INTERNAL AND EXTERNAL DETERMINANTS OF HOUSING PRICE BOOM IN HONG KONG

Farhad Taghizadeh-Hesary (), Naoyuki Yoshino (), Aline Mortha, Alvin Chiu and Niki Naderi
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Alvin Chiu: University of Oxford
Niki Naderi: Azad University Tehran North

Bulletin of Monetary Economics and Banking, 2020, vol. 23, issue 4, 597-620

Abstract: This paper investigates whether monetary policies in Malaysia, Thailand and Singapore are best represented by either the Taylor rule or the augmented Taylor rule. It finds that the augmented Taylor rule, which incorporates the exchange rate and government spending, best represents monetary policies in these countries. The results show that past inflation and the output gap play a role in the monetary policy reaction function in Malaysia and Thailand. The results further show a strong preference towards interest rate smoothing, government spending, and the exchange rate by the central banks.

Keywords: Housing bubbles; Housing prices; Housing market; Monetary policy (search for similar items in EconPapers)
JEL-codes: E31 E51 R31 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:idn:journl:v:23:y:2020:i:4g:p:597-620

DOI: 10.21098/bemp.v23i4.1043

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