The residential market of Hong Kong: rational or irrational?

被引：7

作者：

Xiao, Qin ^{[2
]}

Liu, Yunhua ^{[1
,3
]}

机构：

[1] Nanyang Technol Univ Singapore, Div Econ, Sch Human & Social Sci, Singapore 639798, Singapore

[2] Univ Aberdeen, Sch Business, Edward Wright Bldg,Dunbar St, Old Aberdeen AB24 3QY, Scotland

[3] Nanyang Technol Univ Singapore, Sch Humanities & Social Sci, Div Econ, Singapore 639798, Singapore

来源：

APPLIED ECONOMICS | 2010年 / 42卷 / 07期

关键词：

ASSET BUBBLES; PRICE BUBBLES; SPECULATION;

D O I：

10.1080/00036840701720960

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The current study attempts to investigate the proposition that Hong Kong residential market is only driven by a rational speculative bubble, in addition to fundamentals. The fundamentals are chosen according to the present value model, but will account for latent private information. Potential roles of other public information are also explored. The study finds that the influence of the rational bubble on the price growth is highly significant. However, in contrast to Seoul and Singapore housing market (Xiao, 2006; Xiao and Huang, 2007), neither the fundamentals, nor the rational bubble can explain much of the price growth in the market of concern. This finding leaves large room for questioning whether or not this market is more prone to irrationality than its counterparts in Seoul and Singapore.

引用

页码：923 / 933

页数：11

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