Analysis of China's real estate prices and macroeconomy based on evolutionary co-spectral method
Purpose: This paper investigates the dynamic interaction between the real estate market and the macroeconomic environment of China by use of dynamic coherence function based on co-spectral analysis. Design/methodology/approach: Through a theoretical perspective, the dynamic interrelationship among e...
| Autores: | , |
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| Tipo de documento: | artigo |
| Data de publicação: | 2015 |
| País: | España |
| Recursos: | Universitat Politècnica de Catalunya (UPC) |
| Repositório: | UPCommons. Portal del coneixement obert de la UPC |
| Idioma: | inglês |
| OAI Identifier: | oai:upcommons.upc.edu:2099/16596 |
| Acesso em linha: | https://hdl.handle.net/2099/16596 |
| Access Level: | Acceso aberto |
| Palavra-chave: | Real estate business--China Real estate monetary policy Dynamic coherence function Macroeconomy Negocis immobiliaris -- Xina Àrees temàtiques de la UPC::Economia i organització d'empreses::Economia sectorial |
| Resumo: | Purpose: This paper investigates the dynamic interaction between the real estate market and the macroeconomic environment of China by use of dynamic coherence function based on co-spectral analysis. Design/methodology/approach: Through a theoretical perspective, the dynamic interrelationship among economic variables at different time intervals (both long and short terms) is analyzed. Findings: The empirical results show that China’s real estate market features a high coherence with the change of the long-term interest rate, employment rate and money supply, while there is a moderate coherence between the real estate market and the inflation rate and economic growth rate, and the coherence between the short-term rate of interest and the real estate market is the lowest. Research implications: Previous researches have some shortcomings. They do not consider the dependence between nonlinear series, but the latter is crucial to avoid the deviation of results. In this paper, we proposed a new method of experience to overcome these shortcomings. Originality/value: The paper provides a reasonable explanation accordingly to different coherences between the real estate market and the macroeconomic variables. |
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