The dynamics of housing returns in Singapore : How important are the international transmission mechanisms?

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)21_Publication in refereed journalpeer-review

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Original languageEnglish
Pages (from-to)516-530
Journal / PublicationRegional Science and Urban Economics
Issue number3
Publication statusPublished - May 2012


This paper studies the dynamics of housing returns in Singapore. We first extract the movements of Singapore's economic aggregates that are free from foreign (U.S. and rest of the world) factors, and then examine the determinants of its housing returns. We find that both the domestic variables (such as GDP growth rate, volume of international trade, and exchange rate) and U.S. variables (such as the Federal Fund Rate and the External Finance Premium) are important during the boom regime. The bust regime is very different. Directions for future research are discussed. © 2011 Elsevier B.V.

Research Area(s)

  • House price, International transmission mechanism, Regime-dependent response, Regime-switching, Two-stage procedure