TY - JOUR
T1 - The dynamics of housing returns in Singapore
T2 - How important are the international transmission mechanisms?
AU - Chang, Kuang-Liang
AU - Chen, Nan-Kuang
AU - Leung, Charles Ka Yui
PY - 2012/5
Y1 - 2012/5
N2 - 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.
AB - 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.
KW - House price
KW - International transmission mechanism
KW - Regime-dependent response
KW - Regime-switching
KW - Two-stage procedure
UR - http://www.scopus.com/inward/record.url?scp=84857453547&partnerID=8YFLogxK
UR - https://www.scopus.com/record/pubmetrics.uri?eid=2-s2.0-84857453547&origin=recordpage
U2 - 10.1016/j.regsciurbeco.2011.03.010
DO - 10.1016/j.regsciurbeco.2011.03.010
M3 - RGC 21 - Publication in refereed journal
SN - 0166-0462
VL - 42
SP - 516
EP - 530
JO - Regional Science and Urban Economics
JF - Regional Science and Urban Economics
IS - 3
ER -