info

  • Eloisa T Glindro

    (Bangko Sentral ng Phlipinas)

  • Tientip Subhanij

    (Bank of Thailand)

  • Jessica Szeto

    (Hong Kong Monetary Authority)

  • Haibin Zhu

    (Bank for International Settlements)

Registered author(s):

    Abstract

    The paper investigates the characteristics of house price dynamics and the role of institutional features in nine Asia-Pacific economies. On average, house prices tend to be more volatile in markets with lower supply elasticity and 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. It, however, does not preclude the existence of bubbles in some market segments.

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    File URL: http://www.bot.or.th/Thai/EconomicConditions/Publication/Discussion_2551/dp010108thai_tientip.pdf
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    Bibliographic Info

    Paper provided by Economic Research Department, Bank of Thailand in its series Working Papers with number 2008-11.

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    Length: 57 pages
    Date of creation: Nov 2008
    Date of revision:
    Handle: RePEc:bth:wpaper:2008-11

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    Related research

    Keywords: Asia-Pacific economies; house price dynamics; housing bubble; housing financing system; mean reversion; persistence parameter;

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    References

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    1. Aoki, Kosuke & James Proudman & Gertjan Vlieghe, 2003. "House prices, consumption, and monetary policy: a financial accelerator approach," Royal Economic Society Annual Conference 2003 7, Royal Economic Society.
    2. Charles K. Y. Leung & Garion C. K. Lau & Youngman C. F. Leong, 2002. "Testing Alternative Theories of the Property Price-Trading Volume Correlation," Journal of Real Estate Research, American Real Estate Society, vol. 23(3), pages 253-264.
    3. Charles Himmelberg & Christopher Mayer & Todd Sinai, 2005. "Assessing High House Prices: Bubbles, Fundamentals, and Misperceptions," NBER Working Papers 11643, National Bureau of Economic Research, Inc.
    4. Charles Ka-Yui Leung & Nan-Kuang Chen, 2005. "Intrinsic Cycles of Land Price: A Simple Model," Departmental Working Papers _166, Chinese University of Hong Kong, Department of Economics.
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    8. Ballesteros, Marife Magno, 2002. "Rethinking Institutional Reforms in the Philippine Housing Sector," Discussion Papers DP 2002-16, Philippine Institute for Development Studies.
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    14. William C. Wheaton, 1999. "Real Estate "Cycles": Some Fundamentals," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 27(2), pages 209-230.
    15. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," NBER Working Papers 5146, National Bureau of Economic Research, Inc.
    16. Andrew Coleman, 2007. "Credit constraints and housing markets in New Zealand," Reserve Bank of New Zealand Discussion Paper Series DP2007/11, Reserve Bank of New Zealand.
    17. Gan, Jie, 2007. "Collateral, debt capacity, and corporate investment: Evidence from a natural experiment," Journal of Financial Economics, Elsevier, vol. 85(3), pages 709-734, September.
    18. Rui Yao, 2005. "Optimal Consumption and Portfolio Choices with Risky Housing and Borrowing Constraints," Review of Financial Studies, Society for Financial Studies, vol. 18(1), pages 197-239.
    19. Mark J. Garmaise, 2004. "Confronting Information Asymmetries: Evidence from Real Estate Markets," Review of Financial Studies, Society for Financial Studies, vol. 17(2), pages 405-437.
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    Cited by:
    1. Frank Leung & Kevin Chow & Gaofeng Han, 2008. "Long-term and Short-term Determinants of Property Prices in Hong Kong," Working Papers 0815, Hong Kong Monetary Authority.

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