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Are Asia-Pacific Housing Prices Too High For Comfort?

Author

Listed:
  • Eloisa T Glindro

    (Bangko Sentral ng Phlipinas)

  • Tientip Subhanij

    (Bank of Thailand)

  • Jessica Szeto

    (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 features in nine Asia-Pacific economies. On average, house prices tend to be more volatile in markets with lower supply elasticity and 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. It, however, does not preclude the existence of bubbles in some market segments.

Suggested Citation

  • Eloisa T Glindro & Tientip Subhanij & Jessica Szeto & Haibin Zhu, 2008. "Are Asia-Pacific Housing Prices Too High For Comfort?," Working Papers 2008-11, Monetary Policy Group, Bank of Thailand.
  • Handle: RePEc:bth:wpaper:2008-11
    as

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    File URL: http://www.bot.or.th/Thai/EconomicConditions/Publication/Discussion_2551/dp010108thai_tientip.pdf
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    References listed on IDEAS

    as
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    Cited by:

    1. Frank Leung & Kevin Chow & Gaofeng Han, 2008. "Long-term and Short-term Determinants of Property Prices in Hong Kong," Working Papers 0815, Hong Kong Monetary Authority.

    More about this item

    Keywords

    Asia-Pacific economies; house price dynamics; housing bubble; housing financing system; mean reversion; persistence parameter;

    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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