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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/71568


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    题名: Price Dynamics in Public and Private Housing Markets in Singapore
    作者: 陳明吉
    Sing, Tien Foo;I-Chun Tsai;Chen, Ming-Chi
    贡献者: 財管系
    关键词: Housing price dynamics;Household mobility;Stochastic permanent breaks
    日期: 2006-12
    上传时间: 2014-11-19 15:56:09 (UTC+8)
    摘要: In down-payment constrained housing consumption models, increases in house prices could trigger household mobility decisions in housing markets. This study empirically tests house price dynamics associated with the mobility of households in the public resale and private housing markets in Singapore. The results show that stochastic permanent breaks were found in the public housing resale prices and private housing prices. The relative prices drift apart occasionally, but mean-revert to a long-run fundamental equilibrium. Error correction mechanisms and lagged public housing prices were also found to have significant explanatory effects for price changes in the private housing markets. The results support the hypothesis that household mobility creates co-movements of prices in public and private housing submarkets in the long run.
    關聯: Journal of Housing Economics, 15(4), 305-320
    数据类型: article
    显示于类别:[財務管理學系] 期刊論文

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