Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/212751 
Year of Publication: 
2012
Series/Report no.: 
BOFIT Discussion Papers No. 27/2012
Publisher: 
Bank of Finland, Institute for Economies in Transition (BOFIT), Helsinki
Abstract: 
The recent increase in Chinese house prices has led to concerns that China is vulnerable to asset price shocks. In this paper, we apply recently developed recursive unit root tests to spot the beginning and the end of potential speculative bubbles in Chinese house price cycles. Overall, we find that except for 2009-2010 actual house prices are not significantly disconnected from fundamentals. Thus, the evidence for speculative house price bubbles in China is in general weak.
Subjects: 
house prices
China
speculative bubbles
recursive unit root tests
JEL: 
C15
G01
G12
R31
Persistent Identifier of the first edition: 
ISBN: 
978-952-462-758-0
Document Type: 
Working Paper

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