Since 1998, Singapore has had an Electronic Road Pricing (ERP) system set up with a network of toll gantries to tax vehicles entering designated areas in the city center during peak hours. Using the congestion rate hike with effect from November 1, 2010 as an exogenous shock, we test the effects...

In pricing real estate with indifference pricing approach, market incompleteness significantly distorts the conventional pricing relationships between real estate and financial asset. In this paper, we focus on the pricing implication of market comovement because comovement tends to be stronger...

Emerging Asia has witnessed rapid growth of private housing and market-based housing finance in the past decade; nevertheless, market development has been uneven across countries. There is evidence that, in those economies with more flexible housing finance markets, house prices are more responsive to...