The Housing-led Growth Hypothesis Revisited

Jie Chen, Feng Guo and Aiyong Zhu

Urban Studies, 2011, vol. 48, issue 10, 2049-2067

Abstract: This paper investigates the relationship between housing investment and economic growth in China, utilising province-level data via recently developed panel unit root tests and panel co-integration analysis. The empirical results suggest a stable long-run relationship between housing investment, non-housing investment and GDP in China. In addition, the existence is demonstrated of bi-directional Granger causality between housing investment and GDP at the national level. The panel error correction model supports the hypothesis that housing investment appears to have a dual role, acting as both a driver and follower in China’s economic fluctuations. However, the impacts of housing investment on economic growth in three sub-regions are found to be strikingly different.

Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:sae:urbstu:v:48:y:2011:i:10:p:2049-2067

DOI: 10.1177/0042098010379281

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