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Determinants of House Prices in Nine Asia-Pacific Economies

Author

Listed:
  • Eloisa T. Glindro

    (Center for Monetary and Financial Policy, Bangko Sentral ng Pilipinas)

  • Tientip Subhanij

    (Economic Research Department, Bank of Thailand)

  • Jessica Szeto

    (Economic Research, Hong Kong Monetary Authority)

  • Haibin Zhu

    (Bank for International Settlements)

Abstract

The paper investigates the characteristics of house price dynamics and the role of institutional factors 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, 2011. "Determinants of House Prices in Nine Asia-Pacific Economies," International Journal of Central Banking, International Journal of Central Banking, vol. 7(3), pages 163-204, September.
    • Handle: RePEc:ijc:ijcjou:y:2011:q:3:a:6
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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