Please use this identifier to cite or link to this item:
Title: Price dynamics in public and private housing markets in Singapore
Authors: Sing, T.-F. 
Tsai, I.-C.
Chen, M.-C.
Keywords: C53
Household mobility
Housing price dynamics
Stochastic permanent breaks (STOPBREAK)
Issue Date: 2006
Citation: Sing, T.-F., Tsai, I.-C., Chen, M.-C. (2006). Price dynamics in public and private housing markets in Singapore. Journal of Housing Economics 15 (4) : 305-320. ScholarBank@NUS Repository.
Abstract: In down-payment constrained housing consumption models, increases in house prices could trigger household mobility decisions in housing markets. This study empirically tests house price dynamics associated with the mobility of households in the public resale and private housing markets in Singapore. The results show that stochastic permanent breaks were found in the public housing resale prices and private housing prices. The relative prices drift apart occasionally, but mean-revert to a long-run fundamental equilibrium. Error correction mechanisms and lagged public housing prices were also found to have significant explanatory effects for price changes in the private housing markets. The results support the hypothesis that household mobility creates co-movements of prices in public and private housing submarkets in the long run. © 2006 Elsevier Inc. All rights reserved.
Source Title: Journal of Housing Economics
ISSN: 10511377
DOI: 10.1016/j.jhe.2006.09.006
Appears in Collections:Staff Publications

Show full item record
Files in This Item:
There are no files associated with this item.

Google ScholarTM



Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.