| Status | 已發表Published |
| A Tale of Two Countries: Comparing Booms, Busts and Bubbles in the US and Chinese Housing Markets | |
Lai, R.N.  ; Van Order, R
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| 2018 | |
| Source Publication | 53rd American Real Estate And Urban Economics Association (AREUEA) Annual Conference
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| Abstract | This paper compares the recent evolution of property values in the U.S. and China across cities and time by estimating similar models for the two countries to compare price dynamics. We find little in common between the two countries. While there are some similarities in terms of long run fundamentals, there are major differences in adjustment. In particular, the U.S. adjustment process appears prone to “bubbles” in the sense of strong momentum from past prices. However, Chinese prices have been strongly mean reverting, with nothing like momentum. In short, our results suggest that the U.S. house prices have tended to chase past house prices; whereas in China house prices have tended to chase past rents, suggesting that the rise in China has had more to do with scarcity than exuberance. We find differences across cities, especially in China, but differences within countries are smaller than differences between them. |
| Keyword | Chinese housing market US housing market Bubbles Momentum (Pooled) Mean Group Estimation |
| Language | 英語English |
| The Source to Article | PB_Publication |
| PUB ID | 41090 |
| Document Type | Conference paper |
| Collection | HONOURS COLLEGE |
| Corresponding Author | Lai, R.N. |
| Recommended Citation GB/T 7714 | Lai, R.N.,Van Order, R. A Tale of Two Countries: Comparing Booms, Busts and Bubbles in the US and Chinese Housing Markets[C], 2018. |
| APA | Lai, R.N.., & Van Order, R (2018). A Tale of Two Countries: Comparing Booms, Busts and Bubbles in the US and Chinese Housing Markets. 53rd American Real Estate And Urban Economics Association (AREUEA) Annual Conference. |
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