TY - JOUR
T1 - The first step on the housing ladder : a natural experiment in Hong Kong
AU - HO, Lok Sang
AU - WONG, Wai Chung, Gary
PY - 2009/3/1
Y1 - 2009/3/1
N2 - The article presents and illuminates evidence, based on recent Hong Kong experience, indicating the existence of a "housing ladder effect" when housing prices increase or decrease. An increase of housing equity at the bottom of the ladder tends to translate into a trading up activity that will both increase housing market turnover and buoy up the entire housing market. Based on a natural experiment through the introduction of a public housing privatization scheme, this article demonstrates the importance of the first step on the housing ladder using a logit model.
AB - The article presents and illuminates evidence, based on recent Hong Kong experience, indicating the existence of a "housing ladder effect" when housing prices increase or decrease. An increase of housing equity at the bottom of the ladder tends to translate into a trading up activity that will both increase housing market turnover and buoy up the entire housing market. Based on a natural experiment through the introduction of a public housing privatization scheme, this article demonstrates the importance of the first step on the housing ladder using a logit model.
KW - Housing ladder
KW - Ladder effect
KW - Logit model
KW - Natural experiment
KW - Public housing privatization
UR - http://commons.ln.edu.hk/sw_master/373
UR - http://www.scopus.com/inward/record.url?scp=61849158744&partnerID=8YFLogxK
U2 - 10.1016/j.jhe.2009.02.003
DO - 10.1016/j.jhe.2009.02.003
M3 - Journal Article (refereed)
SN - 1051-1377
VL - 18
SP - 59
EP - 67
JO - Journal of Housing Economics
JF - Journal of Housing Economics
IS - 1
ER -