Skip to main content
SpringerLink
Log in

House Price Fluctuation Spillover Effects-Evidence from 35 Chinese Large and Medium-Sized Cities

  • Conference paper
  • First Online:
Proceedings of the 18th International Symposium on Advancement of Construction Management and Real Estate

Abstract

Using quarterly house price index of the 35 Chinese large and medium-sized cities during the period 2000Q2–2012Q3, applying Block-exogeneity test on the estimates from a multi-variable VAR model, we found that the transmission of house price fluctuations between cities is multi-directional and do not depend on geographical contiguity. And the wider spillover effects come from cities with higher land scarcity.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 169.00
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 219.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

References

  1. Alexander C, Barrow M (1994) Seasonality and cointegration of regional house prices in the UK. Urban Stud 31(10):1667–1689

    Article  Google Scholar 

  2. Cook S (2003) The convergence of regional house prices in the UK. Urban Stud 40(11):2285–2294

    Article  Google Scholar 

  3. Cook S (2005) Regional house price behavior in the UK: application of a joint testing procedure. Phys A 345(11):611–621

    Article  Google Scholar 

  4. Dees S, di Mauro F, Pesaran MH, Smith LV (2007) Exploring the international linkages of the euro area: a global VAR analysis. J Appl Economet 22(1):1–38

    Article  Google Scholar 

  5. Giussani B, Hadjimatheou G (1991) Modeling regional house prices in the United Kingdom. Pap Reg Sci 70(2):201–219

    Article  Google Scholar 

  6. Gupta R, Miller SM (2012) The time-series properties of house prices: a case study of the southern California market. J Real Estate Finance Econ 1–23. doi:10.1007/s11146-010-9234-7

  7. Gupta R, Miller SM (2012) Ripple effects and forecasting home prices in Los Angeles, Las Vegas, and Phoenix. Ann Reg Sci 1–20. doi:10.1007/s00168-010-0416-2

  8. Holmes MJ, Grims A (2005) Is there long-run convergence of regional house prices in the UK? Motu Econ Public Policy Res 3:5–11

    Google Scholar 

  9. MacDonald R, Taylor M (1993) Regional house price in Britain: long-run relationships and short-run dynamics. Scott J Polit Econ 40(1):43–55

    Article  Google Scholar 

  10. Meen G (1999) Regional house price and the ripple effect: a new interpretation. Housing Stud 14(6):733–753

    Article  Google Scholar 

  11. Nneiji O, Brooks C, Ward C (2012) Speculative bubble spillovers across regional housing markets. University of Reading working paper 2012, pp 1–30

    Google Scholar 

  12. Pesaran MH, Schuermann T, Weiner SM (2004) Modeling regional interdependencies using a global error – correcting macro econometrics model. J Bus Econ Stat 22(2):129–162

    Article  Google Scholar 

  13. Pollakowski HO, Ray TS (1997) Housing price diffusion patterns at different aggregation levels: an examination of housing market efficiency. J Housing Res 8(1):107–134

    Google Scholar 

  14. Stevenson S (2004) House price diffusion and inter-regional and cross-border house price dynamics. J Prop Res 21(4):301–320

    Article  Google Scholar 

  15. Vansteenkiste I (2007) Regional housing market spillovers in the US, lessons from regional divergences in a common monetary policy setting. European working paper series no.708, 10–23

    Google Scholar 

  16. Vansteenkiste I, Hiebert P (2009) Do house price developments spill over across Euro area countries? Evidence from a global VAR. European working paper series no.1026, pp 7–25

    Google Scholar 

  17. Wei ZY, Yang ZZ (2007) Study on the ecological symbiosis of Chankiang triangle area housing prices changes. Chin J Curr Econ Manage 4:18–27

    Google Scholar 

  18. Wu J, Han XT (2009) Spillover effect of currency supply fluctuations to housing prices. Chin J Finance Trade Stud 5:33–45

    Google Scholar 

  19. Zhang L (2008) Study on city house price fluctuations differences and ripple effect. Zhejiang University PhD dissertation, pp 95–120

    Google Scholar 

Download references

Author information

Authors and Affiliations

  1. School of Construction and Environmental Engineering, Shenzhen Polytechnic, Shenzhen, China

    Gang Wu & Guoliang Ou

Authors
  1. Gang Wu
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Guoliang Ou
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Gang Wu .

Editor information

Editors and Affiliations

  1. School of Public Policy and Administrati Institute of Real Estate Research, Xi'an Jiaotong University, Xi'an, Shaanxi, China

    Donglang Yang

  2. School of Public Policy and Administration Institute of Real Estate Research, Xi’an Jiaotong University, Xi'an, Shaanxi, China

    Yanjun Qian

Appendix

Appendix

Table 27.7 Block-exogeneity test result between 30 cities
Full size table

Rights and permissions

Reprints and permissions

Copyright information

© 2014 Springer-Verlag Berlin Heidelberg

About this paper

Cite this paper

Wu, G., Ou, G. (2014). House Price Fluctuation Spillover Effects-Evidence from 35 Chinese Large and Medium-Sized Cities. In: Yang, D., Qian, Y. (eds) Proceedings of the 18th International Symposium on Advancement of Construction Management and Real Estate. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-44916-1_27

Download citation

Publish with us

Policies and ethics

Search

Navigation