Download or read book The Effects of Political Business Cycle in the United States on Hong Kong s Property Market written by 文景輝 and published by Open Dissertation Press. This book was released on 2017-01-27 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "The Effects of Political Business Cycle in the United States on Hong Kong's Property Market" by 文景輝, King-fai, Man, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Abstract of thesis entitled The effects of Political Business Cycle in the United States on Hong Kong's Property Market Submitted by Man, King Fai for the degree of Doctor of Philosophy at the University of Hong Kong in October 2007 This study investigates how the US political business cycle affects property prices in Hong Kong. Previous studies suggest an election induced business cycle of 4 years in the US. We propose that the US political business cycle also resulted in a 4-year cycle in property prices in Hong Kong due to the currency board system adopted in Hong Kong and Hong Kong's reliance on the performance of the US economy. Our empirical evidence supports the existence of a 4-year cycle in property prices in the residential, retail, office and industrial sub-sectors. We have also shown that the influence of the US political business cycle on property prices in Hong Kong is mainly through cyclical movements in interest rates and inflation rates in Hong Kong, both imported from the US. The high transaction costs and impossibility of short-selling make it difficult for professional arbitrageurs to exploit the predictable cyclical movement of property prices. Therefore the persistence of a 4-year cycle in the property prices is not inconsistent with the efficient market hypothesis. We have also investigated whether the effects of the US business political cycle can filter through to the supply of new buildings and indirect (securitized) real estate price, both of which have shown strong cyclical co-movement with property prices. We hypothesize that the influence of the effect of US political business cycle on property prices cannot be transmitted to the building industry due to the substantial variation in the lead time between the decision to increase new supply triggers by price signals and the actual realization of such new supplies as completed buildings. This variation is a result of a wide range of scale of development projects and the differences in difficulties and complexity in obtaining approvals for developments in different sites in Hong Kong. Our empirical evidence shows that there is no 4-year cycle in the supply of completed buildings, although other cycles of different frequency exist. This finding is consistent with our hypothesis. The indirect real estate has been shown to be very efficient due to the lower transaction costs, high liquidity and possibility of short-selling. Therefore we conjecture that although direct and indirect real estate prices are closely related, the 4-year cycle in property prices cannot filter to indirect real estate prices since any predictable cyclical movements will be exploited by professional arbitrageurs. Furthermore, indirect real estate prices are also heavily influenced by stock market sentiments other than property prices. While we find no evidence of a 4-year cycle, there is evidence, though not strong, that suggests the existence of cycles of different frequencies. This result suggests that indirect real estate is not as efficient as most previous studies have suggested if predictability over longer time horizon is considered or that there are other institutional factors that prohibit professional investors such as fund managers from exploiting such longer term predictability of indirect real estate prices. This finding opens u
Download or read book The Effects of Political Business Cycle in the United States on Hong Kong s Property Market written by King-fai Man and published by . This book was released on 2007 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Hong Kong Under Chinese Rule written by Warren I. Cohen and published by Cambridge University Press. This book was released on 1997-05-28 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: A balanced analysis of a sensitive subject: Hong Kong's future prospects.
Download or read book Hong Kong in Focus written by S. G. Rioni and published by Nova Publishers. This book was released on 2002 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hong Kong in Focus - Political & Economic Issues
Download or read book Contemporary Hong Kong Government and Politics written by Wai-man Lam and published by Hong Kong University Press. This book was released on 2012-07-01 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title describes the present political system and development in Hong Kong. The second edition assesses the main strands of continuity and change in Hong Kong's government and politics since the creation of the Hong Kong Special Administrative Region in 1997.
Download or read book Hong Kong s Reversion to China and Implications for U S Policy written by United States. Congress. Senate. Committee on Foreign Relations. Subcommittee on East Asian and Pacific Affairs and published by . This book was released on 1992 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Hong Kong in the Shadow of China written by Richard C. Bush and published by Brookings Institution Press. This book was released on 2016-10-11 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: A close-up look at the struggle for democracy in Hong Kong. Hong Kong in the Shadow of China is a reflection on the recent political turmoil in Hong Kong during which the Chinese government insisted on gradual movement toward electoral democracy and hundreds of thousands of protesters occupied major thoroughfares to push for full democracy now. Fueling this struggle is deep public resentment over growing inequality and how the political system—established by China and dominated by the local business community—reinforces the divide been those who have profited immensely and those who struggle for basics such as housing. Richard Bush, director of the Brookings Institution’s Center on East Asia Policy Studies, takes us inside the demonstrations and the demands of the demonstrators and then pulls back to critically explore what Hong Kong and China must do to ensure both economic competitiveness and good governance and the implications of Hong Kong developments for United States policy.
Download or read book U S Policy Toward Hong Kong written by United States. Congress. House. Committee on Foreign Affairs. Subcommittee on Human Rights and International Organizations and published by . This book was released on 1992 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Housing Reform and China s Real Estate Industry written by Pengfei Ni and published by Springer Nature. This book was released on 2020-02-22 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an in-depth analysis of China’s housing system and real-estate industry .The author weaves together the different elements of the real estate industry into a logically coherent whole, in which the relationship between the real-estate industry and the macroeconomy sets the background, the housing market forms the core, real estate finance makes up a necessary condition, public policy provides the guarantee and the housing system the foundation. The book constructs an analytical framework for the development of China’s housing system that considers a comprehensive range of factors, highlights the most important issues, and is soundly structured, logical and clear. By applying this framework, the authors present an overview of the past, present and future of China’s housing industry.
Download or read book Status Anxiety written by Bruce VonCannon and published by Springer Nature. This book was released on 2020-09-17 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, retired banking CEO Bruce VonCannon considers the past, present and future of Hong Kong, the dynamic finance-driven autonomous city that is beset by global issues- US–China tension, income inequality, housing scarcity, climate change- within the microcosm of a small island archipelago and a hyper-specific local culture. The Hong Kong Special Administrative Region is today one of the world’s foremost economic and financial hubs and a repository for 18% of the world’s stored wealth, home to the region’s most vibrant stock market, a major free trade port city and traditional gateway to mainland China, the world’s 2nd largest economy. The recent street protests which broke out in June 2019 have been described as a pro-democracy movement. However, other analysts disagree and argue that the street protests have more in common with the populist movements springing up in other parts of the world as the result of a growing divide between rich and poor. This book delves into financial realities, Hong Kong's position within the new global competition between China and the United States, and as a model for the urbanization of the future.
Download or read book Diversity and Occasional Anarchy written by Yue Chim Richard Wong and published by Hong Kong University Press. This book was released on 2013-05-01 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world economic landscape has experienced seismic changes in the fifteen years after restoration of sovereignty over Hong Kong from Britain to China. Fortunately the Hong Kong economy has remained steadfast and is still making progress, but public confidence in the governance of the SAR government has declined, and economic and social dissatisfaction have flared. Where should Hong Kong go from here in the face of all kinds of contradictions? Economist Yue Chim Richard Wong provides an analysis of the origins of these contradictions and shares his insights on these issues. All those concerned about Hong Kong’s future should not miss this collection of essays.
Download or read book Magnification of the China Shock Through the U S Housing Market written by Yuan Xu and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 'China shock' operated in part through the housing market, and that is an important reason why the China shock was as big as it was. If housing prices had not responded at all to the China shock, then the total employment effect of the China shock would have been reduced by more than one-half. Housing prices in the United States did respond to the China shock, however, so the independent employment effect of the China shock is reduced by about 20-30%, with that remainder reflecting exogenous changes in housing prices.
Download or read book Hong Kong After the Elections written by United States. Congressional-Executive Commission on China and published by . This book was released on 2004 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Modeling Economic Growth in Contemporary Hong Kong written by Michael K. Fung and published by Emerald Group Publishing. This book was released on 2021-01-29 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: Serving up fresh insights on Hong Kong's economic growth, this book investigates issues such as housing, immigration, monetary and financial systems, the business environment, and international trade and finance to provide a coherent and comprehensive overview of Hong Kong’s position in the global economy.
Download or read book Hong Kong and China written by and published by . This book was released on 1997 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Stabilizing China s Housing Market written by Richard Koss and published by International Monetary Fund. This book was released on 2018-04-13 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sharp rise of house prices in China’s Tier-1 cities has fostered a great deal of commentary about the possibility of bubbles forming there. However, China’s unique housing market characteristics make it difficult to assess the macroeconomic severity of bursting bubbles, even if they exist. These include the setting of land supply and prices by the government, among many others. The presence of overbuilt “ghost cities” greatly complicates the ability of traditional macroeconomic policies to address these concerns. This paper looks at proposals to shore up the mortgage underwriting and legal infrastructure to help China withstand the impact of falling prices, should this occur.
Download or read book Hong Kong s Political Transition written by Kerry Dumbaugh and published by . This book was released on 1995 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
