상세검색
최근 검색어 전체 삭제
다국어입력
즐겨찾기0
157495.jpg
학술대회자료

Has the China's Housing Market Developed Rationally?

This research aims to examine whether the Development of China's Housing Market is rational or not. Panel data of the housing markets in thirty cities of China from 1998 to 2008 are used for the analysis. First, by examining the development and present conditions in selling housing market and rental housing market in China, we found that the growth rate of selling price increased more rapidly than the growth rate of rental price. Second, based on the literature of the relationship between house price and rental price, we selected factors affecting the 'house-rent-price ratio' to build a model to test whether China's housing market is efficient or not. Through econometricanalysis using panel data, we found that the loan interest rate has the negative effect to the house-rent-price ratio. This result is contradictive to the hypothesis which was built on the assumption of rational housing market. And in the part of further research, China-ROK FTA will be discussed.

Abstract

1. Introduction

2. Related Works

3. Model Assumption

4. Methodology and the Data

5. Empirical Study

6. Conclusion

References

로딩중