文章基本信息

标题：The inter-tier spread of housing bubbles: are luxury markets to blame?
本地全文：下载
作者：Shew-Huei KUO ; Ming-Te LEE ; Ming-Long LEE 等
期刊名称：International Journal of Strategic Property Management
印刷版ISSN：1648-715X
电子版ISSN：1648-9179
出版年度：2021
卷号：25
期号：2
页码：115-126
DOI：10.3846/ijspm.2021.14328
语种：English
出版社：Vilnius Gedinimas Technical University
摘要：Understanding the spread of asset bubbles is pivotal to the eﬀectiveness of risk management. This study thus estimates housing bubbles and investigates how and to what extent price bubbles spread between the tiers of luxury and mass housing in Hong Kong. The results show that price bubbles spread between housing tiers, the spreading of bubbles is not uni-directional from luxury to mass tiers, and more than 60% of bubbles come from inter-tier spreading. Moreover, bubble shocks from the luxury tier have stronger spreading inﬂuences on the movements of bubbles in the mass housing tier than the other way around during the period before the end of the global fnancial crisis (GFC), whereas the opposite is true for the period afer GFC. The fndings are important for policy makers attempting to tackle soaring housing bubbles, fnancial institutions seeking to managing lending risk, and housing investors wanting to time the submarkets.
关键词：housing bubble;housing price;luxury market;spillover;spread