{
  "title": "Property Prices and Speculative Bubbles: Evidence From Hong Kong SAR",
  "publication": "IMF Working Papers, January 1, 2000",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/30/property-prices-and-speculative-bubbles-evidence-from-hong-kong-sar-3383",
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  "summary": "This paper examines the determinants of residential property prices in Hong Kong SAR during 1980–98. It uses time-series analysis techniques to characterize price developments, establish empirical regularities, and provide measures of the deviations of actual price changes from “trend.",
  "sections": [
    {
      "heading": "Summary and scope",
      "content": "- Examines the determinants of residential property prices in Hong Kong SAR during 1980–98.\n- Uses time-series analysis techniques to:\n  - characterize price developments,\n  - establish empirical regularities,\n  - provide measures of the deviations of actual price changes from “trend.”\n- Highlights the role of demand-side factors.\n- Notes that the data are not inconsistent with the notion that the property market may be subject to speculative bubbles."
    },
    {
      "heading": "Key quantitative finding",
      "content": "- At the peak of the boom, in mid-1997, the level of property prices may have been 40–45 percent above levels suggested by developments in “fundamentals.”"
    },
    {
      "heading": "Methods and analytical approach",
      "content": "- Time-series analysis applied to residential property prices over the sample period 1980–98.\n- Empirical measures constructed to quantify deviations of actual price changes from trend."
    },
    {
      "heading": "Thematic focus and subjects covered",
      "content": "- Asset bubbles\n- Asset prices\n- Financial crises\n- Housing\n- Housing prices\n- Land prices\n- National accounts\n- Prices"
    },
    {
      "heading": "Publication and document identifiers",
      "content": "- Pages: 29\n- Volume: 2000\n- Issue: 002\n- Series: Working Paper No. 2000/002\n- DOI: https://doi.org/10.5089/9781451841756.001\n- Stock No: WPIEA0022000\n- ISBN: 9781451841756\n- ISSN: 1018-5941\n\nIMF Working Paper by Christoph Duenwald, January 1, 2000.\n\n---\n\n Content in this bundle\n\n- Property Prices and Speculative Bubbles: Evidence from Hong Kong SAR - WP/00/02\n  - Property Prices and Speculative Bubbles: Evidence from Hong Kong SAR - WP/00/02 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Property Prices and Speculative Bubbles: Evidence from Hong Kong SAR - WP/00/02 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/property-prices-and-speculative-bubbles-evidence-from-hong-kong-sar-3383"
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    "Authors: Christoph Duenwald",
    "Published: January 1, 2000",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451841756.001",
    "Examines the determinants of residential property prices in Hong Kong SAR during 1980–98.",
    "Uses time-series analysis techniques to:",
    "Highlights the role of demand-side factors.",
    "Notes that the data are not inconsistent with the notion that the property market may be subject to speculative bubbles.",
    "At the peak of the boom, in mid-1997, the level of property prices may have been 40–45 percent above levels suggested by developments in “fundamentals.”",
    "Time-series analysis applied to residential property prices over the sample period 1980–98.",
    "Empirical measures constructed to quantify deviations of actual price changes from trend.",
    "Asset bubbles",
    "Asset prices",
    "Financial crises",
    "Housing",
    "Housing prices",
    "Land prices",
    "National accounts",
    "Prices",
    "Pages: 29",
    "Volume: 2000",
    "Issue: 002",
    "Series: Working Paper No. 2000/002",
    "DOI: https://doi.org/10.5089/9781451841756.001",
    "Stock No: WPIEA0022000",
    "ISBN: 9781451841756",
    "ISSN: 1018-5941",
    "**Property Prices and Speculative Bubbles: Evidence from Hong Kong SAR - WP/00/02**"
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