China's Housing Market Dynamics and Their Reaction to Macroeconomic Changes
博士 === 國立政治大學 === 經濟學系 === 104 === The dynamic nature of real estate market in China has post specific challenges in exploring the relationship between macroeconomic variables and housing cycle as well as the determination of its turning point. There are large number of literature shed light on the...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2016
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| Online Access: | http://ndltd.ncl.edu.tw/handle/87701129829545159598 |
| Summary: | 博士 === 國立政治大學 === 經濟學系 === 104 === The dynamic nature of real estate market in China has post specific challenges in exploring the relationship between macroeconomic variables and housing cycle as well as the determination of its turning point. There are large number of literature shed light on the relationship between housing price and economic fundamental factors. Most of the existing works however rarely invoked in possible that economy might have different impacts in different phase of housing cycle. Additionally, the structure and dynamics of the China’s housing market are less investigated.
The main purpose of this thesis is to study the non-linear relationship between housing price and some basic fundamentals by adopting the Markov switching model and the panel smooth transition model. Our analysis confirms the significance of the nonlinear relationship between the housing price and economic fundamental factors in China’s real estate market.
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