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Ping Gao
Ritsumeikan University
Economics, Econometrics & Finance

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THE HOUSING SUPPLY ELASTICITY AND ITS DETERMINANTS: EVIDENCE FROM CHINA Ping Gao
Journal of Applied Economics in Developing Countries Vol 1, No 1 (2014): Journal of Applied Economics in Developing Countries
Publisher : MESP–FEB UNS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/jaedc.v1i1.89990

Abstract

Using panel data for 35 cities in China from 1992 to 2009, this article estimates the flow model and the stock adjustment model based on the work by Malpezzi and Maclennan (2001). The flow model represents an implied housing supply elasticity varying from -0.004 to 0.819. In contrast, the stock adjustment model yields a slightly lower estimation ranging from -0.002 to 0.419. A further examination of the determinants of housing supply elasticity suggests that housing supply is not only significantly influenced by housing prices, but also by land-use regulations as well as the lagged housing stock.Keywords: Housing supply elasticity, housing stock, land regulations
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