Comparing two financial crises : the case of Hong Kong real estate markets

Research output: Chapters, Conference Papers, Creative and Literary WorksRGC 12 - Chapter in an edited book (Author)

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Detail(s)

Original languageEnglish
Title of host publicationGlobal housing markets
Subtitle of host publicationcrises, policies, and institutions
EditorsAshok Deo Bardhan, Robert H. Edelstein, Cynthia A. Kroll
Place of PublicationHoboken, N.J.
PublisherJohn Wiley & Sons
Pages377-398
ISBN (print)9780470647141, 0470647140
Publication statusPublished - Oct 2011

Publication series

NameReviews of environmental contamination and toxicology
Volume223

Abstract

Hong Kong is no stranger to bubbles or crisis. During the Asian financial crisis (AFC), the Hong Kong housing price index dropped more than 50 percent in less than a year. The same market then experienced the Internet bubble, the SARS attack, and recently the global financial crisis (GFC). This chapter provides some “stylized facts,” follows the event-study methodology to examine whether the markets behaved differently in the AFC and GFC, and discusses the possible linkage to the change in government policies (“learning effect”) and the flow of Chinese consumers and investors to Hong Kong (“China factor”).

Citation Format(s)

Comparing two financial crises: the case of Hong Kong real estate markets. / Leung, Charles K Y; TANG, Chi Ho.
Global housing markets: crises, policies, and institutions. ed. / Ashok Deo Bardhan; Robert H. Edelstein; Cynthia A. Kroll. Hoboken, N.J.: John Wiley & Sons, 2011. p. 377-398 17 (Reviews of environmental contamination and toxicology; Vol. 223).

Research output: Chapters, Conference Papers, Creative and Literary WorksRGC 12 - Chapter in an edited book (Author)