A vector auto regression model applied to real estate development investment : a statistic analysis
| dc.contributor.author | Liu, Fengyun | |
| dc.contributor.author | Matsuno, Shuji | |
| dc.contributor.author | Malekian, Reza | |
| dc.contributor.author | Yu, Jin | |
| dc.contributor.author | Li, Zhixiong | |
| dc.date.accessioned | 2017-05-11T05:28:14Z | |
| dc.date.available | 2017-05-11T05:28:14Z | |
| dc.date.issued | 2016-10-25 | |
| dc.description.abstract | This study analyzes the economic system dynamics of investment in real estate from mainly four participants in China. Local governments limit the supply of commercial and residential land to raise fiscal revenue, and expand debts by land mortgage to develop industrial zones and parks. Led by local government, banks and real estate development enterprises forge a coalition on real estate investment and facilitate real estate price appreciation. The above theoretical model is empirically evidenced with VAR (Vector Auto Regression) methodology. A panel VAR model shows that land leasing and real estate price appreciation positively affect local government general fiscal revenue. Additional VAR models find that bank credit in addition to private and foreign funds respectively have strong positive dynamic effects on housing prices. Housing prices also have a strong positive impact on speculation from private funds and hot money. | en_ZA |
| dc.description.department | Electrical, Electronic and Computer Engineering | en_ZA |
| dc.description.librarian | am2017 | en_ZA |
| dc.description.sponsorship | We acknowledge the support from the following research projects: “The Disequilibrium Effects of Asset Price Fluctuations after Monetary Policy Shocks—A View from Dynamic Economics” (10XJA790010) from humanities and social science research planning fund from the Chinese Ministry of Education; “A Study on Spatial Effects of Regional Systemic Financial Risks Led by Real Estate Market in Jiangsu Province” (15EYD004) from Social Science Scientific Fund of Jiangsu Province; and “A Study on Regional Systemic Financial Risks Led by Real Estate in China” (2016M591948) from China Post-Doctor Scientific Fund; “Sailing Plan” from China University of Mining and Technology. | en_ZA |
| dc.description.uri | http://www.mdpi.com/journal/sustainability | en_ZA |
| dc.identifier.citation | Liu, F, Matsuno,S, Malekian, R, Yu, J & Li, Z 2016, 'A vector auto regression model applied to real estate development investment : a statistic analysis', Sustainability, vol. 8, pp. 1-19. | en_ZA |
| dc.identifier.issn | 2071-1050 | |
| dc.identifier.other | 10.3390/su8111082 | |
| dc.identifier.uri | http://hdl.handle.net/2263/60313 | |
| dc.language.iso | en | en_ZA |
| dc.publisher | MDPI Publishing | en_ZA |
| dc.rights | © 2016 by the authors; licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution license. | en_ZA |
| dc.subject | Socioeconomic | en_ZA |
| dc.subject | Economic system dynamics | en_ZA |
| dc.subject | Real estate investment | en_ZA |
| dc.subject | Statistical analysis | en_ZA |
| dc.title | A vector auto regression model applied to real estate development investment : a statistic analysis | en_ZA |
| dc.type | Article | en_ZA |