The first step on the housing ladder: A natural experiment in Hong Kong

Lok Ho and Gary Wai-chung Wong

Journal of Housing Economics, 2009, vol. 18, issue 1, 59-67

Abstract: The article presents and illuminates evidence, based on recent Hong Kong experience, indicating the existence of a "housing ladder effect" when housing prices increase or decrease. An increase of housing equity at the bottom of the ladder tends to translate into a trading up activity that will both increase housing market turnover and buoy up the entire housing market. Based on a natural experiment through the introduction of a public housing privatization scheme, this article demonstrates the importance of the first step on the housing ladder using a logit model.

Keywords: Ladder; effect; Housing; ladder; Logit; model; Natural; experiment; Public; housing; privatization (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (9)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jhouse:v:18:y:2009:i:1:p:59-67

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