Please use this identifier to cite or link to this item:
https://ruomo.lib.uom.gr/handle/7000/819
Title: | Pair-wise convergence of intra-city house prices in Beijing |
Authors: | Gabrieli, Tommaso Panagiotidis, Theodore Xu, Yishuang |
Type: | Article |
Subjects: | FRASCATI::Social sciences::Economics and Business |
Keywords: | House price convergence Pair-wise approach Cointegration |
Issue Date: | Nov-2019 |
Publisher: | Elsevier |
Source: | The Journal of Economic Asymmetries |
Volume: | 20 |
First Page: | e00131 |
Abstract: | This paper examines the long-run convergence of houses prices across the eighteen Beijing districts using monthly dataset that span from January 2006 to December 2014. Following a pair-wise approach, we conduct unit root tests on all N(N-1)/2 possible pairs of housing price differentials across the N districts of Beijing. By doing so we do not select any base-district or regional average as the benchmark. A two-stage approach is employed. In the first stage, unit root tests are employed to investigate the convergence (stationarity) of house price differentials across Beijing. Over half of the intra-city house price differentials are found to be stationary. The second stage of the analysis investigates the drivers of convergence. The probability of a pair being stationarity is negatively affected by income differentials across the eighteen districts, as well as the demographics differentials and supply-side factors. Last, we reveal that the half-life of a shock towards long-run price equilibrium is positively affected by distance and housing supply while little evidence can be found for the influence of income and population density. |
URI: | https://doi.org/10.1016/j.jeca.2019.e00131 https://ruomo.lib.uom.gr/handle/7000/819 |
ISSN: | 1703-4949 |
Other Identifiers: | 10.1016/j.jeca.2019.e00131 |
Appears in Collections: | Department of Economics |
Files in This Item:
File | Description | Size | Format | |
---|---|---|---|---|
GPX_2019_V3.pdf | 331,18 kB | Adobe PDF | View/Open |
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.