Housing Price Fluctuations Across China:An Equilibrium Mechanism Perspective

被引：4

作者：

张红 ^{[1
]}

翁少群 ^{[1
]}

周旋 ^{[2
]}

机构：

[1] Department of Construction Management,Tsinghua University

[2] Department of Land Economy,University of Cambridge,Cambridge,United Kingdom

来源：

Tsinghua Science and Technology | 2007年 / 03期

关键词：

actual housing price; equilibrium housing price; fluctuations;

D O I：

暂无

中图分类号：

F293.35 [房地产市场];

学科分类号：

1201 ; 020205 ;

摘要：

The mechanisms affecting housing prices were studied using the equilibrium housing prices based on classic supply/demand theory. The fluctuations of the actual housing prices were then analyzed relative to the equilibrium prices. The equilibrium prices for each area were calculated from economic statistics and housing prices in 35 China metropolitan areas. The fluctuations of the actual prices are then manifested as functions of the equilibrium price, the mean reversion, and the autocorrelation coefficient. The results show that the equilibrium prices are determined by the basic economic conditions in China and that the equilib-rium prices greatly affect the fluctuation of the actual prices, which return to the equilibrium price through self-adjustments. The data also shows that the actual prices in China have the trend of continuing to rise in the future.

引用

页码：302 / 308

页数：7