Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/30270
Title: Housing price-volume dynamics under the regulation policy : difference between Chinese coastal and inland cities
Authors: Zhang, L
Hui, ECM 
Wen, H
Keywords: Panel VAR model
Price-volume
Regulation policy
Searching match model
Issue Date: 2015
Publisher: Pergamon Press
Source: Habitat international, 2015, v. 47, p. 29-40 How to cite?
Journal: Habitat international 
Abstract: This paper introduces the house searching model with down-payment constraints and analyzes the price-volume relationships in Chinese coastal and inland housing markets. With the panel data from 35 Chinese metropolitans, the Granger relationship (from price change to trading volume) is found in coastal cities where house prices are high with speculation. But under the rigorous policy of purchase limit, such price-volume linkage is somewhat dampened. By contrast, in inland cities where speculative activity is relatively weak, the Granger causality (from volume to price change) is more significant before the prohibition policy. After that, the effects reverse. However, in both kinds of cities the impulse responses remain significant, indicating that the driving mechanisms between price and volume may occur because of exogenous impulses. The results suggest that strict market intervention causes some significant effects but cannot radically change the driving mechanism.
URI: http://hdl.handle.net/10397/30270
ISSN: 0197-3975
EISSN: 1873-5428
DOI: 10.1016/j.habitatint.2015.01.003
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