Determinants of house prices in nine Asia-Pacific economies

Eloisa T Glindro, Tientip Subhanij, Jessica Szeto and Haibin Zhu

No 263, BIS Working Papers from Bank for International Settlements

Abstract: The paper investigates the characteristics of house price dynamics and the role of institutional features 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.

Keywords: Asia-Pacific economies; house price dynamics; housing bubble; house price overvaluation; mean reversion; persistence parameter (search for similar items in EconPapers)
Pages: 51 pages
Date: 2008-10
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Citations: View citations in EconPapers (12)

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