Journal
INTERNATIONAL JOURNAL OF STRATEGIC PROPERTY MANAGEMENT
Volume 23, Issue 3, Pages 142-155Publisher
VILNIUS GEDIMINAS TECH UNIV
DOI: 10.3846/ijspm.2019.7800
Keywords
housing price index; inflation; consumer price index; unit root tests; ARDL model; bounds test
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Funding
- Fundamental Research Funds for the Central Universities [2018CDXYJG0047]
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This paper presents a longitudinal analysis of the relationship between housing prices and inflation by employing new housing price indices from 29 large Chinese cities over the 2003-2013 period. Based on the Autoregressive Distributive Lag (ARDL) model and bounds test, we find no long-run co-integration relationship between housing prices and inflation. This result is robust for different types of inflation (actual, expected, unexpected inflation). Furthermore, it is found that the housing prices in China grow spectacularly in the sample period owing to the dramatic development of the Chinese economy, while inflation grows in a more modest way. Although the study is conducted in the context of China, the results can provide useful evidence to the debate on the relationship between housing prices and inflation.
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