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Domino Effects within a Housing Market: The Transmission of House Price Changes Across Quality TiersLok-Sang Ng HoLingnan College - Department of Economics Yue Maaffiliation not provided to SSRN Donald R. HaurinOhio State University (OSU) - Department of Economics August 7, 2008 Journal of Real Estate Finance and Economics, Vol. 37, No. 4, 2008 Abstract: We argue that shocks to a housing market are transmitted through the hierarchy of quality tiers within a housing market. The result is the prediction of waves of house price changes accompanied by changes in transaction volume. Our study is related to existing models of spatial ripple effects across housing markets. The data are from the Hong Kong housing market. The findings from Granger causality tests strongly support the argument that ripple or domino effects within a single housing market occur in response to external shocks.
Keywords: housing, homeownership, ripple effect, down-payment, price dynamics, equity effects, public housing, privatization JEL Classification: E32, H30, R21, R31 Accepted Paper SeriesDate posted: August 8, 2008Suggested CitationContact Information
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