The present study explains the reasons for the imbalanced development of the Chinese housing market. Using the quantile autoregression unit-root test, we examine housing prices in China＇s five major cities. The resul...The present study explains the reasons for the imbalanced development of the Chinese housing market. Using the quantile autoregression unit-root test, we examine housing prices in China＇s five major cities. The results show that the rising and falling of housing prices in these cities exhibits asymmetric reversion. When housing prices fall, market capital is highly sensitive to housing prices, and housing prices resist the pressure to faU further. However, when housing prices rise, the housing market becomes imbalanced, with housing prices tending to overreact in an upturn. The results of this study indicate that when housing prices rise irrationally, the government should intervene in the housing market promptly to prevent housing bubbles.展开更多
The asymmetric and segmented causality between the monetary policy and real estate market in China is crucial but remains mystery.With the application of quantile causality test,this article investigates nonlinear de...The asymmetric and segmented causality between the monetary policy and real estate market in China is crucial but remains mystery.With the application of quantile causality test,this article investigates nonlinear dependence between property prices and money supply.Our results show that the tail causality exists in many cities in China.Moreover,we find that small-sized cities and inland cities are more sensitive to the broad money(M2)changes when the housing market return is in the tail quantile intervals.These findings can help the Chinese government formulate appropriate monetary policies regarding their implications in the real estate market.展开更多
文摘The present study explains the reasons for the imbalanced development of the Chinese housing market. Using the quantile autoregression unit-root test, we examine housing prices in China＇s five major cities. The results show that the rising and falling of housing prices in these cities exhibits asymmetric reversion. When housing prices fall, market capital is highly sensitive to housing prices, and housing prices resist the pressure to faU further. However, when housing prices rise, the housing market becomes imbalanced, with housing prices tending to overreact in an upturn. The results of this study indicate that when housing prices rise irrationally, the government should intervene in the housing market promptly to prevent housing bubbles.
基金Haoyuan Ding acknowledges the financial support from the National Natural Science Foundation of China[No.71703086]the financial support from Shanghai Institute of International Finance and Economics and the financial support from the Program for Innovative Research Team of Shanghai University of Finance and Economics.All remaining errors are our own.
文摘The asymmetric and segmented causality between the monetary policy and real estate market in China is crucial but remains mystery.With the application of quantile causality test,this article investigates nonlinear dependence between property prices and money supply.Our results show that the tail causality exists in many cities in China.Moreover,we find that small-sized cities and inland cities are more sensitive to the broad money(M2)changes when the housing market return is in the tail quantile intervals.These findings can help the Chinese government formulate appropriate monetary policies regarding their implications in the real estate market.
