Determinants of House Prices in Nine Asia-Pacific Economies
by Eloisa T. Glindroa, Tientip Subhanijb, Jessica Szetoc and Haibin Zhud
Abstract
The paper investigates the characteristics of house price dynamics and the role of institutional factors in nine Asia-Pacific economies during 1993–2006. On average, house prices tend to be more volatile in markets with lower supply elasticity and a more flexible business environment. At the national
level, the current run-up in house prices mainly reflects adjustment to improved fundamentals rather than speculative housing bubbles. However, evidence of bubbles does exist in some market segments.
JEL Codes: G12, R31.
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a Center for Monetary and Financial Policy, Bangko Sentral ng Pilipinas
b Economic Research Department, Bank of Thailand
c Economic Research, Hong Kong Monetary Authority
d Bank for International Settlements
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