The Housing-led Growth Hypothesis Revisited: Evidence from the Chinese Provincial Panel Data
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.
Year of publication: |
2011
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Authors: | Chen, Jie ; Guo, Feng ; Zhu, Aiyong |
Published in: |
Urban Studies. - Urban Studies Journal Limited. - Vol. 48.2011, 10, p. 2049-2067
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Publisher: |
Urban Studies Journal Limited |
Saved in:
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