[PDF] Are House Prices Rising Too Fast In Hong Kong Sar eBook

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 21 pages
File Size : 22,33 MB
Release : 2010-12-01
Category : Business & Economics
ISBN : 1455210803

GET BOOK

Sharp increase in house prices in Hong Kong SAR in 2009-2010 has led to concerns of an emerging real estate bubble. According to our measure of price deviation from fundamentals, which should be taken as an early warning indicator of market exuberance, the current level of house prices in Hong Kong SAR does not seem to be significantly higher than would be justified by underlying fundamentals. Moreover, unlike advanced economies before 2007-8, deviation from fundamentals has not been persistent in Hong Kong.Going forward, low interest rate and improving growth prospects, as well as a tight supply, particularly in the mass market, means that house price growth will continue to be strong.This is the period in which vulnerability may be accumulating, and tight prudential standards and fiscal measures will be required to tame price inflation.

Author : Mr.Ashvin Ahuja
Publisher : International Monetary Fund
Page : 33 pages
File Size : 19,60 MB
Release : 2010-12-01
Category : Business & Economics
ISBN : 1455210811

GET BOOK

Sharp increase in house prices combined with the extraordinary Chinese lending growth during 2009 has led to concerns of an emerging real estate bubble. We find that, for China as a whole, the current levels of house prices do not seem significantly higher than would be justified by underlying fundamentals. However, there are signs of overvaluation in some cities’ mass-market and luxury segments. Unlike advanced economies before 2007-8, prices have tended to correct frequently in China.Given persistently low real interest rates, lack of alternative investment and mortgage-to-GDP trend, rapid property price growth in China has, and will continue to have,a structural driver.

Author : Mr.R. Sean Craig
Publisher : International Monetary Fund
Page : 15 pages
File Size : 19,5 MB
Release : 2011-11-01
Category : Business & Economics
ISBN : 1463925948

GET BOOK

This paper uses an econometric model of residential property prices in Hong Kong SAR to assess the effectiveness of alternative policies in slowing the increase in property prices. The rapid rise in property prices is well explained by macroconomic fundamentals; real GDP per capital, real domestic credit, construction costs, land supply, and the real interest rate. Policy can influence the property market though land supply and prudential and tax policy, with the latter policies taking the form of a stamp duty on property transactions and a tighter loan-to-value ratio (LTV) on lending. Land supply is the most effective policy insturment for restraining property price increases but it operates with a significant lag. The LTV and stamp duty dampen speculative activity that drives up property prices. While these policies can slow the increase in the short run, they should be guided by their long run objectives of financial stability and counteracting speculation.

Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 43 pages
File Size : 24,96 MB
Release : 2013-01-17
Category : Business & Economics
ISBN : 1475584733

GET BOOK

The Hong Kong Special Administrative Region (SAR)'s healthy labor market and supportive fiscal policy helped its domestic economy's resilience, while its gross domestic product (GDP) growth was marginally slow owing to its weak external environment. Its fiscal policy has been effective in reducing output volatility and providing timely support to help counter the impact from slowing external demand. The authorities have taken appropriate macroprudential measures to help safeguard the banking system, which should continue to be fine-tuned in line with evolving risks.

Author : George A. Akerlof
Publisher : MIT Press
Page : 369 pages
File Size : 10,47 MB
Release : 2016-09-02
Category : Business & Economics
ISBN : 0262529858

GET BOOK

Top economists consider how to conduct policy in a world where previous beliefs have been shattered by the recent financial and economic crises. Since 2008, economic policymakers and researchers have occupied a brave new economic world. Previous consensuses have been upended, former assumptions have been cast into doubt, and new approaches have yet to stand the test of time. Policymakers have been forced to improvise and researchers to rethink basic theory. George Akerlof, Nobel Laureate and one of this volume's editors, compares the crisis to a cat stuck in a tree, afraid to move. In April 2013, the International Monetary Fund brought together leading economists and economic policymakers to discuss the slowly emerging contours of the macroeconomic future. This book offers their combined insights. The editors and contributors—who include the Nobel Laureate and bestselling author Joseph Stiglitz, Federal Reserve Vice Chair Janet Yellen, and the former Governor of the Bank of Israel Stanley Fischer—consider the lessons learned from the crisis and its aftermath. They discuss, among other things, post-crisis questions about the traditional policy focus on inflation; macroprudential tools (which focus on the stability of the entire financial system rather than of individual firms) and their effectiveness; fiscal stimulus, public debt, and fiscal consolidation; and exchange rate arrangements.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 35 pages
File Size : 14,3 MB
Release : 2010-12-02
Category : Business & Economics
ISBN : 1455212679

GET BOOK

Owing to prompt policy action, the Hong Kong economy is now back on a robust growth trajectory. Inflation has rebounded, driven by higher costs for utilities. Banks have withstood the financial market volatility. Higher property prices leading to higher rents and the ongoing asset price inflation will feed into higher consumer prices. Financial stability using macroprudential tools and improving the overall fiscal position will help. Preserving the flexibility and adaptability of its economy will require a careful balancing act.

Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 89 pages
File Size : 42,7 MB
Release : 2007-04-12
Category : Business & Economics
ISBN : 1589066413

GET BOOK

The recent economic and financial developments and trends in Asia and the Pacific are examined in this latest REO, including issues related to Asia’s trade performance, notably in the high-tech sector, and the February-March bout of turbulence in the region’s financial markets. The near-term outlook, key risks, and their related policy challenges are analyzed throughout, as well as in special chapters that look more closely at the evolving nature of capital inflows, housing market developments, and the impact of commodity price booms on lower-income economies.

Author : Anthony Pecotich
Publisher : Routledge
Page : 915 pages
File Size : 14,98 MB
Release : 2016-07-22
Category : Business & Economics
ISBN : 1315498758

GET BOOK

East and Southeast Asia is a vast and complex region. Its countries have a bewildering array of histories, demographics, economic structures, cultural backgrounds, and global marketing potential. This Handbook unravels the mystery. Each chapter is written by a country specialist and provides a thorough and up-to-date analysis of one of the ESEA countries. Each author follows a consistent model and covers geography and natural resources, the political system, the economic system, the social system, and the marketing environment. Complete chapters are devoted to: Australia, Brunei, Cambodia, China and Hong Kong, East Timor, Indonesia, Japan, Korea (North and South), Laos, Malaysia, Myanmar, New Zealand, Papua New Guinea, the Philippines, Singapore, Taiwan, Thailand, and Vietnam. Not just a review of current conditions, the Handbook offers prognoses for future marketing and commercial activity in each country. This definitive resource is generously illustrated with maps, figures, and tables, and includes comprehensive references and source materials for each country. It is an essential reference for students, researchers, and practitioners in the global economy.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 129 pages
File Size : 41,39 MB
Release : 2014-07-11
Category : Business & Economics
ISBN : 1498342604

GET BOOK

This note covers considerations that can guide the staff’s policy advice on the use of a broad range of macroprudential tools. It discusses the transmission and likely effectiveness of these tools in mitigating systemic risks and the set of indicators that can be used in surveillance to assess the need for changes in macroprudential policy settings. This note is a supplement to the Staff Guidance Note on Macroprudential Policy.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 77 pages
File Size : 30,19 MB
Release : 2018-01-23
Category : Business & Economics
ISBN : 1484338383

GET BOOK

This 2017 Article IV Consultation highlights that economic activity in Hong Kong Special Administrative Region has gained momentum since the second half of 2016 amid robust domestic demand and recovering external demand. Growth is projected to have risen by 3.7 percent in 2017, up from 2 percent in 2016. The strong growth momentum is expected to continue in the near term with annual growth of 2.8 percent in 2018. Consumption is projected to continue to be supported by a tight labor market and investment is expected to remain strong, with major infrastructure and housing projects in the pipeline. The economy is expected to continue to grow at about 3 percent over the medium term, close to its potential.