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.
Authors
- Eloisa T. Glindro
- Tientip Subhanij
- Jessica Szeto
- Haibin Zhu
JEL codes
- G12
- R31