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The Construction and Related Industries in a Changing Socio-Economic Environment: The case of Hong Kong„X

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Author Info
Charles Ka Yui Leung (Dept of Economics, Chinese University of Hong Kong, Hong Kong)
Kelvin S. Wong (Dept of Real Estate and Construction, University of Hong Kong, Hong Kong)

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Abstract

Hong Kong is well known for its "housing market bubble". Both theoretical and empirical studies point to the supply side being the "root of all evil". This paper takes a preliminary step in understanding the supply side of the Hong Kong market by investigating the construction and related industries. After taking into consideration of the unusual public expenditure, the construction industry seems to be "normal" in international standard. Its relationship with the aggregate economy is also examined. Directions for future research are also suggested.

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Publisher Info
Paper provided by Chinese University of Hong Kong, Department of Economics in its series Discussion Papers with number 00011.

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Date of creation: Oct 2004
Date of revision: May 2005
Handle: RePEc:chk:cuhkdc:00011

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Related research
Keywords: housing construction government policy employment investment

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Find related papers by JEL classification:
E0 - Macroeconomics and Monetary Economics - - General
E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
R0 - Urban, Rural, and Regional Economics - - General

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  1. Charles Ka Yui Leung, 2004. "Macroeconomics and Housing: A Review of the Literature," Discussion Papers 00004, Chinese University of Hong Kong, Department of Economics. [Downloadable!]
    Other versions:
  2. Raymond Y.C. Tse, Sivaguru Ganesan, 1997. "Causal relationship between construction flows and GDP: evidence from Hong Kong," Construction Management & Economics, Taylor and Francis Journals, vol. 15(4), pages 371-376, July. [Downloadable!] (restricted)
  3. Greenwood, J. & Hercowitz, Z., 1991. "The Allocation of Capital and Time Over the Business Cycle," RCER Working Papers 268, University of Rochester - Center for Economic Research (RCER).
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  4. Patrick McCloughan, 2004. "Construction sector concentration: evidence from Britain," Construction Management & Economics, Taylor and Francis Journals, vol. 22(9), pages 979-990, November. [Downloadable!] (restricted)
  5. Edward L. Glaeser & Joseph Gyourko & Raven E. Saks, 2005. "Urban Growth and Housing Supply," NBER Working Papers 11097, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. Raymond Y.C. Tse, C.W. Ho, S. Ganesan, 1999. "Matching housing supply and demand: an empirical study of Hong Kong's market," Construction Management & Economics, Taylor and Francis Journals, vol. 17(5), pages 625-633, September. [Downloadable!] (restricted)
  7. Neng Lai & Ko Wang, 1999. "Land-Supply Restrictions, Developer Strategies and Housing Policies: The Case in Hong Kong," International Real Estate Review, Asian Real Estate Society, vol. 2(1), pages 143-159. [Downloadable!] (restricted)
  8. Kiyotaki, Nobuhiro & Moore, John, 1997. "Credit Cycles," Journal of Political Economy, University of Chicago Press, vol. 105(2), pages 211-48, April.
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  9. Ko Wang & Yuqing Zhou & Su Han Chan & K. W. Chau, 2000. "Over-Confidence and Cycles in Real Estate Markets: Cases in Hong Kong and Asia," International Real Estate Review, Asian Real Estate Society, vol. 3(1), pages 93-108. [Downloadable!] (restricted)
  10. Yat-Hung Chiang, Bo-Sin Tang, Wing-Yu Leung, 2001. "Market structure of the construction industry in Hong Kong," Construction Management & Economics, Taylor and Francis Journals, vol. 19(7), pages 675-687, November. [Downloadable!] (restricted)
  11. DiPasquale, Denise, 1999. "Why Don't We Know More about Housing Supply?," The Journal of Real Estate Finance and Economics, Springer, vol. 18(1), pages 9-23, January. [Downloadable!] (restricted)
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