Measuring the Market Efficiency of Housing Market in China: Based on the Perspective of Disequilibrium
ABSTRACT
Based on the disequilibrium theory, the paper measured the market efficiency of housing market in China from 1998 to 2013 by constructing the econometric model. The proposed methods and model can solve the problem of how to quantize the market efficiency in a disequilibrium market, which will sever the purpose for indicating the market status and improving the market operation. The results showed that: during 1998 and 2013, Chinese housing market had been in a state of disequilibrium, and housing market efficiency was high and on the rise, which showed that Chinese macroeconomic regulation against real estate played an important role.
Based on the disequilibrium theory, the paper measured the market efficiency of housing market in China from 1998 to 2013 by constructing the econometric model. The proposed methods and model can solve the problem of how to quantize the market efficiency in a disequilibrium market, which will sever the purpose for indicating the market status and improving the market operation. The results showed that: during 1998 and 2013, Chinese housing market had been in a state of disequilibrium, and housing market efficiency was high and on the rise, which showed that Chinese macroeconomic regulation against real estate played an important role.
Cite this paper
Lu, B. and Wang, C. (2015) Measuring the Market Efficiency of Housing Market in China: Based on the Perspective of Disequilibrium. Open Journal of Social Sciences, 3, 127-133. doi: 10.4236/jss.2015.36019.
Lu, B. and Wang, C. (2015) Measuring the Market Efficiency of Housing Market in China: Based on the Perspective of Disequilibrium. Open Journal of Social Sciences, 3, 127-133. doi: 10.4236/jss.2015.36019.
References
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[1] Li, Y.N. (2009) Unbalanced Chinese Economy. The Encyclopedia of China Publishing House, Beijing. [2] Benassy, J.-P. (1987) Imperfect Competition, Unemployment and Policy. European Economic Review, 31, 417-426. [3] Kornal, J. (1986) Shortage Economics. Cambridge University Press, Cambridge. [4] Burkett, J.P. (1988) Slack, Shortage, and Discouraged Consumers in Eastern Europe: Estimates Based on Smoothing by Aggregation. The Review of Economics Studies, 55, 493-505. [5] Wang, J.M. and Gao, T.M. (2004) The Dynamic Analysis of Chinese Real Estate Market Supply and Demand Function. China Soft Science, No. 4, 69-74. [6] Zheng, S.Q. (2007) Information Searching, Brokerage Services and Market Efficiency: Microeconomic Evidence from the Housing Market. Journal of Economic System Reform, No. 5, 161-163. [7] Gao, T.M. (2001) Information and The Real Estate Market Efficiency. Journal of Monetary Economics, No. 8, 37-39. [8] Hu, J.C. (2006) The Real Estate Market Efficiency Theory. Journal of Shanghai Economic Studies, No. 12, 124-126. [9] Ji, L.C. (2005) The Disequilibrium of the Real Estate Market. Economic Management Publishing House, Beijing. [10] Cui, B. (2002) A Theory of Real Estate Market Efficiency. China’s Real Estate, No. 2, 99-101. [11] Xie, B. and Shi. J.G. (2013) Measuring the Degree of Disequilibrium in Real Estate Market in Shanghai. Journal of Shanghai Economic Studies, 138-139. [12] Guo, X.L. (2003) The Housing Market Efficiency in China: Measurement, Evaluation and Countermeasures. Journal of Economics and Management, No. 2, 40-41. [13] Chow, G.C. and Niu, L.L. (2010) Housing Demand and Supply of Urban Residents in China. Journal of Financial Research, No. 1, 36-38. [14] Li, H., Hong, G.Z. and Huang, L.X. (2013) A Mystery of China’s Land Finance Growth—The Tax Reform, Strategic of Land Financial Growth. Journal of Economics (Quarterly), No. 7, 1142-1143. [15] Zhao, L. and Zhang, H.W. (2014) Based on the Theory of Unbalanced Supply and Demand Analysis of the Real Estate Market in China. Journal of Hunan University, No. 5, 71-73.