Pregledni rad
https://doi.org/10.10.18045/zbefri.2015.2.325
Heterogeneous convergence of regional house prices and the complexity in China
Rui Lin
; School of Economics and Management, University of Chinese Academy of Sciences, Beijing, 100190, China
Xin Zhang
; School of Economics and Management, University of Chinese Academy of Sciences, Beijing, 100190, China
Xiuting Li
; School of Economics and Management, University of Chinese Academy of Sciences, Beijing, 100190, China
Jichang Dong
; School of Economics and Management, University of Chinese Academy of Sciences, Beijing, 100190, China
Sažetak
The purpose of this research is to analyze the convergence of regional house prices
and its complexity in China. In this purpose it used nonlinear time varying factor
model. The obtained results have provided evidences for the existence of some
degree of segmentation in China’s housing market. By further dynamic analysis of
the convergence, we have found that important housing policies from Chinese
central government can significantly alter the housing market but with a time lag
of 4 to 5 months, and that quite different behaviors exist between the new house
market and the second-hand house market in China, which provides the evidence
for the complexity of housing market in China. Multiple factors together are the
driving forces for the regional house price convergence. And the driving forces
differ among three clubs. The basic conclusion provided from the realized research
is that the conventional definitions of economic regions may not be appropriate to analyze house price segregation in China. Heterogeneous convergence exists in
China’s regional house prices, indicating the complexity of regional house prices
in China. And housing policies should be implemented with different focus among
the regions. The way of the central government is to make housing policies aiming
at different sub-markets of the new house market and the second-hand house
market.
Ključne riječi
Convergence; house prices; China; policy; complexity
Hrčak ID:
149852
URI
Datum izdavanja:
21.12.2015.
Posjeta: 1.716 *