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Internal And External Determinants Of Housing Price Boom In Hong Kong

Author

Listed:
  • Farhad Taghizadeh-Hesary

    (Tokai University)

  • Naoyuki Yoshino

    (Keio University)

  • Aline Mortha

    (Waseda University)

  • Alvin Chiu

    (University of Oxford)

  • Niki Naderi

    (Azad University Tehran North)

Abstract

This paper investigates whether monetary policies in Malaysia, Thailand and Singapore are best represented by either the Taylor rule or the augmented Taylor rule. It finds that the augmented Taylor rule, which incorporates the exchange rate and government spending, best represents monetary policies in these countries. The results show that past inflation and the output gap play a role in the monetary policy reaction function in Malaysia and Thailand. The results further show a strong preference towards interest rate smoothing, government spending, and the exchange rate by the central banks.

Suggested Citation

  • Farhad Taghizadeh-Hesary & Naoyuki Yoshino & Aline Mortha & Alvin Chiu & Niki Naderi, 2020. "Internal And External Determinants Of Housing Price Boom In Hong Kong," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 23(4), pages 597-620, December.
    • Handle: RePEc:idn:journl:v:23:y:2020:i:4g:p:597-620
    DOI: https://doi.org/10.21098/bemp.v23i4.1043
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    Cited by:

    1. Renzhi, Nuobu, 2022. "Do house prices play a role in unconventional monetary policy transmission in Japan?," Journal of Asian Economics, Elsevier, vol. 83(C).

    More about this item

    Keywords

    Housing bubbles; Housing prices; Housing market; Monetary policy;
    All these keywords.

    JEL classification:

    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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