Chang, Kuang Liang and Chen, Nan Kuang and Leung, Charles Ka Yui (2011): The Dynamics of Housing Returns in Singapore: How Important are the International Transmission Mechanisms?
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This paper studies the dynamics of housing returns in Singapore. We first extract the movements of Singapore's economic aggregates that are free from foreign (U.S. and rest of the world) factors, and then examine the determinants of its housing returns. We find that both the domestic variables (such as GDP growth rate, volume of international trade, and exchange rate) and U.S. variables (such as the Federal Fund Rate and the External Finance Premium) are important during the boom regime. The bust regime is very different. Directions for future research are discussed.
|Item Type:||MPRA Paper|
|Original Title:||The Dynamics of Housing Returns in Singapore: How Important are the International Transmission Mechanisms?|
|Keywords:||house price, international transmission mechanism, regime-switching, regime-dependent response, two-stage procedure.|
|Subjects:||F - International Economics > F4 - Macroeconomic Aspects of International Trade and Finance > F40 - General
E - Macroeconomics and Monetary Economics > E3 - Prices, Business Fluctuations, and Cycles > E30 - General
G - Financial Economics > G1 - General Financial Markets > G10 - General
|Depositing User:||Charles Ka Yui Leung|
|Date Deposited:||15. Jul 2011 08:37|
|Last Modified:||30. Dec 2015 15:45|
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