The Housing-led Growth Hypothesis Revisited: Evidence from the Chinese Provincial Panel Data

被引：26
|
作者：
Chen, Jie [2 ]
Guo, Feng [1 ]
Zhu, Aiyong [3 ]
机构：
[1] Inst Int Finance, Washington, DC 20005 USA
[2] Fudan Univ, Sch Management, Shanghai 200433, Peoples R China
[3] Univ Mannheim, Dept Econ, Mannheim, Germany
来源：
URBAN STUDIES | 2011年 / 48卷 / 10期
基金：
中国国家自然科学基金;
关键词：
ECONOMIC-GROWTH; NONRESIDENTIAL INVESTMENT; RESIDENTIAL INVESTMENT; MONETARY-POLICY; BUSINESS-CYCLE; CONSTRUCTION; SERIES; COINTEGRATION; CONSUMPTION; PRICES;
D O I：
10.1177/0042098010379281
中图分类号：
X [环境科学、安全科学];
学科分类号：
08 ; 0830 ;
摘要：
This paper investigates the relationship between housing investment and economic growth in China, utilising province-level data via recently developed panel unit root tests and panel co-integration analysis. The empirical results suggest a stable long-run relationship between housing investment, non-housing investment and GDP in China. In addition, the existence is demonstrated of bi-directional Granger causality between housing investment and GDP at the national level. The panel error correction model supports the hypothesis that housing investment appears to have a dual role, acting as both a driver and follower in China's economic fluctuations. However, the impacts of housing investment on economic growth in three sub-regions are found to be strikingly different.
引用
收藏
页码：2049 / 2067
页数：19
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