Determinants Of House Prices In Nine Asia-Pacific Economies
INTERNATIONAL JOURNAL OF CENTRAL BANKING(2011)
摘要
The paper investigates the characteristics of house price dynamics and the role of institutional factors in nine Asia-Pacific economies during 1993 2006. On average, house prices tend to be more volatile in markets with lower supply elasticity and a more flexible business environment. At the national level, the current run-up in house prices mainly reflects adjustment to improved fundamentals rather than speculative housing bubbles. However, evidence of bubbles does exist in some market segments.
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关键词
mean reversion,market segmentation
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