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This paper studies the evolution of property values and the connections between shadow banking and property markets in China. We use Pooled Mean Group estimation to analyze Chinese house prices in 65 cities from 2007-2014, defining the " fundamentals " of housing prices with the Gordon dividend discount model, and using lagged rents, prices, real,...
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... the Chinese housing markets have also been described as having large bubbles that have not exploded yet, we repeat their tests. In particular, we refer to PMG Models A3, A4, and B3 as reported in Table 6, and attempt the autoregressive modeling of the residuals with various lags. None of the equations show much autocorrelation in the residuals (results are shown in Panel A of Table 8). ...Similar publications
This paper studies the evolution of property values and the connections between shadow banking and property markets in China. We use Pooled Mean Group estimation to analyze Chinese house prices in 65 cities from 2007-2016, defining the “fundamentals” of housing prices with the Gordon dividend discount model, and using lagged rents, prices, real, no...
This paper investigates the growth dynamics of a vapor-gas bubble pressed against a heating plate by the buoyancy force. The shadow method was used to capture images, which were then automatically processed to calculate the size of the bubble. As expected, the bubble dynamics significantly depends on the heating power. It was found that the ratio o...
Boiling of a liquid subcooled relative to its saturation temperature is a process that provides the most intense apparatuses cooling. Corresponding equipment designing is based on purely empirical correlations. Development of a theory and methods of mathematical description of the process is restrained by a limited experimental data base, first of...
This paper studies the evolution of property values and the connections between shadow banking and property markets in China. We use Pooled Mean Group estimation to analyze Chinese house prices in 65 cities from 2007-2016, define the "fundamentals¨ of housing prices with the Gordon dividend discount model, and use lagged rents, prices, real and nom...
Citations
... The Financial Stability Board [20] in China as well pointed out that non-bank credits contribute to financing the real economy. As far as we know, only Lai and Order [21] have formally tested the relationship between shadow banking and asset prices so far in China. Different from Lai and Order [21], however, our paper further explains the changes in the factors affecting China's housing prices pre-and after 2012 with shadow banking perspective. ...
... As far as we know, only Lai and Order [21] have formally tested the relationship between shadow banking and asset prices so far in China. Different from Lai and Order [21], however, our paper further explains the changes in the factors affecting China's housing prices pre-and after 2012 with shadow banking perspective. ...
... Thus, we include r and loan referring to interest rate on loans of five or more years and the amount of credit loans respectively. Finally, discovered by Lai and Order [21], unprecedented growth in fixed asset investments were increasingly funded by shadow banking after the stimulus package initiated by the Chinese central government in response to the Global Financial Crisis, we therefore incorporate shadow banking loan in our research system denoted as sb and calculate as the sum of entrusted loans, trust loans and undiscounted bank acceptance. ...
