Does a Financial Crisis Change the Demand for Housing Attributes?

  • 研討會日期 : 2002-04-02
  • 時間 : 14:00
  • 主講人 : 梁嘉銳教授
  • 地點 : B棟110室
  • 演講者簡介 : 梁嘉銳教授為Ph.D. in Economics,University of Rochester (1996)。 現為Assistant Professor,Chinese University of Hong Kong。 其主要研究領域為Macro Economics、Macro Finance及Political Economy。
  • 演講摘要 : After the Asian financial crisis in 1997-8, the Asian real estate market records a sharp drop in prices. To understand the reasons behind, this project intends to investigate whether the demand for different housing attributes have changed due to the financial crisis (and if so, how). Since“tastes” are not directly observable, the project adopts the Hedonic Pricing Approach advocated by Rosen (1974) to quantify the demand for different housing attributes. While previous studies typically focus on the demand in a short period of time, this project extends the analysis to a relatively long period of time on an very actively traded market. Furthermore, this project employs the newly developed statistical tests by Andrews (1993) and Chong (2001) to verify the existence of a structural break in the demand of different attributes. The interactions between the demand changes with the evolution of the aggregate economy are also examined.