by Eloisa T. Glindroa, Tientip Subhanijb, Jessica Szetoc and Haibin Zhud
The paper investigates the characteristics of house price dynamics and the role of institutional factors in nine Asia-Pacific economies during 1993-2006. On average, house prices tend to be more volatile in markets with lower supply elasticity and a more flexible business environment. At the national level, the current run-up in house prices mainly reflects adjustment to improved fundamentals rather than speculative housing bubbles. However, evidence of bubbles does exist in some market segments.
JEL Codes: G12, R31.
Full article (PDF, 42 pages 307 kb)
a Center for Monetary and Financial Policy, Bangko Sentral ng Pilipinas
b Economic Research Department, Bank of Thailand
c Economic Research, Hong Kong Monetary Authority
d Bank for International Settlements