Evaluation of the housing policy: the case of Hong Kong.

• Other Authors: Wong, Long Ho.
• Format: Others
• Language: English; Chinese
• Published: 2012
• Subjects: Housing policy; Housing policy > China > Hong Kong; Housing > Prices > Econometric models; Housing > Prices > China > Hong Kong > Econometric models
• Online Access: http://library.cuhk.edu.hk/record=b5549095; http://repository.lib.cuhk.edu.hk/en/item/cuhk-328610

經歷十三年風雨，香港樓價再創歷史新高。有云：「禍兮福所倚」，業主得益於財富增長的同時，亦擔心高速增長埋下泡沫爆破的伏線。因樓價高企，年青人置業困難，社會不滿亦日漸升溫。 === 在國際貨幣基金組織出言警告後，香港金融管理局連同財政司相繼推出措施如額外印花稅，以及收緊不同物業種類的按揭上限，希望保持樓市健康及穩定發展。一石激起千重浪，政策推出後輿論不絶，但至今仍未有人以嚴謹的邏輯推論分析新政策的影響。本文以Stein (1995)的模型作藍本，稍作修改，以分析新政對樓價的影響。 === 按照文中模型計算，於當前經濟環境下，新措施確能維持樓市健康及穩定發展。額外印花稅能壓抑樓價時，收緊不同物業種類的按揭上限能保持樓價平穩。理論模型同時指出，兩樣政策都不是萬能丹，政府於調控樓市時應先評估當前經濟基礎，否則有機會事與願違。 === House price in Hong Kong is reaching its historical high. People start to worry a sudden drop of house price as what they had experienced in year 1997. Social disputes emerged and the Hong Kong government has taken several measures in reaction. Policies such as the Multi-down payment constraint by the HKMA and special stamp duty by the Financial Secretary are implemented in response to the soaring house price. The Media and the general public are keen to explore the effects and the consequences of the policies. However, little effort has been done to study the impact of the enacted policy in a systematic way. === This thesis augmented the model developed by Stein (1995) to examine the housing price behavior of Hong Kong. Simulation results justified the government’s policies. SSD helps to lower the house price while multi-down payment policy helps to stabilize the house price. However, for the policies to be effective, the government needs to spend a lot of efforts to examine the underlying economic fundamentals to avoid unintended results. === Detailed summary in vernacular field only. === Detailed summary in vernacular field only. === Detailed summary in vernacular field only. === Wong, Long Ho. === Thesis (M.Phil.)--Chinese University of Hong Kong, 2012. === Includes bibliographical references (leaves 53-54). === Abstracts also in Chinese. === Abstract --- p.i === 擇要 --- p.ii === Acknowledgement --- p.iii === Chapter 1. --- Introduction --- p.1 === Chapter 2. --- Hong Kong’s Post-Tsunami Economic Background --- p.4 === Chapter 3. --- Characteristics of the Hong Kong Residential Property Market --- p.7 === Chapter 3.1. --- Price and Transactions --- p.8 === Chapter 3.2. --- Market Structure --- p.10 === Chapter 3.3. --- Mortgage Financing --- p.11 === Chapter 4. --- Policies Launched --- p.11 === Chapter 4.1. --- Increasing supply --- p.12 === Chapter 4.2. --- Combating speculation --- p.12 === Chapter 4.3. --- Preventing excessive expansion in mortgage lending --- p.13 === Chapter 4.1. --- To enhance the transparency in the market --- p.13 === Chapter 5. --- Literature Review --- p.14 === Chapter 6. --- Choice of Model --- p.17 === Chapter 7. --- The Stein’s Benchmark Case --- p.19 === Chapter 7.1. --- General Form --- p.20 === Chapter 7.2. --- The Log Linear Form Utility --- p.22 === Chapter 8. --- The SSD Case --- p.23 === Chapter 8.1. --- General Form --- p.23 === Chapter 9. --- The Multi-Down Payment Case --- p.25 === Chapter 9.1. --- General Form --- p.25 === Chapter 9.2. --- The Stone-Geary Form log Utility --- p.29 === Chapter 9.3. --- The CES Utility --- p.29 === Chapter 10. --- Simulation and Results --- p.30 === Chapter 10.1. --- Choosing the parameter --- p.30 === Chapter 10.2. --- Results using Log Linear Utility --- p.32 === Chapter 10.2.1. --- Changing the SSD --- p.32 === Chapter 10.2.1. --- Changing the down payment requirement γ --- p.33 === Chapter 10.2.3. --- Changing the threshold in multi-down payment case --- p.35 === Chapter 10.2.4. --- Changing ý --- p.36 === Chapter 10.2.1. --- Changing the fundamental --- p.37 === Chapter 10.3. --- Results using Stone-Geary form Utility --- p.38 === Chapter 10.3.1. --- Changing the degree of necessity --- p.38 === Chapter 10.3.2. --- Changing SSD --- p.39 === Chapter 10.3.3. --- Changing the down payment portion γ --- p.39 === Chapter 10.3.4. --- Changing the down payment portion ý --- p.40 === Chapter 10.3.5. --- Changing the fundamental --- p.41 === Chapter 10.4. --- Results using CES form Utility --- p.41 === Chapter 10.4.1. --- Changing the elasticity of substitution by --- p.42 === Chapter 10.4.2. --- Changing SSD --- p.42 === Chapter 10.4.3. --- Changing the down payment portion --- p.43 === Chapter 10.4.4. --- Changing the down payment portion --- p.44 === Chapter 10.4.5. --- Changing the fundamental --- p.45 === Chapter 10.5. --- Summary of the results and policy implications --- p.45 === Chapter 11. --- Conclusion --- p.48 === Chapter 12. --- Tables and Charts --- p.49 === Chapter 13. --- References --- p.53 === Chapter 14. --- Appendix --- p.54