AJIBM  Vol.3 No.4 , August 2013
Research on the Influencing Effect between CHVA and CPI in China Based on VAR Models

The cointegration test, granger causality test, VAR model, impulse response function and other econometric methods are used in this paper to analyze the influencing effect between commercial housing vacancy rate and CPI and its delay impact. The results show that there is a long-term equilibrium relationship between commercial housing vacancy rate and CPI in China. There are at least one cointegration relationship between CHVR and CPI. The past values of the CPI appear to contain information which is useful for forecasting changes in the CHVR. CPI has a significant effect on CHVR and CPI rising drives CHVR.

Cite this paper: Zhou, J. , Chen, J. , Yu, X. , Li, Y. and Lin, Q. (2013) Research on the Influencing Effect between CHVA and CPI in China Based on VAR Models. American Journal of Industrial and Business Management, 3, 378-381. doi: 10.4236/ajibm.2013.34044.

[1]   Y. C. Tse Raymond, “Housing Price, Land Supply and Revenue from Land Sales,” Urban Studies, Vol. 35, No. 8, 1988, pp. 1377-l392.

[2]   J. H. Rubens, M. T. Bond and J. R. Webb, “The Inflation-Hedging Effectiveness of Real Estate,” Journal of Real Estate Research, Vol. 2, 2009, pp. 45-55.

[3]   W. C. Wheaton, “Vacancy, Search, and Prices in a Housing Market Matching Model,” The Journal of Political Economy, Vol. 98, No. 6, 1990, pp. 1270-1280. doi:10.1086/261734

[4]   Y. Shen and H.-Y. Liu, “The Relationship between Real Estate Development Investment and GDP in China,” Journal of Tsinghua University (Science and Technology), Vol. 44, 2004, pp. 1205-1208.

[5]   Z.-C. Zhou, Z. Li and J. Mao, “Researched How Real Estate Industry Corresponds to Economic Vicissitudes? An Empirical Analysis based on Chinese Data,” Journal of Nanting University, Vol. 47, 2010, pp. 47-57.

[6]   Y.-W. Wang and H. Y. Jin, “An Empirical Analysis of the Impart of Real Estate Macro-Control Policy,” China Civil Engineering Journal, Vol. 41, 2008, pp. 105-114.

[7]   J. H. Stock and M. W. Watson, “Introduction to Econometric,” Shanghai University of Finance Economics Press, Shanghai, 2004, pp. 448-463

[8]   C. W. J. Granger, “Investigating Causal Relations by Econometric Models and Cross-Spectralmethods,” Econometrica, Vol. 37, No. 3, 1969, pp. 424-438. doi:10.2307/1912791

[9]   H. H. Pesaran and Y. Shin, “Gneralized Impulse Response Analysis in Linear Multivariate Models,” Economics Letters, Vol. 58, No. 1, 1998, pp. 17-29. doi:10.1016/S0165-1765(97)00214-0