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Comparing two financial crises: the case of Hong Kong real estate markets

  • LEUNG, K. Y. Charles
  • TANG, C. H. Edward

Hong Kong is no stranger to bubbles or crisis. During the Asian Financial Crisis(AFC), the Hong Kong housing price index drops more than 50% in less than a year. The same market then experiences the Internet Bubble, the SARS attack, and recently the Global Financial Crisis (GFC). This paper attempts to provide some “stylized facts” of the real estate markets and the macroeconomy, and follow the event-study methodology to examine whether the markets behave differently in the AFC and GFC, and discuss the possible linkage to the change in government policies (“learning effect”) and the flow of Chinese consumers and investors to Hong Kong (“China factor”).

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File URL: https://mpra.ub.uni-muenchen.de/31562/1/MPRA_paper_31562.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 31562.

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Date of creation: Jan 2011
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Handle: RePEc:pra:mprapa:31562
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  1. Gregory W. Brown & Michael T. Cliff, 2005. "Investor Sentiment and Asset Valuation," The Journal of Business, University of Chicago Press, vol. 78(2), pages 405-440, March.
  2. Nan-Kuang Chen & Charles Leung, 2008. "Asset Price Spillover, Collateral and Crises: with an Application to Property Market Policy," The Journal of Real Estate Finance and Economics, Springer, vol. 37(4), pages 351-385, November.
  3. Chen, Nan-Kuang & Chen, Shiu-Sheng & Chou, Yu-Hsi, 2010. "House prices, collateral constraint, and the asymmetric effect on consumption," Journal of Housing Economics, Elsevier, vol. 19(1), pages 26-37, March.
  4. Case Karl E. & Quigley John M. & Shiller Robert J., 2005. "Comparing Wealth Effects: The Stock Market versus the Housing Market," The B.E. Journal of Macroeconomics, De Gruyter, vol. 5(1), pages 1-34, May.
  5. Serpil Canbaş & Serkan Yılmaz Kandır, 2009. "Investor Sentiment and Stock Returns: Evidence from Turkey," Emerging Markets Finance and Trade, M.E. Sharpe, Inc., vol. 45(4), pages 36-52, July.
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