首页> 外文期刊>International Journal of Strategic Property Management >HOUSING MARKET DYNAMICS UNDER A PEGGED EXCHANGE RATE A STUDY OF HONG KONG
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HOUSING MARKET DYNAMICS UNDER A PEGGED EXCHANGE RATE A STUDY OF HONG KONG

机译:住房市场动态下的挂钩汇率下的香港研究

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摘要

This study explores the major determinants of prices and rents of properties in the mass housing market and in the luxury housing market of Hong Kong. The findings show that property price (and rental) dynamics are primarily driven by demand factors, rather than by housing supply. While macroeconomic factors and the provision of subsidized homeownership, to varying degrees, influence housing prices and/or rents, it is the result of U.S. monetary policy which has directly (through changes in money supply) and indirectly (through the wealth effect from a bullish stock market fuelled by unconventional monetary policy such as Quantitative Easing (QE) triggered the current affordability issue. Some policy implications with reference to recent U.S. monetary policy developments as well as to the Linked Exchange Rate System between Hong Kong Dollar and U.S. Dollar are then discussed.
机译:本研究探讨了群众房屋市场价格和屋质租赁的主要决定因素,并在香港豪华住房市场。 调查结果表明,物业价格(和租赁)动态主要由需求因素驱动,而不是房屋供应。 虽然宏观经济因素和提供补贴房主,不同程度,影响房价和/或租金,是美国货币政策的结果,直接(通过货币供应变化)和间接(通过看涨的财富效应 通过非传统的货币政策(如定量宽松(QE))推动的股票市场引发了当前的可负担性问题。然后讨论了近期美国货币政策发展以及港元和美元之间的联系汇率制度的一些政策影响 。

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