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Abstract This paper presents an empirical analysis of the determinants of housing prices using the province-level panel data that covers all the regions in China for the period 1999–2015. The… Click to show full abstract
Abstract This paper presents an empirical analysis of the determinants of housing prices using the province-level panel data that covers all the regions in China for the period 1999–2015. The bank credit is the primary determinant of housing prices. Remarkably, a one-percentage-point increase in the growth of bank credit leads to a subsequent appreciation in the growth of the housing price by 0.281%. The sensitivity of bank credit varies across subcategories of buildings, and between the province-level analysis and the city-level analysis.
Journal Title: Journal of Asian Economics
Year Published: 2021
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