TY - UNPB
T1 - The housing ladder and Hong Kong housing market’s boom and bust cycle
AU - HO, Lok Sang
AU - WONG, Gary Wai-chung
N1 - Support from the RGC Grants Committee of Hong Kong (LU3008/00H) is gratefully acknowledged.
PY - 2008/4
Y1 - 2008/4
N2 - This paper presents evidence, based on the recent Hong Kong experience, for the existence of a “housing ladder effect.” 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 papers presents evidence supporting this story using a logit model and a price-volume causality test.
AB - This paper presents evidence, based on the recent Hong Kong experience, for the existence of a “housing ladder effect.” 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 papers presents evidence supporting this story using a logit model and a price-volume causality test.
UR - http://commons.ln.edu.hk/cppswp/89
M3 - Working paper series
T3 - Centre for Public Policy Studies Working Paper Series
BT - The housing ladder and Hong Kong housing market’s boom and bust cycle
PB - Centre for Public Policy Studies
CY - Hong Kong
ER -