Does an Oligopolistic Primary Market Matter? The Case of an Asian Housing Market

Edward Chi Ho Tang, Charles Leung and Joe Cho Yiu Ng ()

MPRA Paper from University Library of Munich, Germany

Abstract: This paper takes advantage of the oligopolistic structure of the Hong Kong primary housing market and examines whether the time-variations of the market concentration are caused by or cause the variations of the local economic factors. The analysis also takes into consideration of the changes of the U.S. variables and commodity prices, which arguably may represent changes in the construction cost. We find clear evidence of time-varying responses of housing market variables to macroeconomic variables. Policy implications and directions for future research are also discussed.

Keywords: Oligopoly; market share; Herfindahl index; macroeconomic variables; dynamic factor model; Time-Varying Bayesian Factor Augmented VAR (search for similar items in EconPapers)
JEL-codes: E30 L12 L85 R31 (search for similar items in EconPapers)
Date: 2018-06
New Economics Papers: this item is included in nep-com, nep-mac, nep-sea and nep-ure
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:93680

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