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International Co-movement of Housing Price Cycles in East Asia and Greater China

Author

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  • Kyung-Hwan Kim

    (Sogang University)

  • Young-Joon Park

    (Ajou University)

Abstract

This paper examines the characteristics of housing price cycles in East Asia and Greater China for the period from 2001:Q1 to 2010:Q1. We find that housing price cycles in East Asia (China, Hong Kong, Japan, Korea, Singapore, and Taiwan) are accounted for mainly by region-specific and country-specific factors. East Asia's regional housing price cycles co-move strongly with the world housing price cycle in the long run, but relatively weak co-movement is found in the short run. Housing cycles in Greater China (China, Hong Kong, and Taiwan) and Singapore co-move with Northeast Asia's regional housing price cycle in the long run, but this tendency fails to show up in the short run. Both domestic monetary and business-cycle effects are important in accounting for housing price cycles in China, Hong Kong, Japan, and Taiwan, while credit supply is crucial for Korea. Fiscal policy does not play a significant role. We find empirical evidence of a China effect in housing price cycles in Hong Kong, Taiwan, and Singapore.

Suggested Citation

  • Kyung-Hwan Kim & Young-Joon Park, 2016. "International Co-movement of Housing Price Cycles in East Asia and Greater China," Asian Economic Papers, MIT Press, vol. 15(1), pages 78-98, Winter/Sp.
    • Handle: RePEc:tpr:asiaec:v:15:y:2016:i:1:p:78-98
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    Cited by:

    1. Nguyen, Thi Thu Ha & Naeem, Muhammad Abubakr & Balli, Faruk & Balli, Hatice Ozer & Syed, Iqbal, 2021. "Information transmission between oil and housing markets," Energy Economics, Elsevier, vol. 95(C).
    2. Agyemang, Abraham & Chowdhury, Iftekhar & Balli, Faruk, 2021. "Quantifying Return Spillovers in Global Real Estate Markets," Journal of Housing Economics, Elsevier, vol. 52(C).

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