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Book part
Publication date: 29 January 2021

Michael K. Fung and Arnold C. S. Cheng

If the only difference between cities lies in their initial housing prices, the initially lower-price cities should eventually catch up with the initially higher-price…

Abstract

If the only difference between cities lies in their initial housing prices, the initially lower-price cities should eventually catch up with the initially higher-price ones, i.e., “absolute convergence.” Alternatively, if the major determinants of housing prices are city-specific, cities will converge to parallel growth paths of housing prices, i.e., “conditional convergence.” This study tests for the existence of absolute and conditional convergence in house prices among cities in China. The strong evidence for conditional convergence suggests that each city possesses its own steady-state housing price to which it is converging, which depends on the city's own socio-economic characteristics. In other words, differences in these socio-economic characteristics among cities can create permanent differences in housing price among them. The differences in steady-states house price across cities reflect differences in the level of socio-economic development among them. The findings inform the kinds of interventions and resources that are most likely to be effective in reducing income disparity.

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Modeling Economic Growth in Contemporary Hong Kong
Type: Book
ISBN: 978-1-83909-937-3

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Book part
Publication date: 27 February 2009

T.J. O’Neill, J. Penm and R.D. Terrell

Housing activity is an important indicator of general economic activity, and house price movements are an important variable in international financial markets. In this…

Abstract

Housing activity is an important indicator of general economic activity, and house price movements are an important variable in international financial markets. In this chapter we utilise vector autoregressive models to examine how the interrelationship between housing activity and general economic activity has evolved in four OECD countries. Our results provide support for the hypothesis that the relationship between housing activity and general economic activity has changed in many OECD countries. For Australia, however, no such evidence was found. These results suggest that caution needs to be exercised when using previous experience to forecast both housing cycles and general economic activity.

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Research in Finance
Type: Book
ISBN: 978-1-84855-447-4

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Book part
Publication date: 29 January 2021

Michael K. Fung and Arnold C. S. Cheng

Using a sample of developed and developing nations (including China and Hong Kong), this study examines the financial market and housing wealth effects on consumption…

Abstract

Using a sample of developed and developing nations (including China and Hong Kong), this study examines the financial market and housing wealth effects on consumption. Housing performs the dual functions as both a commodity providing a flow of housing services and an investment providing a flow of capital income. With an empirical framework based on the permanent income hypothesis, this study's findings suggest that a rise in housing price has both a positive wealth effect and a negative price effect on consumption. While the positive wealth effect is caused by an increase in capital income from housing investment, the negative price effect is caused by an increase in the cost of consuming housing services. Moreover, the sensitivity of consumption to unanticipated changes in housing price is related to the level of financial and institutional development.

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Modeling Economic Growth in Contemporary Hong Kong
Type: Book
ISBN: 978-1-83909-937-3

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Article
Publication date: 30 July 2021

Abdol Aziz Shahraki

This paper aims to suggest a practical model for the production of new homes according to demands. After understanding the inhabitants’ priorities and preferences, the…

Abstract

Purpose

This paper aims to suggest a practical model for the production of new homes according to demands. After understanding the inhabitants’ priorities and preferences, the authors will present a programming model for building projects. The authors will meet the goal with knowledge-based development ideas and the experiences of skilled engineers and scholars.

Design/methodology/approach

The research methods are theoretical studies, a case study strategy, a market analysis, linear planning and classic procedures. All the research methods are problem-oriented. The authors have studied theories related to housing policies and performed field studies with a case study. The case study considers the preferences of applicants and programs building productions according to the ideas and needs.

Findings

The outcome of this research is a home-building program. The program stands on the particular requirements of responded people and regional characteristics. The authors can simulate this model anywhere in the world where there is a housing crisis.

Originality/value

This paper is originally based on my studies and practices.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 19 July 2021

Vikkram Singh

This study aims to make two major contributions. First, given the literature gap in housing unaffordability for different immigrant groups in Canada, it makes an essential…

Abstract

Purpose

This study aims to make two major contributions. First, given the literature gap in housing unaffordability for different immigrant groups in Canada, it makes an essential contribution to the literature. To the best of the knowledge, this study is the first study of its kind to examine housing unaffordability by examining different immigrant groups. Second, differences in unaffordability can help understand the decline in welfare, as it can have financial implications and a negative impact on health outcomes. Third, this study’s findings are valuable for policy formulation to improve immigrant integration and ease the housing unaffordability crisis.

Design/methodology/approach

This study examines the determinants of housing affordability to investigate differences among various immigrant groups in Canada. A bivariate logit model using public microdata from the Canadian census estimates the determinants of moderate and severe unaffordability. Additionally, the separation of tenants and owners provides insights into the dynamics of unaffordability. The results show significant differences between immigrant groups with higher levels of unaffordability among Asian immigrants. The insights can help devise and implement housing assistance programs to address the challenges arising from the post-COVID-19 pandemic phase.

Findings

The results indicate that unaffordability declines with increasing age, education and full-time employment. Gender dynamics are evident, with women faring worse than men regarding the likelihood of extreme housing unaffordability. Households face a greater likelihood of unaffordability in more populous provinces and larger census metropolitan areas that struggle with the high cost of living, racial disparities and low income. Immigrants, especially from Asia, Africa and the Middle East, continue to struggle with chronic and severe unaffordability issues. The impact is much more severe for those renting, exemplifying the strain it is taking on the financial health of recent immigrants.

Originality/value

Given the literature gap in housing unaffordability for different immigrant groups in Canada, it makes an essential contribution to the literature. To the best of the knowledge, this study is the first study of its kind to examine housing unaffordability by examining different immigrant groups.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 15 June 2021

Jafar Taheri, Talie Tohidi Moghadam, Sorayya Taheri, Mohadeseh Kafiyan Safari and Fereshteh Eslami

This paper aims to address Passive Design Strategies (PDSs) in the traditional houses of Sabzevar and to assess the adaptation level of these strategies to the climate of…

Abstract

Purpose

This paper aims to address Passive Design Strategies (PDSs) in the traditional houses of Sabzevar and to assess the adaptation level of these strategies to the climate of the region.

Design/methodology/approach

Identifying the Sabzevar climate, five samples of traditional houses have been chosen to be analyzed via two stages. In stage one, the efficiency of each strategy is weighted through qualitative analysis, and in stage two, the houses are simulated in EnergyPlus 9.3.0 to quantitatively evaluate their heating and cooling performances.

Findings

The obtained results from the energy performance analysis of the case studies indicate that the houses present diverse energy performances in different seasons. Those buildings with PDSs for both cold-arid and hot-arid climates, however, are more adaptable cases to the climate of the region.

Originality/value

The results of this study are expected to provide a basis of materials and methods for the climatic assessment of the traditional buildings, specifically traditional houses and will open new doors to future studies about the integration of these potential PDSs with the new technological developments and climate considerations as well as protecting the conservation policies of these buildings by means of optimizing and improving their energy performance and implementing effective retrofit scenarios.

Details

Journal of Cultural Heritage Management and Sustainable Development, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2044-1266

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Article
Publication date: 14 June 2021

Srisombat Chokprajakchat, Wanaporn Techagaisiyavanit and Tongyai Iyavarakul

A common challenge found in the establishment and operation of a halfway house is the local community’s opposition, which can lead to community disengagement and the…

Abstract

Purpose

A common challenge found in the establishment and operation of a halfway house is the local community’s opposition, which can lead to community disengagement and the exclusion of the halfway house residents from the locality. This study aims to examine, and present a unique, alternate experience of the Kalatapae halfway house, which is located in a less privileged community in the southern part of Thailand.

Design/methodology/approach

The study uses mixed methods by using a qualitative methodology through conducting in-depth interviews with 16 halfway house residents and the house’s manager, and a focus group with government officials and adopting a quantitative methodology through conducting public surveys with the local residents in Kalatapae and its 6 other surrounding communities to inquire about their support for the halfway house and its residents.

Findings

The study found certain key factors that help secure emotional support for the halfway house residents through the local community’s acceptance. These are needs recognition of the house residents, community involvement and the perceived mutual benefits gained by the community from the operation of the halfway house. The community’s positive social engagement arguably increases the ability of the halfway house residents to desist from crime and better facilitate their transition back into society.

Research limitations/implications

The quantitative data were analyzed based on the frequency of responses to quantify the overall level of support of the local residents. Individual factors that would have an effect on the responses were not determined.

Practical implications

The experience can serve as a strategy for operating other halfway houses to facilitate transition and reintegration of the house’s residents into the society.

Originality/value

The study provides a practical aspect in the implementation of an aftercare program by presenting new key elements for a halfway house to secure local community acceptance and maintain a positive relationship with the halfway house's residents.

Details

Journal of Criminological Research, Policy and Practice, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2056-3841

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Article
Publication date: 6 July 2021

Richa Pandey and V. Mary Jessica

The purpose of this study to evaluate the evolving market efficiency of the housing market under the framework of adaptive market hypothesis and martingale difference…

Abstract

Purpose

The purpose of this study to evaluate the evolving market efficiency of the housing market under the framework of adaptive market hypothesis and martingale difference hypothesis taking a case of India.

Design/methodology/approach

The study used a wild bootstrap version of the generalized spectral (GS) test in the rolling window framework to measure possible time-varying linear and non-linear dependence in the housing market.

Findings

The study finds that the Indian housing market, in general, is not efficient, and this efficiency is dynamic, which changes with time lending support to the adaptive market hypothesis. The study confirms that the evolutionary model of individuals adapting to a changing environment via behavioural biases affects the efficiency of the housing market, which leads to the evolving efficiency of the housing market prices.

Research limitations/implications

The study believes that the potential implications go beyond evolutionary forces and the adaptive market hypothesis , which, does not only depend on an individual's decision-making process but also on social psychology. Thus, a further attempt in this line, taking into account the social psychology and quantitative rigour towards drivers of evolving efficiency is suggested for future research.

Practical implications

The study suggests that there is a possibility of extra returns for market players, but not always. The Indian housing market has witnessed several landmark reforms in recent years, so it is believed that these reforms would decrease the inefficiency level of this market. Contrary to this, the study’s findings reveal an increase in the inefficiency level in recent years. As the Indian housing market shows evolving efficiency, it is believed that the increased inefficiency is temporary. The increased inefficiency can be regarded as the settlement stage of the various policy and technical reforms.

Originality/value

Confirming the presence or absence of adaptive efficiency in the housing market under possible non-linear dependence will be a significant addition to the existing literature.

Details

Property Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 22 June 2021

Sara Ghanbarzadeh Ghomi, Gayan Wedawatta, Kanchana Ginige and Bingunath Ingirige

The purpose of this paper is to investigate the performance of post-disaster housing reconstruction projects, propose the conceptual living-transforming disaster relief…

Abstract

Purpose

The purpose of this paper is to investigate the performance of post-disaster housing reconstruction projects, propose the conceptual living-transforming disaster relief shelter (LTFDR-shelter) approach where temporary shelter is incrementally transformed into a more permanent dwelling by using living technologies and investigate its applicability to provide sustainable post-disaster housing following natural-hazard-induced disasters.

Design/methodology/approach

A questionnaire survey with 120 household recipients of three Sri Lankan post-disaster housing projects was employed to explore how the post-disaster housing projects have performed against the occupants' expectations. Furthermore, the new proposed LTFDR-shelter conceptual approach's applicability to address the existing issues found in the study was investigated.

Findings

The paper evaluates and identifies the physical and technical, and socio-economic performance issues of post-disaster housing and discusses the applicability of the proposed LTFDR-shelter conceptual approach as an efficient tool to adequately improve the identified factors integrating three phases of relief, rehabilitation and reconstruction employing living technology.

Research limitations/implications

Although the study's scope was limited to the occupant view of the performance of post-disaster housing in Sri Lanka, the findings and conceptual LTFDR-shelter approach could be of particular relevance to other developing countries affected by similar disasters. Further research is recommended to investigate and develop this concept in depth.

Originality/value

This study lays the conceptual foundation for a new theoretical approach in post-disaster housing, which encourages more interdisciplinary collaborations and empirical investigations that potentially enhance post-disaster housing performance and facilitates the application of living technology in the built environment.

Details

Built Environment Project and Asset Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2044-124X

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Article
Publication date: 15 June 2021

Mustafa Kırca and Şerif Canbay

This study aims to investigate whether changes in consumer interest rate, exchange rate and housing supply have permanent effects on housing inflation in Turkey.

Abstract

Purpose

This study aims to investigate whether changes in consumer interest rate, exchange rate and housing supply have permanent effects on housing inflation in Turkey.

Design/methodology/approach

For this purpose, data from 2010M01 to 2020M06 and changes in consumer interest rate, exchange rate, housing supply and housing inflation were used. Relationships between variables are analyzed first by the Granger causality tests and then the conditional frequency domain causality tests. The conditional frequency domain causality test specifically reveals the permanent causality between variables, whether there is a permanent effect.

Findings

According to the Granger causality test results, there are causality relationships from changes in the consumer interest rate and exchange rate to housing inflation. However, there is no causality relationship between housing supply and housing inflation. According to the conditional frequency domain causality test results, there is causality for the permanent and mid-term from changes in the consumer interest rate to housing inflation and causality for the mid-term and temporary from changes in the exchange rate to housing inflation. Additionally, it was found that there are causality relationships between changes in the consumer interest rate and changes in the exchange rate.

Research limitations/implications

The first limit of the study is that only 2010M01-2020M06 months can be considered. Because the date that variables started common is 2010M01. Besides, there is a limit in the study in variables used. Many variables, both micro and macro, can be added to affect housing inflation.

Originality/value

Housing inflation is a remarkable issue in Turkey. There is an increase in the number of studies on the subject in recent years. For this reason, the study is trying to contribute by approaching the subject from a different angle. The most important contribution of the study is that it has not been investigated whether the determinants of housing inflation have permanent or temporary effects, which were not done in previous studies. In addition, the method used reveals how many months the effects of changes in exchange rates, consumer interest rates and housing supply on housing inflation last. Based on the findings obtained from the methods, important economic and political implications have been put forward in depth.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

Keywords

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