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Does the DiPasquale-Wheaton Model Explain the House Price Dynamics in China Cities?

Kenneth K. Chow, Matthew S. Yiu, Charles Leung () and Dickson C. Tam
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Kenneth K. Chow: Hong Kong Institute for Monetary Research
Matthew S. Yiu: Hong Kong Institute for Monetary Research
Dickson C. Tam: China International Capital Corporation Limited

No 212008, Working Papers from Hong Kong Institute for Monetary Research

Abstract: The "overheating" of the Chinese housing market in recent years has caught the attention of policy makers, the research community, as well as the general public. Leung and Wang (2007) shows that the qualitative features of the aggregate Chinese housing market are well captured by the DiPasquale-Wheaton (1992) model. This paper estimates a version of the DiPasquale-Wheaton (1994) model with four major Chinese cities: Beijing, Tianjin, Shanghai and Chongqing. It examines the factors which affect the housing price and construction. Policy implications and future research directions are also discussed.

Keywords: Housing Market Dynamics; Cross-city Difference; Panel Data Method (search for similar items in EconPapers)
JEL-codes: C33 E30 R00 (search for similar items in EconPapers)
Pages: 40 pages
Date: 2008-11
New Economics Papers: this item is included in nep-cna, nep-geo, nep-tra and nep-ure
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