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Impact of Mortgage on the Housing Market Based on IS-LM Model: Evidence from Shanghai in China

In: Proceedings of the 18th International Symposium on Advancement of Construction Management and Real Estate

Author

Listed:
  • Fei Yang

    (Tsinghua University)

  • Hong Zhang

    (Beijing University of Civil Engineering and Architecture)

Abstract

The mechanism of mortgage on housing market is theoretically analyzed and IS-LM model including the impact of mortgage and housing prices is developed. On the basis of theoretical model, the marginal effects of mortgage on the housing prices and residential investment are quantitatively examined with the quarterly data of Shanghai in China from the first quarter of 2001 to the fourth quarter of 2010. The results indicate that as far as housing market in Shanghai in China is concerned, the mortgage has significant impact on the housing prices and residential investment. An addition of one billion yuan in total Residential Mortgage Loan in Shanghai will lead to an increase of 3.069 in China Real Estate Index of Housing in Shanghai and an increase of 0.052 billion yuan in Housing Investment in Shanghai.

Suggested Citation

  • Fei Yang & Hong Zhang, 2014. "Impact of Mortgage on the Housing Market Based on IS-LM Model: Evidence from Shanghai in China," Springer Books, in: Donglang Yang & Yanjun Qian (ed.), Proceedings of the 18th International Symposium on Advancement of Construction Management and Real Estate, edition 127, chapter 0, pages 207-214, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-44916-1_21
    DOI: 10.1007/978-3-642-44916-1_21
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