국내외 연구기관에서 발표된 중국 연구 자료를 수집하여 제공합니다.
Mapping China´s time-varying house price landscape
Michael Funke, Danilo Leiva-Leon, Andrew Tsang 2019.09.26
The recent increase in China’s house prices at the national level masks tremendous variation at the city level – a feature largely overlooked in the macroprudential literature.
This paper measures the evolving heterogeneity in China’s house price dynamics across 70 major cities and assesses its relationship with housing market characteristics. We gauge the heterogeneity of house price dynamics using a novel regime-switching modelling approach to estimate the time-varying patterns of China’s city-level housing price synchronization. The estimates indicate an increasing synchronization leading up to 2015,
and a decoupling pattern thereafter, which is associated to the terogeneous strength of regional macroprudential policies. After sorting city-level housing prices into four clusters sharing similar cyclical features, we document high synchronization within clusters, but low synchronization among them. The empirical evidence suggests that differentials in the growth of population, income, and air quality are relevant explanatory factors of housing price synchronization among cities.
|출처||Bank of Spain|
이 페이지에서 제공하는 정보에 만족하셨습니까?