Tse, R Y C and Webb, J R (2006) An economic analysis of housing construction evidence from Hong Kong. Journal of Construction Research, 7(1), pp. 1-12. ISSN 1609-9451
Abstract
The often volatile behavior of the Hong Kong housing construction activity is analysed using an annual econometric model for 1975 through 1999. Theory suggests that an increase in house prices leads to a rise in the housing stock, whereas an increase in interest rates leads to a decrease in the housing stock. However, the DiPasquale and Wheaton (1996) model does not seem to work for Hong Kong. Therefore, this study develops and uses an alternative model to show that the long-run equilibrium housing construction is constrained by total space absorption.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | interest rates; house prices; unit root tests |
| Index terms: | Hong Kong, evidence, long-run equilibrium, housing stock, house price, economic analysis, interest rate, econometric, residential construction |
| Subjects: | construction integration, Geography, economic analysis, industry analysis, evaluation and assessment methods, design analysis |
| Topics: | Design Practice, Geographical Context, Business Strategy, Research Practice |
| Descriptive scope: | 3 PCA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here