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Equilibrium-Oriented Housing Supply: A Case Study of Chengdu City, China

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  • Ge He

    () (College of Economics and Management of Sichuan Agricultural University, China)

Abstract

There is a growing concern regarding housing supply management because of soaring housing prices consequent to recent market failure in China. This study is aimed at presenting an equilibrium-oriented housing supply management model that integrates housing supply and demand with time lag and reasonable vacancy area. For validity test of the model, Chengdu City was selected as a sample. The study establishes the feasibility of this model by demonstrating that optimized housing supply can narrow the gap between housing supply and demand. The implication of this finding is that planning of housing supply is an important management tool and that in applying this tool, local government should intervene in housing market to ensure scientific consideration of city's development position, economic growth and housing demand.

Suggested Citation

  • Ge He, 2013. "Equilibrium-Oriented Housing Supply: A Case Study of Chengdu City, China," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 60(4), pages 557-568, June.
  • Handle: RePEc:voj:journl:v:60:y:2013:i:4:p:557-568
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    References listed on IDEAS

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    1. Philip Arestis, 2011. "Fiscal Policy Is Still an Effective Instrument of Macroeconomic Policy," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(2), pages 143-156, June.
    2. Michael Ball, 2011. "Planning Delay and the Responsiveness of English Housing Supply," Urban Studies, Urban Studies Journal Limited, vol. 48(2), pages 349-362, February.
    3. Du, Hongyan & Ma, Yongkai & An, Yunbi, 2011. "The impact of land policy on the relation between housing and land prices: Evidence from China," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(1), pages 19-27, February.
    4. Goodman, Allen C., 2002. "Estimating Equilibrium Housing Demand for "Stayers"," Journal of Urban Economics, Elsevier, vol. 51(1), pages 1-24, January.
    5. Stephen Mak & Lennon Choy & Winky Ho, 2012. "Region-specific Estimates of the Determinants of Real Estate Investment in China," Urban Studies, Urban Studies Journal Limited, vol. 49(4), pages 741-755, March.
    6. Wu, Jing & Gyourko, Joseph & Deng, Yongheng, 2012. "Evaluating conditions in major Chinese housing markets," Regional Science and Urban Economics, Elsevier, vol. 42(3), pages 531-543.
    7. Hung-Gay Fung & Alan Guoming Huang & Qingfeng Wilson Liu & Maggie Xiaoqin Shen, 2006. "The Development of the Real Estate Industry in China," Chinese Economy, Taylor & Francis Journals, vol. 39(1), pages 84-102, February.
    8. Carliner, Geoffrey, 1973. "Income Elasticity of Housing Demand," The Review of Economics and Statistics, MIT Press, vol. 55(4), pages 528-532, November.
    9. Shunfeng Song & George S.-F. Chu & Rongqing Cao, 1999. "Real Estate Tax In Urban China," Contemporary Economic Policy, Western Economic Association International, vol. 17(4), pages 540-551, October.
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    Cited by:

    1. Chen, W.D., 2016. "Policy failure or success? Detecting market failure in China's housing market," Economic Modelling, Elsevier, vol. 56(C), pages 109-121.
    2. Mario Arturo Ruiz Estrada & Donghyun Park, 2014. "China’s Unification: Myth or Reality?," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 61(4), pages 441-469, September.

    More about this item

    Keywords

    Housing supply management; Housing market; Housing price; Dynamic economics model; China;

    JEL classification:

    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • D04 - Microeconomics - - General - - - Microeconomic Policy: Formulation; Implementation; Evaluation

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