Studying the dynamic relationships between residential property prices, stock prices, and GDP in Hong Kong

Author(s)
Date Issued
2011
Series/Report no.
Working paper series
ISBN
9789881844439
URI
Type
Working Paper
Abstract
This paper studies the dynamic relationships between GDP, residential property prices, and stock prices in the economy of Hong Kong. Studying the housing and stock markets sheds light on the economy as a whole because most people put their wealth into these two markets. In the study, we find that there are long-run feedback effects between the two asset markets, providing evidence of wealth and credit-price effects in Hong Kong. There are also long-run, bi-directional causal links between real GDP and real asset prices. Hence, real asset prices can drive long-run economic growth and vice versa.
Subjects

Cointegration

Causality

GDP

Housing Prices

Stock Prices

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Woo_Chan_May2011.pdf

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343.74 KB

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Adobe PDF

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(MD5):90659165df83c8f2f86d2b26fca206fc

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