Determinants of House Prices in Nine Asia-Pacific Economies

Eloisa T. Glindro, Tientip Subhanij, Jessica Szeto and Haibin Zhu
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Eloisa T. Glindro: Center for Monetary and Financial Policy, Bangko Sentral ng Pilipinas
Tientip Subhanij: Economic Research Department, Bank of Thailand
Jessica Szeto: Economic Research, Hong Kong Monetary Authority
Haibin Zhu: Bank for International Settlements

International Journal of Central Banking, 2011, vol. 7, issue 3, 163-204

Abstract: The paper investigates the characteristics of house price dynamics and the role of institutional factors in nine Asia-Pacific economies during 1993–2006. On average, house prices tend to be more volatile in markets with lower supply elasticity and a more flexible business environment. At the national level, the current run-up in house prices mainly reflects adjustment to improved fundamentals rather than speculative housing bubbles. However, evidence of bubbles does exist in some market segments.

JEL-codes: G12 R31 (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (41)

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