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The Construction and Related Industries in a Changing Socio-Economic Environment: The case of Hong Kong„X

  • Charles Ka Yui Leung

    (Dept of Economics, Chinese University of Hong Kong, Hong Kong)

  • Kelvin S. Wong

    (Dept of Real Estate and Construction, University of Hong Kong, Hong Kong)

Hong Kong is well known for its "housing market bubble". Both theoretical and empirical studies point to the supply side being the "root of all evil". This paper takes a preliminary step in understanding the supply side of the Hong Kong market by investigating the construction and related industries. After taking into consideration of the unusual public expenditure, the construction industry seems to be "normal" in international standard. Its relationship with the aggregate economy is also examined. Directions for future research are also suggested.

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File URL: http://www.econ.cuhk.edu.hk/~discusspaper/00011.pdf
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Paper provided by Chinese University of Hong Kong, Department of Economics in its series Discussion Papers with number 00011.

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Date of creation: Oct 2004
Date of revision: May 2005
Handle: RePEc:chk:cuhkdc:00011
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  1. DiPasquale, Denise, 1999. "Why Don't We Know More about Housing Supply?," The Journal of Real Estate Finance and Economics, Springer, vol. 18(1), pages 9-23, January.
  2. Edward L. Glaeser & Joseph Gyourko & Raven E. Saks, 2005. "Urban Growth and Housing Supply," Harvard Institute of Economic Research Working Papers 2062, Harvard - Institute of Economic Research.
  3. Neng Lai & Ko Wang, 1999. "Land-Supply Restrictions, Developer Strategies and Housing Policies: The Case in Hong Kong," International Real Estate Review, Asian Real Estate Society, vol. 2(1), pages 143-159.
  4. Ko Wang & Yuqing Zhou & Su Han Chan & K. W. Chau, 2000. "Over-Confidence and Cycles in Real Estate Markets: Cases in Hong Kong and Asia," International Real Estate Review, Asian Real Estate Society, vol. 3(1), pages 93-108.
  5. Ko Wang & Yuqing Zhou, 2000. "Overbuilding: A Game-Theoretic Approach," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 28(3), pages 493-522.
  6. Greenwood, Jeremy & Hercowitz, Zvi, 1991. "The Allocation of Capital and Time over the Business Cycle," Journal of Political Economy, University of Chicago Press, vol. 99(6), pages 1188-214, December.
  7. Yat-Hung Chiang & Bo-Sin Tang & Wing-Yu Leung, 2001. "Market structure of the construction industry in Hong Kong," Construction Management and Economics, Taylor & Francis Journals, vol. 19(7), pages 675-687.
  8. Charles Ka-Yui Leung, 2004. "Macroeconomics and Housing: A Review of the Literature," Departmental Working Papers _164, Chinese University of Hong Kong, Department of Economics.
  9. Patrick McCloughan, 2004. "Construction sector concentration: evidence from Britain," Construction Management and Economics, Taylor & Francis Journals, vol. 22(9), pages 979-990.
  10. Raymond Tse & Sivaguru Ganesan, 1997. "Causal relationship between construction flows and GDP: evidence from Hong Kong," Construction Management and Economics, Taylor & Francis Journals, vol. 15(4), pages 371-376.
  11. Raymond Tse & C. W. Ho & S. Ganesan, 1999. "Matching housing supply and demand: an empirical study of Hong Kong's market," Construction Management and Economics, Taylor & Francis Journals, vol. 17(5), pages 625-633.
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