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Liu, C. 
ORCID: 0000-0003-3770-4821 and Ou, Z.,
2022.
Revisiting the determinants of house prices in China's megacities: cross-sectional heterogeneity, interdependencies and spillovers.
The Manchester School, 90 (3), pp. 255-277.
ISSN 1463-6786
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Abstract
We revisit the determinants of house prices in China's megacities. Previous work on similar topics fails to account for the widespread cross-sectional heterogeneity and interdependencies, despite the importance of them. Using a PVAR estimated by the Bayesian method allowing for these features, we find each city is rather unique, especially on the extent to which local house prices are disturbed by external house price shocks. The spillovers may be partly related to the demand side before 2010, but seems more related to supply factors thereafter, due to the imposition of property purchase restrictions. The new evidence we establish therefore suggests that city-level stabilisation of house prices should fully respect local features, including how local markets respond to external disturbances.
| Item Type: | Journal article | ||||||
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| Publication Title: | The Manchester School | ||||||
| Creators: | Liu, C. and Ou, Z. | ||||||
| Publisher: | Wiley | ||||||
| Date: | June 2022 | ||||||
| Volume: | 90 | ||||||
| Number: | 3 | ||||||
| ISSN: | 1463-6786 | ||||||
| Identifiers: |
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| Rights: | This is the peer reviewed version of the following article: Liu, C., & Ou, Z. (2022). Revisiting the determinants of house prices in China's megacities: cross-sectional heterogeneity, interdependencies and spillovers. Manchester School, 90(3), 255-277, which has been published in final form at https://doi.org/10.1111/manc.12397 . This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions. This article may not be enhanced, enriched or otherwise transformed into a derivative work, without express permission from Wiley or by statutory rights under applicable legislation. Copyright notices must not be removed, obscured or modified. The article must be linked to Wiley’s version of record on Wiley Online Library and any embedding, framing or otherwise making available the article or pages thereof by third parties from platforms, services and websites other than Wiley Online Library must be prohibited. | ||||||
| Divisions: | Schools > Nottingham Business School | ||||||
| Record created by: | Jonathan Gallacher | ||||||
| Date Added: | 14 Dec 2021 08:54 | ||||||
| Last Modified: | 30 Jan 2024 03:00 | ||||||
| URI: | https://irep.ntu.ac.uk/id/eprint/45118 |
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