Published 2012
“…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.…”
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