Measuring real estate policy uncertainty in China

被引：3

作者：

Chen, Yingnan ^{[1
,5
]}

Mo, Dongcui ^{[2
]}

Tang, Sihua ^{[3
]}

Li, Huihui ^{[4
]}

机构：

[1] Jinan Univ, Sch Econ, Dept Finance, Jinan, Peoples R China

[2] Univ Chinese Acad Social Sci, Sch Appl Econ, Beijing, Peoples R China

[3] Int Business Machine Technol Shenzhen Co LTD, Shenzhen, Peoples R China

[4] China Banking & Insurance Regulatory Commiss, Fuyang Branch, Shanghai 010019, Peoples R China

[5] 601 West Huangpu Ave, Guangzhou, Guangdong, Peoples R China

来源：

CHINA ECONOMIC QUARTERLY INTERNATIONAL | 2023年 / 3卷 / 01期

关键词：

Real estate regulation; Policy uncertainty; Textual analysis;

D O I：

10.1016/j.ceqi.2023.02.003

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Referring to the newspaper textual analysis method by Baker et al. (2016), this study constructs a monthly Chinese Real Estate Policy Uncertainty (REPU) index from 2001 to 2018. The index increases significantly near the promulgation of major policies. We also conduct evaluation of the index with the vector autoregression (VAR) model, which reveals that the rise of REPU indicates the decline in the growth rate of commodity housing development investment, sales area, and real estate industry added value. The REPU index is helpful to expand the understanding of policy uncertainty, and the accurate measurement of REPU is the basis for further research of its impact on China's real estate market.

引用

页码：23 / 34

页数：12

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