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Residential Construction and Credit Market Imperfection

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  • Chan, Thomas Sai-fan

Abstract

Using the asset market equilibrium approach, the effects of Financial Regulations, Reform, Recovery, and Enforcement Act (1989), of the new housing selling time, and of the commercial paper-Treasury Bill spread, through the credit markets, on total and speculative single-family housing construction are investigated. A new speculative single-family housing starts series is developed for this analysis. The credit-market factors appear to affect both the cost of construction loans and the price elasticity of single-family housing construction. These effects are especially strong on speculative housing construction. Copyright 1999 by Kluwer Academic Publishers

Suggested Citation

  • Chan, Thomas Sai-fan, 1999. "Residential Construction and Credit Market Imperfection," The Journal of Real Estate Finance and Economics, Springer, vol. 18(1), pages 125-139, January.
    • Handle: RePEc:kap:jrefec:v:18:y:1999:i:1:p:125-39
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    Citations

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    Cited by:

    1. Lawrence W. C. Lai & Winky K. O. Ho, 2001. "A Probit Analysis of Development Control: A Hong Kong Case Study of Residential Zones," Urban Studies, Urban Studies Journal Limited, vol. 38(13), pages 2425-2437, December.
    2. Doling, John & Vandenberg, Paul & Tolentino, Jade, 2013. "Housing and Housing Finance—A Review of the Links to Economic Development and Poverty Reduction," ADB Economics Working Paper Series 362, Asian Development Bank.
    3. Ball, Michael & Meen, Geoffrey & Nygaard, Christian, 2010. "Housing supply price elasticities revisited: Evidence from international, national, local and company data," Journal of Housing Economics, Elsevier, vol. 19(4), pages 255-268, December.
    4. (No last name available), Himanshu, 2013. "Poverty and Food Security in India," ADB Economics Working Paper Series 369, Asian Development Bank.
    5. Debuque-Gonzales, Margarita, 2013. "Empirical Determinants and Patterns of Research and Development Investment in Asia," ADB Economics Working Paper Series 364, Asian Development Bank.
    6. McDonald, John F. & McMillen, Daniel P., 2000. "Residential Building Permits in Urban Counties: 1990-1997," Journal of Housing Economics, Elsevier, vol. 9(3), pages 175-186, September.
    7. Joseph T. L. Ooi & Thao T. T. Le, 2012. "New Supply and Price Dynamics in the Singapore Housing Market," Urban Studies, Urban Studies Journal Limited, vol. 49(7), pages 1435-1451, May.
    8. Duran, Hasan Engin & Özdoğan, Hilal, 2020. "Asymmetries across regional housing markets in Turkey," The Journal of Economic Asymmetries, Elsevier, vol. 22(C).
    9. repec:rre:publsh:v:35:y:2005:i:3:p:311-35 is not listed on IDEAS
    10. Su Han Chan & Ko Wang & Jing Yang, 2016. "The Pricing of Construction Loans," International Real Estate Review, Global Social Science Institute, vol. 19(4), pages 411-434.

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