TITLE:
An Empirical Research on Interactive Relationship of Urban Housing Prices in China: Analysis of Six Major Cities
AUTHORS:
Qian Zhang, Dexiang Mei
KEYWORDS:
Housing Prices, Spillover Effect, Non-Linear Granger Test, Impulse Response Function
JOURNAL NAME:
Low Carbon Economy,
Vol.6 No.2,
June
24,
2015
ABSTRACT: This
paper applies non-linear granger causality test and impulse response function
method to analyze the spillover
effect of housing prices fluctuation among six major Chinese cities, namely,
Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin and Chongqing. Results indicate
that fluctuation of urban housing prices in the short term is a wide range of
positive spillover effect, and then the effect will gradually disappear. The
spillover effect of housing prices fluctuation and cities’ space distance do
not necessarily exist relationship; at the same time, Shanghai housing price
fluctuation has a great influence on other
cities generally. Accordingly, relevant policy suggestions are put
forward.