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Relating International Trade to the Housing Market

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  • Charles Ka Yui Leung

Abstract

Studies of tariffs have tended to ignore their impact on housing markets. This paper builds a simple dynamic general‐equilibrium model to bridge the gap. The model is consistent with empirical findings that housing prices in several small open economies, and the price of nontradeables relative to tradeables, have increased over time. The model also allows closed‐form solutions of the elasticity of the economic growth rate, the housing‐stock growth rate, and the housing‐price growth rate, with respect to the tariff rate. Other testable implications are generated.

Suggested Citation

  • Charles Ka Yui Leung, 2001. "Relating International Trade to the Housing Market," Review of Development Economics, Wiley Blackwell, vol. 5(2), pages 328-335, June.
  • Handle: RePEc:bla:rdevec:v:5:y:2001:i:2:p:328-335
    DOI: 10.1111/1467-9361.00126
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    Citations

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    Cited by:

    1. Charles Ka Yui Leung & Kelvin Siu Kei Wong & Patrick Wai Yin Cheung, 2007. "On the Stability of the Implicit Prices of Housing Attributes: A Dynamic Theory and Some Evidence," International Real Estate Review, Global Social Science Institute, vol. 10(2), pages 66-93.
    2. Charles Ka Yui Leung & Joe Cho Yiu Ng & Edward Tang, 2020. "Why is the Hong Kong Housing Market Unaffordable? Some Stylized Facts and Estimations," Globalization Institute Working Papers 380, Federal Reserve Bank of Dallas.
    3. Marfatia Hardik A., 2021. "Modeling House Price Synchronization across the U.S. States and their Time-Varying Macroeconomic Linkages," Journal of Time Series Econometrics, De Gruyter, vol. 13(1), pages 73-117, January.
    4. Wang, Ping & Xie, Danyang, 2014. "Housing Dynamics: Theory Behind Empirics," MPRA Paper 59057, University Library of Munich, Germany.
    5. Leung, Charles, 2004. "Macroeconomics and housing: a review of the literature," Journal of Housing Economics, Elsevier, vol. 13(4), pages 249-267, December.
    6. Charles K. Y. Leung & Garion C. K. Lau & Youngman C. F. Leong, 2002. "Testing Alternative Theories of the Property Price-Trading Volume Correlation," Journal of Real Estate Research, American Real Estate Society, vol. 23(3), pages 253-264.
    7. Qing Gao & Tianxiao Zhao, 2018. "The Influence of Home Buyer Sentiment on Chinese Housing Prices¡ª¡ª Based on Media Text Mining," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 10(9), pages 145-145, September.
    8. William W. Chow & Michael K. Fung, 2021. "The effects of macroprudential policy on Hong Kong’s housing market: a multivariate ordered probit-augmented vector autoregressive approach," Empirical Economics, Springer, vol. 60(2), pages 633-660, February.
    9. Leung, Charles Ka Yui, 2022. "Housing and Macroeconomics," MPRA Paper 115500, University Library of Munich, Germany.
    10. 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.

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