What does housing collateral mean for Hong Kong economy? From the perspective of modelling and policy implication
Author
Abstract
Suggested Citation
DOI: 10.1016/j.eap.2024.07.009
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Schmitt-Grohe, Stephanie & Uribe, Martin, 2003.
"Closing small open economy models,"
Journal of International Economics, Elsevier, vol. 61(1), pages 163-185, October.
- Stephanie Schmitt-Grohe & Martin Uribe, 2001. "Closing Small Open Economy Models," Departmental Working Papers 200115, Rutgers University, Department of Economics.
- Stephanie Schmitt-Grohe & Martin Uribe, 2002. "Closing Small Open Economy Models," NBER Working Papers 9270, National Bureau of Economic Research, Inc.
- Uribe, MartÃn & Schmitt-Grohé, Stephanie, 2002. "Closing Small Open Economy Models," CEPR Discussion Papers 3096, C.E.P.R. Discussion Papers.
- Zhiqi Zhao & David Meenagh & Patrick Minford, 2022.
"Should Hong Kong switch to Taylor rule?—Evidence from DSGE model,"
Applied Economics, Taylor & Francis Journals, vol. 54(50), pages 5851-5872, October.
- Meenagh, David & Minford, Patrick & Zhao, Zhiqi, 2021. "Should Hong Kong switch to Taylor Rule? Evidence from DSGE Model," Cardiff Economics Working Papers E2021/6, Cardiff University, Cardiff Business School, Economics Section.
- Gai, Yue & Minford, Patrick & Ou, Zhirong, 2020.
"Is housing collateral important to the business cycle? Evidence from China,"
Journal of International Money and Finance, Elsevier, vol. 109(C).
- Minford, Patrick & Gai, Yue & Ou, Zhirong, 2020. "Is housing collateral important to the business cycle? Evidence from China," Cardiff Economics Working Papers E2020/6, Cardiff University, Cardiff Business School, Economics Section.
- Minford, Lucy & Meenagh, David, 2019. "Testing a model of UK growth: A role for R&D subsidies," Economic Modelling, Elsevier, vol. 82(C), pages 152-167.
- Funke, Michael & Paetz, Michael, 2013.
"Housing prices and the business cycle: An empirical application to Hong Kong,"
Journal of Housing Economics, Elsevier, vol. 22(1), pages 62-76.
- Michael Funke & Michael Paetz, 2011. "Housing Prices and the Business Cycle: An Empirical Application to Hong Kong," Quantitative Macroeconomics Working Papers 21112b, Hamburg University, Department of Economics.
- Frank Smets & Rafael Wouters, 2007.
"Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach,"
American Economic Review, American Economic Association, vol. 97(3), pages 586-606, June.
- Smets, Frank & Wouters, Raf, 2007. "Shocks and frictions in US business cycles: a Bayesian DSGE approach," Working Paper Series 722, European Central Bank.
- Smets, Frank & Wouters, Rafael, 2007. "Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach," CEPR Discussion Papers 6112, C.E.P.R. Discussion Papers.
- Frank Smets & Raf Wouters, 2007. "Shocks and Frictions in US Business Cycles : a Bayesian DSGE Approach," Working Paper Research 109, National Bank of Belgium.
- David Meenagh & Patrick Minford & Michael Wickens & Yongdeng Xu, 2019.
"Testing DSGE Models by Indirect Inference: a Survey of Recent Findings,"
Open Economies Review, Springer, vol. 30(3), pages 593-620, July.
- Meenagh, David & Minford, Patrick & Wickens, Michael & Xu, Yongdeng, 2018. "Testing DSGE Models by indirect inference: a survey of recent findings," Cardiff Economics Working Papers E2018/14, Cardiff University, Cardiff Business School, Economics Section.
- Ufuk Akcigit & William R. Kerr, 2018.
"Growth through Heterogeneous Innovations,"
Journal of Political Economy, University of Chicago Press, vol. 126(4), pages 1374-1443.
- Ufuk Akcigit & William R. Kerr, 2010. "Growth Through Heterogeneous Innovations," NBER Working Papers 16443, National Bureau of Economic Research, Inc.
- Akcigit, Ufuk & Kerr, William, 2016. "Growth through Heterogeneous Innovations," CEPR Discussion Papers 11660, C.E.P.R. Discussion Papers.
- Akcigit, Ufuk & Kerr, William R., 2013. "Growth through heterogeneous innovations," Bank of Finland Research Discussion Papers 28/2013, Bank of Finland.
- Ufuk Akcigit & William R. Kerr, 2010. "Growth through Heterogeneous Innovations," PIER Working Paper Archive 10-035, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
- Ufuk Akcigit & William R. Kerr, 2012. "Growth Through Heterogeneous Innovations," Working Papers 12-08, Center for Economic Studies, U.S. Census Bureau.
- Yépez, Carlos A., 2018. "Financial intermediation and real estate prices impact on business cycles: A Bayesian analysis," The North American Journal of Economics and Finance, Elsevier, vol. 45(C), pages 138-160.
- Jordi Galí & Tommaso Monacelli, 2005.
"Monetary Policy and Exchange Rate Volatility in a Small Open Economy,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 72(3), pages 707-734.
- GalÃ, Jordi & Monacelli, Tommas, 2002. "Monetary Policy and Exchange Rate Volatility in a Small Open Economy," CEPR Discussion Papers 3346, C.E.P.R. Discussion Papers.
- Jordi Gali & Tommaso Monacelli, 2002. "Monetary Policy and Exchange Rate Volatility in a Small Open Economy," NBER Working Papers 8905, National Bureau of Economic Research, Inc.
- Tommaso Monacelli & Jordi GalÃ, 2015. "Monetary Policy and Exchange Rate Volatility in a Small Open Economy," Working Papers 11, Barcelona School of Economics.
- Jordi Galí & Tommaso Monacelli, 2004. "Monetary policy and exchange rate volatility in a small open economy," Economics Working Papers 835, Department of Economics and Business, Universitat Pompeu Fabra.
- Michaud, Amanda & Rothert, Jacek, 2014.
"Optimal borrowing constraints and growth in a small open economy,"
Journal of International Economics, Elsevier, vol. 94(2), pages 326-340.
- Jacek Rothert & Amanda Michaud, 2011. "Optimal Borrowing Constraints and Growth in a Small Open Economy," Department of Economics Working Papers 130225, The University of Texas at Austin, Department of Economics, revised Feb 2013.
- Matteo Iacoviello & Stefano Neri, 2010.
"Housing Market Spillovers: Evidence from an Estimated DSGE Model,"
American Economic Journal: Macroeconomics, American Economic Association, vol. 2(2), pages 125-164, April.
- Matteo Iacoviello & Stefano Neri, 2007. "Housing Market Spillovers: Evidence from an Estimated DSGE Model," Boston College Working Papers in Economics 659, Boston College Department of Economics, revised 23 Oct 2009.
- Matteo Iacoviello & Stefano Neri, 2008. "Housing market spillovers : evidence from an estimated DSGE model," Working Paper Research 145, National Bank of Belgium.
- Matteo Iacoviello & Stefano Neri, 2008. "Housing market spillovers: Evidence from an estimated DSGE model," Temi di discussione (Economic working papers) 659, Bank of Italy, Economic Research and International Relations Area.
- repec:zbw:bofitp:2012_011 is not listed on IDEAS
- Funke, Michael & Paetz, Michael, 2012.
"A DSGE-based assessment of nonlinear loan-to-Value policies: Evidence from Hong Kong,"
BOFIT Discussion Papers
11/2012, Bank of Finland Institute for Emerging Economies (BOFIT).
- Michael Funke & Michael Paetz, 2012. "A DSGE-based assessment of nonlinear loan-to-Value policies: Evidence from Hong Kong," Quantitative Macroeconomics Working Papers 21204, Hamburg University, Department of Economics.
- Karl Walentin, 2014.
"Housing Collateral and the Monetary Transmission Mechanism,"
Scandinavian Journal of Economics, Wiley Blackwell, vol. 116(3), pages 635-668, July.
- Walentin, Karl & Sellin, Peter, 2010. "Housing collateral and the monetary transmission mechanism," Working Paper Series 239, Sveriges Riksbank (Central Bank of Sweden).
- Smith, A A, Jr, 1993. "Estimating Nonlinear Time-Series Models Using Simulated Vector Autoregressions," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 8(S), pages 63-84, Suppl. De.
- Le, Vo Phuong Mai & Meenagh, David & Minford, Patrick, 2016.
"Monetarism rides again? US monetary policy in a world of Quantitative Easing,"
Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 44(C), pages 85-102.
- Minford, Patrick & Meenagh, David & Le, Vo Phuong Mai, 2014. "Monetarism rides again? US monetary policy in a world of Quantitative Easing," CEPR Discussion Papers 10250, C.E.P.R. Discussion Papers.
- Le, Vo Phuong Mai & Meenagh, David & Minford, Patrick, 2014. "Monetarism rides again? US monetary policy in a world of Quantitative Easing," Cardiff Economics Working Papers E2014/22, Cardiff University, Cardiff Business School, Economics Section.
- Gerlach, Stefan & Peng, Wensheng, 2005.
"Bank lending and property prices in Hong Kong,"
Journal of Banking & Finance, Elsevier, vol. 29(2), pages 461-481, February.
- Stefan Gerlach & Wensheng Peng, 2003. "Bank Lending and Property Prices in Hong Kong," Working Papers 122003, Hong Kong Institute for Monetary Research.
- Gerlach, Stefan & Peng, Wensheng, 2004. "Bank Lending and Property Prices in Hong Kong," CEPR Discussion Papers 4797, C.E.P.R. Discussion Papers.
- Mr. Pau Rabanal, 2018. "An Estimated DSGE Model to Analyze Housing Market Policies in Hong Kong SAR," IMF Working Papers 2018/090, International Monetary Fund.
- Carlos Garriga & Rodolfo Manuelli & Adrian Peralta-Alva, 2019. "A Macroeconomic Model of Price Swings in the Housing Market," American Economic Review, American Economic Association, vol. 109(6), pages 2036-2072, June.
- Fatih Guvenen & Anthony A. Smith, 2014.
"Inferring Labor Income Risk and Partial Insurance From Economic Choices,"
Econometrica, Econometric Society, vol. 82, pages 2085-2129, November.
- Fatih Guvenen & Anthony Smith, 2013. "Inferring labor income risk and partial insurance from economic choices," Staff Report 485, Federal Reserve Bank of Minneapolis.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Zhiqi Zhao & David Meenagh & Patrick Minford, 2022.
"Should Hong Kong switch to Taylor rule?—Evidence from DSGE model,"
Applied Economics, Taylor & Francis Journals, vol. 54(50), pages 5851-5872, October.
- Meenagh, David & Minford, Patrick & Zhao, Zhiqi, 2021. "Should Hong Kong switch to Taylor Rule? Evidence from DSGE Model," Cardiff Economics Working Papers E2021/6, Cardiff University, Cardiff Business School, Economics Section.
- Funke, Michael & Paetz, Michael, 2013.
"Housing prices and the business cycle: An empirical application to Hong Kong,"
Journal of Housing Economics, Elsevier, vol. 22(1), pages 62-76.
- Michael Funke & Michael Paetz, 2011. "Housing Prices and the Business Cycle: An Empirical Application to Hong Kong," Quantitative Macroeconomics Working Papers 21112b, Hamburg University, Department of Economics.
- Fabio Milani & Sung Ho Park, 2019. "Expectations and Macro-Housing Interactions in a Small Open Economy: Evidence from Korea," Open Economies Review, Springer, vol. 30(2), pages 375-402, April.
- Chen, Haixia & Le, Vo Phuong Mai & Meenagh, David & Minford, Patrick, 2023. "UK Monetary Policy in An Estimated DSGE Model with State-Dependent Price and Wage Contracts," Cardiff Economics Working Papers E2023/22, Cardiff University, Cardiff Business School, Economics Section.
- Patrick Minford & Zhirong Ou & Zheyi Zhu, 2021.
"Can a small New Keynesian model of the world economy with risk‐pooling match the facts?,"
International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(2), pages 1993-2021, April.
- Minford, Patrick & Ou, Zhirong & Zhu, Zheyi, 2019. "Can a small New Keynesian model of the world economy with risk-pooling match the facts?," Cardiff Economics Working Papers E2019/10, Cardiff University, Cardiff Business School, Economics Section.
- Lyu, Juyi & Le, Vo Phuong Mai & Meenagh, David & Minford, Patrick, 2021.
"Macroprudential regulation in the post-crisis era: Has the pendulum swung too far?,"
Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 74(C).
- Lyu, Juyi & Le, Vo Phuong Mai & Meenagh, David & Minford, Patrick, 2021. "Macroprudential Regulation in the Post-Crisis Era: Has the Pendulum Swung Too Far?," Cardiff Economics Working Papers E2021/5, Cardiff University, Cardiff Business School, Economics Section.
- Stähler, Nikolai, 2019.
"Who benefits from using property taxes to finance a labor tax wedge reduction?,"
Journal of Housing Economics, Elsevier, vol. 46(C).
- Stähler, Nikolai, 2019. "Who benefits from using property taxes to finance a labor tax wedge reduction?," Discussion Papers 03/2019, Deutsche Bundesbank.
- Sami Alpanda & Gino Cateau & Césaire Meh, 2018.
"A policy model to analyze macroprudential regulations and monetary policy,"
Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 51(3), pages 828-863, August.
- Sami Alpanda & Gino Cateau & Césaire Meh, 2018. "A policy model to analyze macroprudential regulations and monetary policy," Canadian Journal of Economics, Canadian Economics Association, vol. 51(3), pages 828-863, August.
- Sami Alpanda & Gino Cateau & Cesaire Meh, 2014. "A policy model to analyze macroprudential regulations and monetary policy," BIS Working Papers 461, Bank for International Settlements.
- Sami Alpanda & Gino Cateau & Césaire Meh, 2014. "A Policy Model to Analyze Macroprudential Regulations and Monetary Policy," Staff Working Papers 14-6, Bank of Canada.
- Mustafa Ozan Yıldırım & Mehmet İvrendi, 2021. "Turkish Housing Market Dynamics: An Estimated DSGE Model," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 15(2), pages 238-267, May.
- Javier Ferri & Francisca Herranz-Baez, 2023. "Building on fiscal policy: government consumption and the residential sector. When helping hurts," Working Papers 2023-01, FEDEA.
- Lenhle Dlamini & Harold Ngalawa, 2022. "Macroprudential policy and house prices in an estimated Dynamic Stochastic General Equilibrium model for South Africa," Australian Economic Papers, Wiley Blackwell, vol. 61(2), pages 304-336, June.
- Solikin M. Juhro & Denny Lie & Aryo Sasongko, 2022. "An estimated open-economy DSGE model for the evaluation of central bank policy mix," Working Papers 2022-01, University of Sydney, School of Economics.
- Michael Funke & Petar Mihaylovski & Adrian Wende, 2018. "Out of Sync Subnational Housing Markets and Macroprudential Policies," CESifo Working Paper Series 6887, CESifo.
- Iversen, Jens & Laséen, Stefan & Lundvall, Henrik & Söderström, Ulf, 2016.
"Real-Time Forecasting for Monetary Policy Analysis: The Case of Sveriges Riksbank,"
Working Paper Series
318, Sveriges Riksbank (Central Bank of Sweden).
- Söderström, Ulf & Iversen, Jens & LASEEN, PER & Lundvall, Henrik, 2016. "Real-Time Forecasting for Monetary Policy Analysis: The Case of Sveriges Riksbank," CEPR Discussion Papers 11203, C.E.P.R. Discussion Papers.
- Ng, Eric C.Y. & Feng, Ning, 2016. "Housing market dynamics in a small open economy: Do external and news shocks matter?," Journal of International Money and Finance, Elsevier, vol. 63(C), pages 64-88.
- Senay, Ozge & Sutherland, Alan, 2019.
"Optimal monetary policy, exchange rate misalignments and incomplete financial markets,"
Journal of International Economics, Elsevier, vol. 117(C), pages 196-208.
- Sutherland, Alan & Senay, Ozge, 2016. "Optimal Monetary Policy, Exchange Rate Misalignments and Incomplete Financial Markets," CEPR Discussion Papers 11198, C.E.P.R. Discussion Papers.
- Boscá, J.E. & Doménech, R. & Ferri, J. & Méndez, R. & Rubio-Ramírez, J.F., 2020.
"Financial and fiscal shocks in the great recession and recovery of the Spanish economy,"
European Economic Review, Elsevier, vol. 127(C).
- J. E. Boscá & R. Doménech & J. Ferri & R. Méndez & J. F. Rubio-Ramírez, 2018. "Financial and Fiscal Shocks in the Great Recession and Recovery of the Spanish Economy," Working Papers 2018-05, FEDEA.
- Francesco Furlanetto & Francesco Ravazzolo & Samad Sarferaz, 2019.
"Identification of Financial Factors in Economic Fluctuations,"
The Economic Journal, Royal Economic Society, vol. 129(617), pages 311-337.
- Francesco Furlanetto & Francesco Ravazzolo & Samad Sarferaz, 2014. "Identification of financial factors in economic fluctuations," Working Paper 2014/09, Norges Bank.
- Francesco Furlanetto & Francesco Ravazzolo & Samad Sarferaz, 2014. "Identification of financial factors in economic fluctuations," KOF Working papers 14-364, KOF Swiss Economic Institute, ETH Zurich.
- Liu, Chunping & Minford, Patrick & Ou, Zhirong, 2022.
"Modern Monetary Theory: the post-Crisis economy misunderstood?,"
Cardiff Economics Working Papers
E2022/13, Cardiff University, Cardiff Business School, Economics Section.
- Liu, Chunping & Minford, Patrick & Ou, Zhirong, 2022. "Modern Monetary Theory: the post-Crisis economy misunderstood?," CEPR Discussion Papers 17501, C.E.P.R. Discussion Papers.
- Benchimol, Jonathan & Ivashchenko, Sergey, 2021.
"Switching volatility in a nonlinear open economy,"
Journal of International Money and Finance, Elsevier, vol. 110(C).
- Benchimol, Jonathan & Ivashchenko, Sergey, 2020. "Switching Volatility in a Nonlinear Open Economy," Dynare Working Papers 60, CEPREMAP.
- Jonathan Benchimol & Sergey Ivashchenko, 2021. "Switching volatility in a nonlinear open economy," Post-Print halshs-03248949, HAL.
- Jonathan Benchimol & Sergey Ivashchenko, 2020. "Switching Volatility in a Nonlinear Open Economy," Bank of Israel Working Papers 2020.04, Bank of Israel.
- Jonathan Benchimol & Sergey Ivashchenko, 2020. "Switching Volatility in a Nonlinear Open Economy," Globalization Institute Working Papers 386, Federal Reserve Bank of Dallas.
- Jonathan Benchimol & Sergey Ivashchenko, 2020. "Switching Volatility in a Nonlinear Open Economy," CFDS Discussion Paper Series 2020/8, Center for Financial Development and Stability at Henan University, Kaifeng, Henan, China.
More about this item
Keywords
Housing price; Collateral constraint; DSGE; Indirect inference;All these keywords.
JEL classification:
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:ecanpo:v:83:y:2024:i:c:p:667-684. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.journals.elsevier.com/economic-analysis-and-policy .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.