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Article: An empirical study of the impact of income uncertainty on private residential property markets in Singapore and Hong Kong

TitleAn empirical study of the impact of income uncertainty on private residential property markets in Singapore and Hong Kong
Authors
KeywordsHousing finance system
Mortgage repayment ability
Permament income hypothesis
Unemployment rate
Issue Date2005
PublisherRoutledge. The Journal's web site is located at http://www.tandf.co.uk/journals/titles/02673037.asp
Citation
Housing Studies, 2005, v. 20 n. 5, p. 753-769 How to Cite?
AbstractAlthough many studies have found that unemployment has a negative effect on housing prices, the explanation put forward for this effect, that is, uncertainty over the ability to repay longterm mortgage loans, has not been empirically tested. This paper attempts to empirically test this explanation using a cross-city analysis. Singapore and Hong Kong have been chosen because they are both compact cities and are similar in many aspects. The exception is that Singapore has an established system of home financing from the Central Provident Fund, thereby enhancing greater certainty over the ability to repay long-term mortgage loans. Macro-economic factors, including unemployment rate, were analysed from 1993Q1 to 2003Q4 for Singapore and from 1985Q1 to 200OQ4 for Hong Kong. The results show that, unlike Hong Kong, Singapore's rate of unemployment has no statistical significant effect on housing prices. This study has confirmed the financial constraints hypothesis in the permanent income hypothesis study. © 2005 Taylor & Francis.
Persistent Identifierhttp://hdl.handle.net/10722/168726
ISSN
2015 Impact Factor: 1.309
2015 SCImago Journal Rankings: 1.101
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorYiu, CYen_HK
dc.contributor.authorHui, CMen_HK
dc.date.accessioned2012-10-08T03:31:50Z-
dc.date.available2012-10-08T03:31:50Z-
dc.date.issued2005en_HK
dc.identifier.citationHousing Studies, 2005, v. 20 n. 5, p. 753-769en_HK
dc.identifier.issn0267-3037en_HK
dc.identifier.urihttp://hdl.handle.net/10722/168726-
dc.description.abstractAlthough many studies have found that unemployment has a negative effect on housing prices, the explanation put forward for this effect, that is, uncertainty over the ability to repay longterm mortgage loans, has not been empirically tested. This paper attempts to empirically test this explanation using a cross-city analysis. Singapore and Hong Kong have been chosen because they are both compact cities and are similar in many aspects. The exception is that Singapore has an established system of home financing from the Central Provident Fund, thereby enhancing greater certainty over the ability to repay long-term mortgage loans. Macro-economic factors, including unemployment rate, were analysed from 1993Q1 to 2003Q4 for Singapore and from 1985Q1 to 200OQ4 for Hong Kong. The results show that, unlike Hong Kong, Singapore's rate of unemployment has no statistical significant effect on housing prices. This study has confirmed the financial constraints hypothesis in the permanent income hypothesis study. © 2005 Taylor & Francis.en_HK
dc.languageengen_US
dc.publisherRoutledge. The Journal's web site is located at http://www.tandf.co.uk/journals/titles/02673037.aspen_HK
dc.relation.ispartofHousing Studiesen_HK
dc.subjectHousing finance systemen_HK
dc.subjectMortgage repayment abilityen_HK
dc.subjectPermament income hypothesisen_HK
dc.subjectUnemployment rateen_HK
dc.titleAn empirical study of the impact of income uncertainty on private residential property markets in Singapore and Hong Kongen_HK
dc.typeArticleen_HK
dc.identifier.emailYiu, CY: ecyyiu@hkucc.hku.hken_HK
dc.identifier.authorityYiu, CY=rp01035en_HK
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.doi10.1080/02673030500214001en_HK
dc.identifier.scopuseid_2-s2.0-26444443570en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-26444443570&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume20en_HK
dc.identifier.issue5en_HK
dc.identifier.spage753en_HK
dc.identifier.epage769en_HK
dc.identifier.isiWOS:000232495200004-
dc.publisher.placeUnited Kingdomen_HK
dc.identifier.scopusauthoridYiu, CY=9248825800en_HK
dc.identifier.scopusauthoridHui, CM=7005081892en_HK

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