Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/79971
Title: Housing market dynamics under a pegged exchange rate a study of Hong Kong
Authors: Yu, KH 
Hui, ECM 
Keywords: Housing market dynamics
Market fundamentals
Stock market
Assisted homeownership
Housing supply
US monetary policy
Issue Date: 2018
Publisher: Taylor & Francis co-Published with Vilnius Gediminas Technical University
Source: International journal of strategic property management, 2018, v. 22, no. 2, p. 93-109 How to cite?
Journal: International journal of strategic property management 
Abstract: This study explores the major determinants of prices and rents of properties in the mass housing market and in the luxury housing market of Hong Kong. The findings show that property price (and rental) dynamics are primarily driven by demand factors, rather than by housing supply. While macroeconomic factors and the provision of subsidized homeownership, to varying degrees, influence housing prices and/or rents, it is the result of U.S. monetary policy which has directly (through changes in money supply) and indirectly (through the wealth effect from a bullish stock market fuelled by unconventional monetary policy such as Quantitative Easing (QE) triggered the current affordability issue. Some policy implications with reference to recent U.S. monetary policy developments as well as to the Linked Exchange Rate System between Hong Kong Dollar and U.S. Dollar are then discussed.
URI: http://hdl.handle.net/10397/79971
ISSN: 1648-715X
EISSN: 1648-9179
DOI: 10.3846/ijspm.2018.441
Rights: Copyright © 2018 The Author(s). Published by VGTU Press
This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
The following publication Yu, K. H., & Hui, E. C. M. (2018). Housing market dynamics under a pegged exchange rate a study of Hong Kong. International Journal of Strategic Property Management, 22(2), 93-109 is available at https://dx.doi.org/10.3846/ijspm.2018.441
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