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Determinants of House Prices in Nine Asia-Pacific Economies

  • 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)

Registered author(s):

    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.

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    Article provided by International Journal of Central Banking in its journal International Journal of Central Banking.

    Volume (Year): 7 (2011)
    Issue (Month): 3 (September)
    Pages: 163-204

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    Handle: RePEc:ijc:ijcjou:y:2011:q:3:a:6
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    1. Aoki, Kosuke & Proudman, James & Vlieghe, Gertjan, 2004. "House prices, consumption, and monetary policy: a financial accelerator approach," Journal of Financial Intermediation, Elsevier, vol. 13(4), pages 414-435, October.
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    11. Holly, Sean & Pesaran, M. Hashem & Yamagata, Takashi, 2010. "A spatio-temporal model of house prices in the USA," Journal of Econometrics, Elsevier, vol. 158(1), pages 160-173, September.
    12. Richard K. Green & Stephen Malpezzi & Stephen K. Mayo, 2005. "Metropolitan-Specific Estimates of the Price Elasticity of Supply of Housing, and Their Sources," American Economic Review, American Economic Association, vol. 95(2), pages 334-339, May.
    13. Richard J. Herring & Susan Wachter, 1999. "Real Estate Booms and Banking Busts: An International Perspective," Center for Financial Institutions Working Papers 99-27, Wharton School Center for Financial Institutions, University of Pennsylvania.
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    15. Jonathan McCarthy & Richard W. Peach, 2002. "Monetary policy transmission to residential investment," Economic Policy Review, Federal Reserve Bank of New York, issue May, pages 139-158.
    16. Chen, Nan-Kuang, 2001. "Bank net worth, asset prices and economic activity," Journal of Monetary Economics, Elsevier, vol. 48(2), pages 415-436, October.
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