This paper uses the HS2 extension cancellation in November 2021 as a quasi-experiment to study its impact on house prices and rents in Leeds.Using a DiD approach on repeat sales and monthly rents,I compare property va...This paper uses the HS2 extension cancellation in November 2021 as a quasi-experiment to study its impact on house prices and rents in Leeds.Using a DiD approach on repeat sales and monthly rents,I compare property values near the HS2 station and proposed construction site before and after the announcement.Results show a 3.6%decrease in house prices and a 3.9%decline in rents near the station,while properties near the construction site experienced a 2.4%increase in prices and a 2.1%rise in rents.This is the first paper to analyse the HS2 cancellation effect using panel data methods.展开更多
With the increasing ratio of self-owned housing, the demand for new building as gradually reduced. In other words, the demand of refurbishment becomes more urgent. The major objective of this paper is to explore and i...With the increasing ratio of self-owned housing, the demand for new building as gradually reduced. In other words, the demand of refurbishment becomes more urgent. The major objective of this paper is to explore and investigate the consumer behavior of housing renovation. We plan to explore the direct effects of housing refurbishment or restoration on the housing prices, and then the indirect effects of an externality spilled over to the neighbor. We will understand the overall effects to provide a preliminary estimate of the changing in the economic value resulting from the change in the housing refurbishment or restoration of buildings. This research also dig into how the effects in the housing refurbishment or restoration in Taipei city ＆ Kaohsiung city. The purpose is to investigate the driving force on the housing restoration. This study will be the empirical study on the economic values by using hedonic price model. The result will be useful on the decision-making on the urban regeneration by the way of housing restoration and suggests that property owners of a housing estate will benefit from participating on refurbishment in Taiwan.展开更多
The overheated housing market has recently become a top priority of the Chinese authorities and whether the ripple effect exists is key to understanding this housing issue. The present paper uses a cointegration estim...The overheated housing market has recently become a top priority of the Chinese authorities and whether the ripple effect exists is key to understanding this housing issue. The present paper uses a cointegration estimation technique for six first-tier Chinese cities during the 2003-2013 period to show that the comovements among housing prices in China are fully reflected in a long-run equilibrium. Using the Toda- Yamamoto causality test, the ripple effect is found to be characterized by a lead -lag relationship. More importantly, it is found that Beo＇ing is the main source of housing price appreciation in China, and should be targeted as the regulatory object to efficiently resolve the troubles in this increasingly high housing-price era.展开更多
Interregional housing price comovement is a stylized fact worldwide.This study explores how it is affected by administrative division adjustment.We exploit city-county mergers in China as a quasi-natural experiment to...Interregional housing price comovement is a stylized fact worldwide.This study explores how it is affected by administrative division adjustment.We exploit city-county mergers in China as a quasi-natural experiment to construct a difference-in-differences strategy for causal identification.Based on monthly housing price data for districts(counties)in China from 2010 to 2019,we find that city-county mergers significantly improve correlations in housing prices between the merged county and the urban district.This effect is more obvious in cities with a large economic gap between merged counties and urban districts,located in the central and western regions,and with lower administrative hierarchies(non-provincial-capital cities).The mechanism test shows that the impact of city-county mergers on housing price comovement results mainly from integrating housing demand rather than integrating housing supply,like the unified land supply policy that local government implements in the new administrative scope after mergers.The results are helpful in understanding housing price comovement from the view of regional integration and provide clear policy implications for housing market regulation in China.展开更多
In this paper,we focus on the issues of local governments’fiscal pressure,land finance and house prices,and systematically analyze how local governments’fiscal pressure and land finance lead to China’s ratcheting u...In this paper,we focus on the issues of local governments’fiscal pressure,land finance and house prices,and systematically analyze how local governments’fiscal pressure and land finance lead to China’s ratcheting up of house prices.The results show that to release the fiscal pressure,local governments tend to increase land revenue and obtain high real estate related revenue by raising house prices.In this sense,the increase of the land transfer price will result in the increase of the cost of real estates,and eventually leading to the increase of house prices.That is to say,local governments’fiscal pressure will not only result in the increase of house prices directly but also consolidate the ratchet effects of house prices.展开更多
文摘This paper uses the HS2 extension cancellation in November 2021 as a quasi-experiment to study its impact on house prices and rents in Leeds.Using a DiD approach on repeat sales and monthly rents,I compare property values near the HS2 station and proposed construction site before and after the announcement.Results show a 3.6%decrease in house prices and a 3.9%decline in rents near the station,while properties near the construction site experienced a 2.4%increase in prices and a 2.1%rise in rents.This is the first paper to analyse the HS2 cancellation effect using panel data methods.
文摘With the increasing ratio of self-owned housing, the demand for new building as gradually reduced. In other words, the demand of refurbishment becomes more urgent. The major objective of this paper is to explore and investigate the consumer behavior of housing renovation. We plan to explore the direct effects of housing refurbishment or restoration on the housing prices, and then the indirect effects of an externality spilled over to the neighbor. We will understand the overall effects to provide a preliminary estimate of the changing in the economic value resulting from the change in the housing refurbishment or restoration of buildings. This research also dig into how the effects in the housing refurbishment or restoration in Taipei city ＆ Kaohsiung city. The purpose is to investigate the driving force on the housing restoration. This study will be the empirical study on the economic values by using hedonic price model. The result will be useful on the decision-making on the urban regeneration by the way of housing restoration and suggests that property owners of a housing estate will benefit from participating on refurbishment in Taiwan.
基金financial support was provided for this study by the Ministry of Science and Technologyin Taiwan(NSC 102-2410-H-033-030-MY2)
文摘The overheated housing market has recently become a top priority of the Chinese authorities and whether the ripple effect exists is key to understanding this housing issue. The present paper uses a cointegration estimation technique for six first-tier Chinese cities during the 2003-2013 period to show that the comovements among housing prices in China are fully reflected in a long-run equilibrium. Using the Toda- Yamamoto causality test, the ripple effect is found to be characterized by a lead -lag relationship. More importantly, it is found that Beo＇ing is the main source of housing price appreciation in China, and should be targeted as the regulatory object to efficiently resolve the troubles in this increasingly high housing-price era.
基金the Program for Innovation Research at Central University of Finance and Economics(No.020150321004)the National Natural Science Foundation of China(No.71903210)。
文摘Interregional housing price comovement is a stylized fact worldwide.This study explores how it is affected by administrative division adjustment.We exploit city-county mergers in China as a quasi-natural experiment to construct a difference-in-differences strategy for causal identification.Based on monthly housing price data for districts(counties)in China from 2010 to 2019,we find that city-county mergers significantly improve correlations in housing prices between the merged county and the urban district.This effect is more obvious in cities with a large economic gap between merged counties and urban districts,located in the central and western regions,and with lower administrative hierarchies(non-provincial-capital cities).The mechanism test shows that the impact of city-county mergers on housing price comovement results mainly from integrating housing demand rather than integrating housing supply,like the unified land supply policy that local government implements in the new administrative scope after mergers.The results are helpful in understanding housing price comovement from the view of regional integration and provide clear policy implications for housing market regulation in China.
文摘In this paper,we focus on the issues of local governments’fiscal pressure,land finance and house prices,and systematically analyze how local governments’fiscal pressure and land finance lead to China’s ratcheting up of house prices.The results show that to release the fiscal pressure,local governments tend to increase land revenue and obtain high real estate related revenue by raising house prices.In this sense,the increase of the land transfer price will result in the increase of the cost of real estates,and eventually leading to the increase of house prices.That is to say,local governments’fiscal pressure will not only result in the increase of house prices directly but also consolidate the ratchet effects of house prices.
