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Relating International Trade to the Housing Market


  • Leung, Charles Ka Yui


Studies of tariffs have tended to ignore their impact on housing markets. This paper builds a simple dynamic general-equilibrium model to bridge the gap. The model is consistent with empirical findings that housing prices in several small open economies, and the price of nontradeables relative to tradeables, have increased over time. The model also allows closed-form solutions of the elasticity of the economic growth rate, the housing-stock growth rate, and the housing-price growth rate, with respect to the tariff rate. Other testable implications are generated. Copyright 2001 by Blackwell Publishing Ltd

Suggested Citation

  • Leung, Charles Ka Yui, 2001. "Relating International Trade to the Housing Market," Review of Development Economics, Wiley Blackwell, vol. 5(2), pages 328-335, June.
  • Handle: RePEc:bla:rdevec:v:5:y:2001:i:2:p:328-35

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    References listed on IDEAS

    1. Galor, Oded & Ryder, Harl E., 1989. "Existence, uniqueness, and stability of equilibrium in an overlapping-generations model with productive capital," Journal of Economic Theory, Elsevier, vol. 49(2), pages 360-375, December.
    2. Galor, Oded, 1992. "A Two-Sector Overlapping-Generations Model: A Global Characterization of the Dynamical System," Econometrica, Econometric Society, vol. 60(6), pages 1351-1386, November.
    3. Cremers, Emily T., 1997. "Capital markets and dimension in neoclassical models of growth with trade," Journal of International Economics, Elsevier, vol. 43(1-2), pages 155-172, August.
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    Cited by:

    1. Leung, Charles, 2004. "Macroeconomics and housing: a review of the literature," Journal of Housing Economics, Elsevier, vol. 13(4), pages 249-267, December.
    2. Charles Ka Yui Leung & Kelvin Siu Kei Wong & Patrick Wai Yin Cheung, 2007. "On the Stability of the Implicit Prices of Housing Attributes: A Dynamic Theory and Some Evidence," International Real Estate Review, Asian Real Estate Society, vol. 10(2), pages 66-93.
    3. Wang, Ping & Xie, Danyang, 2014. "Housing Dynamics: Theory Behind Empirics," MPRA Paper 59057, University Library of Munich, Germany.
    4. 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.

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