Options
Studying the dynamic relationships between residential property prices, stock prices, and GDP: Lessons from Hong Kong
Author(s)
Date Issued
2013
Journal
ISSN
2691-1337
1052-7001
Citation
Journal of Housing Research, 2013, Vol. 22(1), pp. 75-89.
Type
Peer Reviewed Journal Article
Abstract
This paper studies the dynamic relationships between GDP, residential property prices, and stock prices in Hong Kong. The study is interesting because most people put their wealth into these two markets. 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. Finally, the paper discusses what policy lessons can be drawn from the empirical analyses that have been undertaken.
Loading...
Availability at HKSYU Library
