Commodity house prices |
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Authors: | Charles Ka Yui Leung Song Shi Edward Chi Ho Tang |
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Institution: | 1. Department of Economics and Finance, City University of Hong Kong, Kowloon Tong, Hong Kong;2. School of Economics and Finance, Massey University, Private Bag 11 222, Palmerston North 4442, New Zealand;3. Department of Economics, Hong Kong Shue Yany University, Hong Kong Island, Hong Kong |
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Abstract: | This paper studies how commodity price movements have affected the local house prices in commodity-dependent economies, Australia and New Zealand. We build a geographically hierarchical empirical model and find that the commodity prices influence local house prices directly and also indirectly through macroeconomic variables. The impacts of commodity price changes are analogous to “income shocks” rather than “cost shocks”. Regional heterogeneity is also observed in terms of differential dynamic responses of local house prices to energy versus non-energy commodity price movements. The results are robust to alternative approaches. Directions for future research are also discussed. |
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