| Status | 已發表Published |
| Shadow Banking and the Property Market in China | |
Lai, R.N.  ; Van Order, R.
| |
| 2017-01-08 | |
| Source Publication | 52th American Real Estate And Urban Economics Association (AREUEA) Conference
 |
| Abstract | This paper studies the evolution of property values and the connections between shadow banking and property markets in China. We use Pooled Mean Group estimation to analyze Chinese house prices in 65 cities from 2007-2014, defining the “fundamentals” of housing prices with the Gordon dividend discount model, and using lagged rents, prices, real, nominal interest rates, and shadow banking activity as short term explanatory factors. We find that the cities tend to share long run fundamentals and adjust relatively quickly to deviations from the fundamentals. We do not find bubbles; rather houses are like growth stocks with prices chasing rapidly growing rents. We also find that house prices grow more rapidly with availability of shadow banking funds, which have grown rapidly. |
| Keyword | Chinese housing market shadow banking pooled mean group estimation |
| Language | 英語English |
| The Source to Article | PB_Publication |
| PUB ID | 27756 |
| Document Type | Conference paper |
| Collection | HONOURS COLLEGE |
| Corresponding Author | Lai, R.N. |
| Recommended Citation GB/T 7714 | Lai, R.N.,Van Order, R.. Shadow Banking and the Property Market in China[C], 2017. |
| APA | Lai, R.N.., & Van Order, R. (2017). Shadow Banking and the Property Market in China. 52th American Real Estate And Urban Economics Association (AREUEA) Conference. |
| Files in This Item: | There are no files associated with this item. | |||||
Items in the repository are protected by copyright, with all rights reserved, unless otherwise indicated.
Edit Comment