Public Expenditure And Property Cycle: The Case In Shanghai
China's economic growth heavily relies on fixed asset investment. Previous studies have demonstrated that GDP growth plays a key role in assessing Chinese local officials' performance and enhancing their chances of political promotion. Thus, local officials have a strong motivation to b...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Penerbit Universiti Sains Malaysia
2012
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| Subjects: | |
| Online Access: | http://eprints.usm.my/42125/1/Art_6_jcdc17-1.pdf |
| _version_ | 1797010766795112448 |
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| author | Yat , Hung Chiang Lennon , H. T. Choy Li, Jing |
| author_facet | Yat , Hung Chiang Lennon , H. T. Choy Li, Jing |
| author_sort | Yat , Hung Chiang |
| collection | USM |
| description | China's economic growth heavily relies on fixed asset investment. Previous studies
have demonstrated that GDP growth plays a key role in assessing Chinese local officials'
performance and enhancing their chances of political promotion. Thus, local officials have a
strong motivation to boost the economy, which also impacts the property market. Based on
this notion, the empirical results of this study indicate that public expenditure fluctuations and
residential property price movements in Shanghai were positively co-integrated from 1992 to
2009, suggesting that increased public expenditure has reshaped Shanghai's property cycle
to have longer booms and shorter busts. The findings also shed light on the nature of property
cycles in other large- and medium-sized Chinese cities and developing countries with
rampant economic growth, low real interest rates and an increasing urban population. |
| first_indexed | 2024-03-06T15:24:34Z |
| format | Article |
| id | usm.eprints-42125 |
| institution | Universiti Sains Malaysia |
| language | English |
| last_indexed | 2024-03-06T15:24:34Z |
| publishDate | 2012 |
| publisher | Penerbit Universiti Sains Malaysia |
| record_format | dspace |
| spelling | usm.eprints-421252018-09-26T09:18:47Z http://eprints.usm.my/42125/ Public Expenditure And Property Cycle: The Case In Shanghai Yat , Hung Chiang Lennon , H. T. Choy Li, Jing TH1-9745 Building construction China's economic growth heavily relies on fixed asset investment. Previous studies have demonstrated that GDP growth plays a key role in assessing Chinese local officials' performance and enhancing their chances of political promotion. Thus, local officials have a strong motivation to boost the economy, which also impacts the property market. Based on this notion, the empirical results of this study indicate that public expenditure fluctuations and residential property price movements in Shanghai were positively co-integrated from 1992 to 2009, suggesting that increased public expenditure has reshaped Shanghai's property cycle to have longer booms and shorter busts. The findings also shed light on the nature of property cycles in other large- and medium-sized Chinese cities and developing countries with rampant economic growth, low real interest rates and an increasing urban population. Penerbit Universiti Sains Malaysia 2012 Article PeerReviewed application/pdf en http://eprints.usm.my/42125/1/Art_6_jcdc17-1.pdf Yat , Hung Chiang and Lennon , H. T. Choy and Li, Jing (2012) Public Expenditure And Property Cycle: The Case In Shanghai. Journal of Construction in Developing Countries , 17 (1). pp. 85-99. ISSN 1823-6499 http://web.usm.my/jcdc/vol17_1_2012/Art%206_jcdc17-1.pdf |
| spellingShingle | TH1-9745 Building construction Yat , Hung Chiang Lennon , H. T. Choy Li, Jing Public Expenditure And Property Cycle: The Case In Shanghai |
| title | Public Expenditure And Property Cycle: The Case In Shanghai
|
| title_full | Public Expenditure And Property Cycle: The Case In Shanghai
|
| title_fullStr | Public Expenditure And Property Cycle: The Case In Shanghai
|
| title_full_unstemmed | Public Expenditure And Property Cycle: The Case In Shanghai
|
| title_short | Public Expenditure And Property Cycle: The Case In Shanghai
|
| title_sort | public expenditure and property cycle the case in shanghai |
| topic | TH1-9745 Building construction |
| url | http://eprints.usm.my/42125/1/Art_6_jcdc17-1.pdf |
| work_keys_str_mv | AT yathungchiang publicexpenditureandpropertycyclethecaseinshanghai AT lennonhtchoy publicexpenditureandpropertycyclethecaseinshanghai AT lijing publicexpenditureandpropertycyclethecaseinshanghai |