Does liquidity affect housing market performance? An empirical study with spatial panel approach

Does liquidity affect housing market performance? An empirical study with spatial panel approach •This paper investigates the spatial effects of liquidity factors on housing market performance.•A 1% increase in housing liquidity level leads to a 1.85% decrease in expected housing return in the following year.•A 1% unexpected (positive) liquidity shock would raise contemporary housing return by 3.33%.•It reveals strong spatial spillover effects of liquidity shocks in the Hong Kong housing market.•The research framework and spatial approaches could be easily replicated and applied to other cities and regions. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Land Use Policy Elsevier

Does liquidity affect housing market performance? An empirical study with spatial panel approach

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Publisher
Elsevier
Copyright
Copyright © 2016 Elsevier Ltd
ISSN
0264-8377
D.O.I.
10.1016/j.landusepol.2016.05.008
Publisher site
See Article on Publisher Site

Abstract

•This paper investigates the spatial effects of liquidity factors on housing market performance.•A 1% increase in housing liquidity level leads to a 1.85% decrease in expected housing return in the following year.•A 1% unexpected (positive) liquidity shock would raise contemporary housing return by 3.33%.•It reveals strong spatial spillover effects of liquidity shocks in the Hong Kong housing market.•The research framework and spatial approaches could be easily replicated and applied to other cities and regions.

Journal

Land Use PolicyElsevier

Published: Nov 1, 2016

References

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