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Economic Growth And Increasing House Prices

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  • Charles Ka Yui Leung

Abstract

. Several cities and countries in Asia and North America have experienced large increases in housing prices. We extend the 1991 paper by S. Rebelo to simulate this situation. We show that growth in real housing prices can result as economic growth persists, even when population growth is zero. Another finding is that reported increases in housing prices might be underestimated. In particular, the growth rate of a relative price index may converge to zero even when house prices in real terms display sustained growth.

Suggested Citation

  • Charles Ka Yui Leung, 2003. "Economic Growth And Increasing House Prices," Pacific Economic Review, Wiley Blackwell, vol. 8(2), pages 183-190, June.
    • Handle: RePEc:bla:pacecr:v:8:y:2003:i:2:p:183-190
    DOI: 10.1111/j.1468-0106.2003.00219.x
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    Cited by:

    1. T. Thanh-Binh Nguyen & Kuan-Min Wang, 2010. "Causality between housing returns, inflation and economic growth with endogenous breaks," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 8(1), pages 95-115.
    2. Charles Ka Yui Leung & Nan-Kuang Chen, 2006. "Intrinsic Cycles of Land Price: A Simple Model," Journal of Real Estate Research, American Real Estate Society, vol. 28(3), pages 293-320.
    3. Charles Ka Yui Leung & Joe Cho Yiu Ng, 2018. "Macro Aspects of Housing," GRU Working Paper Series GRU_2018_016, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.
    4. I-Chun Tsai, 2012. "Housing Supply, Demand and Price: Construction Cost, Rental Price and House Price Indices," Asian Economic Journal, East Asian Economic Association, vol. 26(4), pages 381-396, December.
    5. Kuang-Liang Chang & Nan-Kuang Chen & Charles Ka Yui Leung, 2013. "In the Shadow of the U nited S tates: The International Transmission Effect of Asset Returns," Pacific Economic Review, Wiley Blackwell, vol. 18(1), pages 1-40, February.
    6. Kamhon Kan & Sunny Kai‐Sun Kwong & Charles Ka‐Yui Leung, 2004. "The Dynamics and Volatility of Commercial and Residential Property Prices: Theory and Evidence," Journal of Regional Science, Wiley Blackwell, vol. 44(1), pages 95-123, February.
    7. Haiyong Zhang & Xinyu Wang, 2018. "The impact of structural adjustment on housing prices in China," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 32(1), pages 108-119, May.
    8. Liu Hongyu & Yun W. Park & Zheng Siqi, 2002. "The Interaction between Housing Investment and Economic Growth in China," International Real Estate Review, Global Social Science Institute, vol. 5(1), pages 40-60.
    9. Wensheng Peng & Dickson C. Tam & Matthew S. Yiu, 2007. "The Property Market and the Macroeconomy of the Mainland: A Cross Region Study," Working Papers 052007, Hong Kong Institute for Monetary Research.
    10. Yuan Cheng & John K. Dagsvik & Xuehui Han, 2014. "Real Estate Market Policy and Household Demand for Housing," Pacific Economic Review, Wiley Blackwell, vol. 19(2), pages 237-253, May.
    11. Xu Zhang & Xiaoxing Liu & Jianqin Hang & Dengbao Yao & Guangping Shi, 2016. "Do Urban Rail Transit Facilities Affect Housing Prices? Evidence from China," Sustainability, MDPI, vol. 8(4), pages 1-14, April.
    12. Leung, Charles Ka Yui & Chow, Kenneth & Yiu, Matthew & Tam, Dickson, 2010. "House Market in Chinese Cities: Dynamic Modeling, In-Sampling Fitting and Out-of-Sample Forecasting," MPRA Paper 27367, University Library of Munich, Germany.
    13. Lichao Cheng & Bin Li & Zhixiong Zeng, 2010. "Housing In A Neoclassical Growth Model," Pacific Economic Review, Wiley Blackwell, vol. 15(2), pages 246-262, May.
    14. Wensheng Peng & Dickson C. Tam & Matthew S. Yiu, 2008. "Property Market And The Macroeconomy Of Mainland China: A Cross Region Study," Pacific Economic Review, Wiley Blackwell, vol. 13(2), pages 240-258, May.

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