The Dynamics of Housing Returns in Singapore: How Important are the International Transmission Mechanisms?

Kuang Liang Chang, Nan-Kuang Chen () and Charles Leung

MPRA Paper from University Library of Munich, Germany

Abstract: This paper studies the dynamics of housing returns in Singapore. We first extract the movements of Singapore's economic aggregates that are free from foreign (U.S. and rest of the world) factors, and then examine the determinants of its housing returns. We find that both the domestic variables (such as GDP growth rate, volume of international trade, and exchange rate) and U.S. variables (such as the Federal Fund Rate and the External Finance Premium) are important during the boom regime. The bust regime is very different. Directions for future research are discussed.

Keywords: house price; international transmission mechanism; regime-switching; regime-dependent response; two-stage procedure. (search for similar items in EconPapers)
JEL-codes: E30 F40 G10 (search for similar items in EconPapers)
Date: 2011
New Economics Papers: this item is included in nep-sea and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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Related works:
Journal Article: The dynamics of housing returns in Singapore: How important are the international transmission mechanisms? (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:32255

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