Are Asia-Pacific Housing Prices Too High For Comfort?

Eloisa T Glindro, Tientip Subhanij, Jessica Szeto and Haibin Zhu
Additional contact information
Eloisa T Glindro: Bangko Sentral ng Phlipinas
Tientip Subhanij: Bank of Thailand
Jessica Szeto: Hong Kong Monetary Authority
Haibin Zhu: Bank for International Settlements

No 2008-11, Working Papers from Monetary Policy Group, Bank of Thailand

Abstract: The paper investigates the characteristics of house price dynamics and the role of institutional features in nine Asia-Pacific economies. On average, house prices tend to be more volatile in markets with lower supply elasticity and 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. It, however, does not preclude the existence of bubbles in some market segments.

Keywords: Asia-Pacific economies; house price dynamics; housing bubble; housing financing system; mean reversion; persistence parameter (search for similar items in EconPapers)
JEL-codes: G12 R31 (search for similar items in EconPapers)
Pages: 57 pages
Date: 2008-11
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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