The real estate market is an ilnportant part of China＇s socialist market economy. Real estate price xs not only a profound role on the level of consumption of the residents, but a profound role on the steady developm...The real estate market is an ilnportant part of China＇s socialist market economy. Real estate price xs not only a profound role on the level of consumption of the residents, but a profound role on the steady development of the banking sector-based financial sector. Real estate price have a significant impact not only on the development ofmacroeconomic stability, but on the safety of financial system. Chinese economy is currently on the period of transition from investment and export promotion of economic growth mode to a demand-led growth, it is an important role to China＇s economic growth for sustained and healthy development of real estate market.展开更多
Local governments often charge developers impact fees to finance local public goods. This has been practiced in Chinese cities for more than two decades; however, no empirical studies have tested the effect of impact ...Local governments often charge developers impact fees to finance local public goods. This has been practiced in Chinese cities for more than two decades; however, no empirical studies have tested the effect of impact fees on real estate prices. Using a panel data set for 35 large- and medium-sized cities from 1998 to 2008, we find that impact fees lead to a significant increase in real estate prices. For a given city, an increase in impact fees by one yuan leads to an increase of about 5 yuan in the price of newly-built housing; a 1% increase in impact fees leads to an increase of 5 percentage points in the housing price index and 7 percentage points in the land price index.展开更多
Our analysis used the monthly data of the average sales price of commodity houses and stock turnover in the Shenzhen Stock Exchange from January 2016 to December 2020. We selected this data to establish a Vector Autor...Our analysis used the monthly data of the average sales price of commodity houses and stock turnover in the Shenzhen Stock Exchange from January 2016 to December 2020. We selected this data to establish a Vector Autoregression(VAR) model using the Granger causality test to investigate the correlation between the stock market and the real estate market. We found that there is a significant positive correlation between the stock market and the real estate market. We also found that the real estate market price is the one-way Granger cause for the stock market turnover, and that changes in the real estate market price have a significant role in forecasting changes in stock market turnover. Therefore, the linkage between the two markets should be considered in macro regulations, and the impact on one of the markets should be considered when regulating the other.展开更多
In recent years, the real estate price has been raising with the volume of foreign money inflow increasing. The relationship between foreign money and real estate price becomes a focus. This paper studies the relation...In recent years, the real estate price has been raising with the volume of foreign money inflow increasing. The relationship between foreign money and real estate price becomes a focus. This paper studies the relationship with empirical methods. The co-integration test shows that there is a long equilibrium between real estate price rising and foreign money inflow. The analysis of ECM shows that foreign money inflow as to real estate price rising is less important than real estate price rising as to foreign money inflow. And Granger test also shows that foreign money inflow is not the cause of real estate price rising, on the contrary, real estate price rising causes foreign money flowing in.展开更多
The impact of energy price fl uctuation on the macro economy is a hot issue that is continuously concerned by the academic community,but few literature have paid attention to the impact of energy price fl uctuation on...The impact of energy price fl uctuation on the macro economy is a hot issue that is continuously concerned by the academic community,but few literature have paid attention to the impact of energy price fl uctuation on housing price and the financial risks that may arise.Based on the data of cities at and above the prefecture level in China,this paper empirically examines the impact of energy price fl uctuation on the price fl uctuation of the domestic real estate,and analyzes its infl uencing mechanism and transmission pathways.The results show that changes of energy price will significantly affect the fl uctuation of domestic real estate price,and it is more obvious in large cities and megacities.Energy price affect the demand for housing through changes of interest rate levels on the one hand,and the supply of the real estate market through the cost of housing construction on the other hand,which leads to housing price fl uctuation.After a series of robustness tests,the results are still valid.At the same time,the effect is asymmetric,that is,higher energy price increases the fl uctuation of house price,but the impact of falling energy price is not significant.Therefore,when preventing real estate market risks,energy price should be considered as a forward-looking indicator to focus on,and the regulation and control policies of the real estate market should be scientifically formulated.This paper not only provides a new perspective on the mechanism of housing price formation,but also enriches the research on the interconnection between energy and financial markets.展开更多
文摘The real estate market is an ilnportant part of China＇s socialist market economy. Real estate price xs not only a profound role on the level of consumption of the residents, but a profound role on the steady development of the banking sector-based financial sector. Real estate price have a significant impact not only on the development ofmacroeconomic stability, but on the safety of financial system. Chinese economy is currently on the period of transition from investment and export promotion of economic growth mode to a demand-led growth, it is an important role to China＇s economic growth for sustained and healthy development of real estate market.
文摘Local governments often charge developers impact fees to finance local public goods. This has been practiced in Chinese cities for more than two decades; however, no empirical studies have tested the effect of impact fees on real estate prices. Using a panel data set for 35 large- and medium-sized cities from 1998 to 2008, we find that impact fees lead to a significant increase in real estate prices. For a given city, an increase in impact fees by one yuan leads to an increase of about 5 yuan in the price of newly-built housing; a 1% increase in impact fees leads to an increase of 5 percentage points in the housing price index and 7 percentage points in the land price index.
文摘Our analysis used the monthly data of the average sales price of commodity houses and stock turnover in the Shenzhen Stock Exchange from January 2016 to December 2020. We selected this data to establish a Vector Autoregression(VAR) model using the Granger causality test to investigate the correlation between the stock market and the real estate market. We found that there is a significant positive correlation between the stock market and the real estate market. We also found that the real estate market price is the one-way Granger cause for the stock market turnover, and that changes in the real estate market price have a significant role in forecasting changes in stock market turnover. Therefore, the linkage between the two markets should be considered in macro regulations, and the impact on one of the markets should be considered when regulating the other.
文摘In recent years, the real estate price has been raising with the volume of foreign money inflow increasing. The relationship between foreign money and real estate price becomes a focus. This paper studies the relationship with empirical methods. The co-integration test shows that there is a long equilibrium between real estate price rising and foreign money inflow. The analysis of ECM shows that foreign money inflow as to real estate price rising is less important than real estate price rising as to foreign money inflow. And Granger test also shows that foreign money inflow is not the cause of real estate price rising, on the contrary, real estate price rising causes foreign money flowing in.
文摘The impact of energy price fl uctuation on the macro economy is a hot issue that is continuously concerned by the academic community,but few literature have paid attention to the impact of energy price fl uctuation on housing price and the financial risks that may arise.Based on the data of cities at and above the prefecture level in China,this paper empirically examines the impact of energy price fl uctuation on the price fl uctuation of the domestic real estate,and analyzes its infl uencing mechanism and transmission pathways.The results show that changes of energy price will significantly affect the fl uctuation of domestic real estate price,and it is more obvious in large cities and megacities.Energy price affect the demand for housing through changes of interest rate levels on the one hand,and the supply of the real estate market through the cost of housing construction on the other hand,which leads to housing price fl uctuation.After a series of robustness tests,the results are still valid.At the same time,the effect is asymmetric,that is,higher energy price increases the fl uctuation of house price,but the impact of falling energy price is not significant.Therefore,when preventing real estate market risks,energy price should be considered as a forward-looking indicator to focus on,and the regulation and control policies of the real estate market should be scientifically formulated.This paper not only provides a new perspective on the mechanism of housing price formation,but also enriches the research on the interconnection between energy and financial markets.
