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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
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    References listed on IDEAS

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    Citations

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    Cited by:

    1. Tientip Subhanij, 2009. "Household sector and monetary policy implications: Thailand’s recent experience," Working Papers 2009-06, Monetary Policy Group, Bank of Thailand.
    2. Tientip Subhanij, 2009. "Household sector and monetary policy implications: Thailand’s recent experience," BIS Papers chapters, in: Bank for International Settlements (ed.), Household debt: implications for monetary policy and financial stability, volume 46, pages 136-161, Bank for International Settlements.
    3. Yung Chul Park, 2011. "The Role of Macroprudential Policy for Financial Stability in East Asia’s Emerging Economies," Macroeconomics Working Papers 23252, East Asian Bureau of Economic Research.
    4. Bank for International Settlements, 2009. "Household debt: implications for monetary policy and financial stability," BIS Papers, Bank for International Settlements, number 46.
    5. Nasha Ananchotikul & Khatharit Sitthikul, 2009. "Capital Flows In Thailand: Trends, Determinants, And Implications For Central Bank Policies," Working Papers 2009-10, Monetary Policy Group, Bank of Thailand.
    6. Rehman, Saira & Moutinho, Nuno & Alves, Jorge, 2020. "The Relationship Between Portuguese Economy Indicators And Housing Prices," Journal of Tourism, Sustainability and Well-being, Cinturs - Research Centre for Tourism, Sustainability and Well-being, University of Algarve, vol. 8(4), pages 270-286.
    7. 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.

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    More about this item

    Keywords

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

    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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