Measuring the Market Efficiency of Housing Market in China: Based on the Perspective of Disequilibrium

Botao Lu^*, Chengzhang Wang

School of Economics and Management, Southwest Jiaotong University, Chengdu, China.

DOI: 10.4236/jss.2015.36019                

Abstract

Based on the disequilibrium theory, the paper measured the market efficiency of housing market in China from 1998 to 2013 by constructing the econometric model. The proposed methods and model can solve the problem of how to quantize the market efficiency in a disequilibrium market, which will sever the purpose for indicating the market status and improving the market operation. The results showed that: during 1998 and 2013, Chinese housing market had been in a state of disequilibrium, and housing market efficiency was high and on the rise, which showed that Chinese macroeconomic regulation against real estate played an important role.

Keywords

Housing Market, Disequilibrium, Market Efficiency

Conflicts of Interest

The authors declare no conflicts of interest.

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