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dc.contributor.authorAn, Hui
dc.contributor.authorZou, Qianmiao
dc.contributor.authorZhang, Ying
dc.contributor.authorGupta, Rakesh
dc.date.accessioned2020-01-21T02:16:27Z
dc.date.available2020-01-21T02:16:27Z
dc.date.issued2019
dc.identifier.issn2154-8919
dc.identifier.urihttp://hdl.handle.net/10072/390679
dc.description.abstractIn recent years, China has uniquely implemented various policies to control housing prices, particularly its property-purchasing limitation policy. This research proposes a vector autoregression (VAR) model with likelihood-ratio (LR) tests to examine the effects of such a policy on housing prices at the national, provincial and city levels in China, with the use of monthly data from 2002 to 2013. The results show that at the national level, the effect of the policy is very significant, and the impact on housing prices is far greater than monetary and credit policies. However, the policy is not applicable at the provincial level. The policy has a significant role at the city level in first-tier cities, but no significant effect in second-tier cities. Overall, property-purchasing limitations inhibit the growth of housing prices to some extent, and the effects show strong regional characteristics, especially at the city level. Policymakers should therefore take into account regional characteristics in the formulation and implementation of a property-purchasing limitation policy.
dc.description.peerreviewedYes
dc.languageEnglish
dc.language.isoeng
dc.publisherGlobal Social Science Institute
dc.relation.ispartofpagefrom197
dc.relation.ispartofpageto229
dc.relation.ispartofissue2
dc.relation.ispartofjournalInternational Real Estate Review
dc.relation.ispartofvolume22
dc.subject.fieldofresearchEconomics
dc.subject.fieldofresearchApplied Economics
dc.subject.fieldofresearchBanking, Finance and Investment
dc.subject.fieldofresearchCommercial Services
dc.subject.fieldofresearchcode14
dc.subject.fieldofresearchcode1402
dc.subject.fieldofresearchcode1502
dc.subject.fieldofresearchcode1504
dc.subject.keywordsSocial Sciences
dc.subject.keywordsBusiness & Economics
dc.subject.keywordsHousing Bubble
dc.subject.keywordsProperty-Purchasing Limitation
dc.titleProperty Prices: How Effective is a Property-Purchasing Limitation Policy for Managing Affordability?
dc.typeJournal article
dc.type.descriptionC1 - Articles
dcterms.bibliographicCitationAn, H; Zou, Q; Zhang, Y; Gupta, R, Property Prices: How Effective is a Property-Purchasing Limitation Policy for Managing Affordability?, International Real Estate Review, 2019, 22 (2), pp. 197-229
dc.date.updated2020-01-21T02:06:37Z
dc.description.versionVersion of Record (VoR)
gro.rights.copyright© 2019 Asian Real Estate Society. The attached file is reproduced here in accordance with the copyright policy of the publisher. Please refer to the journal's website for access to the definitive, published version.
gro.hasfulltextFull Text
gro.griffith.authorGupta, Rakesh


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