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Article: Economic restructuring, urban growth, and short-term trading: The spatial dynamics of the Hong Kong housing market, 1992-2008

TitleEconomic restructuring, urban growth, and short-term trading: The spatial dynamics of the Hong Kong housing market, 1992-2008
Authors
KeywordsChina
Hong Kong
Housing markets
Price indexes
Spatial econometrics
Issue Date2012
PublisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/regec
Citation
Regional Science And Urban Economics, 2012, v. 42 n. 3, p. 396-406 How to Cite?
AbstractThe response of housing prices to changes in the geography of the economy and population within cities is empirically understudied. This paper examines the spatial dynamics of the Hong Kong housing market between 1992 and 2008, a time period that includes two periods of strong price appreciation and one market crash. Neighborhood housing price indexes are calculated for 96 census-defined areas, and patterns of appreciation during periods of boom and bust are analyzed with spatial autoregressive models. Empirical results show a difference between factors associated with housing price appreciation during the boom of the 1990s and the boom in the 2000s, reflecting changes in Hong Kong's economic and spatial structure at the end of the 20th century. Housing prices in centrally located neighborhoods increased by a much greater share after the city de-industrialized, despite massive investments in the city's transportation infrastructure. A proxy for speculative investment, short-term trading, is not found to be a statistically significant determinant of price changes at the neighborhood level during periods of appreciation. © 2011 Elsevier B.V.
Persistent Identifierhttp://hdl.handle.net/10722/152835
ISSN
2015 Impact Factor: 1.024
2015 SCImago Journal Rankings: 1.328
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorMonkkonen, Pen_HK
dc.contributor.authorWong, Ken_HK
dc.contributor.authorBegley, Jen_HK
dc.date.accessioned2012-07-16T09:49:59Z-
dc.date.available2012-07-16T09:49:59Z-
dc.date.issued2012en_HK
dc.identifier.citationRegional Science And Urban Economics, 2012, v. 42 n. 3, p. 396-406en_HK
dc.identifier.issn0166-0462en_HK
dc.identifier.urihttp://hdl.handle.net/10722/152835-
dc.description.abstractThe response of housing prices to changes in the geography of the economy and population within cities is empirically understudied. This paper examines the spatial dynamics of the Hong Kong housing market between 1992 and 2008, a time period that includes two periods of strong price appreciation and one market crash. Neighborhood housing price indexes are calculated for 96 census-defined areas, and patterns of appreciation during periods of boom and bust are analyzed with spatial autoregressive models. Empirical results show a difference between factors associated with housing price appreciation during the boom of the 1990s and the boom in the 2000s, reflecting changes in Hong Kong's economic and spatial structure at the end of the 20th century. Housing prices in centrally located neighborhoods increased by a much greater share after the city de-industrialized, despite massive investments in the city's transportation infrastructure. A proxy for speculative investment, short-term trading, is not found to be a statistically significant determinant of price changes at the neighborhood level during periods of appreciation. © 2011 Elsevier B.V.en_HK
dc.languageengen_US
dc.publisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/regecen_HK
dc.relation.ispartofRegional Science and Urban Economicsen_HK
dc.subjectChinaen_HK
dc.subjectHong Kongen_HK
dc.subjectHousing marketsen_HK
dc.subjectPrice indexesen_HK
dc.subjectSpatial econometricsen_HK
dc.titleEconomic restructuring, urban growth, and short-term trading: The spatial dynamics of the Hong Kong housing market, 1992-2008en_HK
dc.typeArticleen_HK
dc.identifier.emailMonkkonen, P: paavo@hku.hken_HK
dc.identifier.emailWong, K: kelvin.wong@hku.hken_HK
dc.identifier.authorityMonkkonen, P=rp01298en_HK
dc.identifier.authorityWong, K=rp01028en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1016/j.regsciurbeco.2011.11.004en_HK
dc.identifier.scopuseid_2-s2.0-84855176634en_HK
dc.identifier.hkuros201868en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-84855176634&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume42en_HK
dc.identifier.issue3en_HK
dc.identifier.spage396en_HK
dc.identifier.epage406en_HK
dc.identifier.isiWOS:000302045000002-
dc.publisher.placeNetherlandsen_HK
dc.identifier.scopusauthoridMonkkonen, P=16305138100en_HK
dc.identifier.scopusauthoridWong, K=7404591021en_HK
dc.identifier.scopusauthoridBegley, J=54879573300en_HK
dc.identifier.citeulike10121039-

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