We study the role of residential housing in financing capital investment in a dynamic stochastic general equilibrium framework. Residential housing, though nonproductive, is shown to be important in determining the cost of external financing for investment on productive capital. Housing stock...

Previous studies of the office market have tended to focus on either the rental market or the aggregate sales market. This paper focuses on the intra-metropolitan sales market and on office price and trading volume dynamics in Hong Kong. According to our findings, buildings trading at higher...