Housing Pricesand General Economic Conditions： An Analysis of Chinese New Dwelling Market

This paper presents an investigation of the interaction between housing prices and general economic conditions in China for the period of 1986-2002, The empirical results indicate that housing prices in China are predictable by market fundamentals, which could explain most of the variations in housing prices. The results of Granger causality tests confirm that unemployment rate, total population, changes in construction costs, changes in the consumer price index (CPI) are all Granger causalities of housing prices, with feedback effects observed to affect the vacancy rate of new dwellings, changes in CPI, and changes in per capita disposable income of urban households, Studies with impulse response functions further illustrate these relationships in terms of the degree of the impact on housing prices from the determinants and the feedbacks, The findings indicate that there is a long-term equilibrium relationship between housing prices and market fundamentals in China and it is the identified fundamentals that drive housing prices up, rather than a bubble,     

TEXTILE AND APPAREL EXPORTS OF THE THREE AREAS OF CHINA TO THE UNITED STATES

The three areas of China: Inland in China, Hong Kong Special Administrative Region, and Taiwan Province, are among the largest exporters of textiles and apparel in the world. They are the largest suppliers to the United States, which is the largest importing market in the world. In this research, export performances of the three areas to the United States are investigated. Analyses indicate that since the 1980s, textile and apparel exports of Inland in China to the US and its market share grew rapidly, while exports of Hong Kong and Taiwan grew much slower, and their market shares declined. Product prices of the three areas in the US market were generally higher than the market average. Especially for apparel, while export compositions of all three areas somewhat leaned towards the lower end of the market, actual product prices were substantially higher than those in the market.     

LAND SUPPLY AND HOUSING PRICE:THE CASE IN HONG KONG

In this study we examine the relationship between land supply and housing price, percentage of land premium in the total government revenue and housing price, with reference to Hong Kong from 1981 to 1994. To do this we employ the Granger causality method to test the underlying hypothesis whether Hong Kong Government adopt high land-price policy. We use the first difference of data to ensure the stationarity in time series with the help of augmented Dick-Fuller unit root test. The results of the paper suggest no strong evidence to support the view that the land control of the government has caused soaringly rising housing prices. The findings also apparently implicate that the government has the revenue-maximizing behavior which is consistent with efficient allocation of resources.     

The impacts of biofuels on food security and supply in China

Biofuels are the current promising alternative to fossil fuels. However, the fluctuating food prices caused by oil price led to critics to biofuels. The paper surveyed biofuels production and grain production and consumption demand, and come to the conclusion that there was a little impact of corn ethanol on international food price, and there was no impact on China＇ s food prices. China has launched non-food biofuels development strategy to use marginal lands for growing hard crops, such as sweet sorghum, tuber crops, and switchgrass etc. to produce biofuels without any impact on food security in the future.     

Coordination by Option Contracts in a Retailer-Led Supply Chain with Demand Update

This research examines how to use an option contract to coordinate a retailer-led supply chain where the market information can be updated. Based on Stackelberg game theory, we build a mode with one supplier and one retailer in which the retailer designs contracts to coordinate the supplier＇s production in a two-mode production environment. This focuses on an option contract that consists of two option prices and one exercise price. By theoretical analysis and numerical example, we find that such a contract can coordinate the supplier and retailer to act in the best interest of the channel. The optimal pricing conditions are given as follows： First, option prices should be negatively correlated to the exercise price and should be in a relevant range. Second, the first-period option price should be no greater than the second-period price and should be linearly correlated to the second-period option price when the latter is beyond some threshold. The results show that such option contracts can arbitrarily allocate the extra system profit between the two parties so that each party is in a win-win situation.     

Observations on fluctuations of sound transmission and temperature field from the ASIAEX 2001 South China Sea experiment and inversion of the characterizations of internal tides (waves)

Two conclusions are obtained by analyzing the fluctuation data of the temperature field and the sound transmission in the South China Sea from ASIAEX 2001 volume interaction experiment. First of all, the peak-to-peak value of the particle vertical mean displacement due to the internal waves exceeds 40 m. Secondly, the peak-to-peak value of the sound transmission fluctuations represented by the pulse leading-edge fluctuations of the travel-time average exceeds 100 ms. Based on that, the major components of the internal waves are obtained by analyzing the spectrum of the temperature field fluctuations. The spectrum structures of the temperature field fluctuations in the across-shelf and the along-shore directions are compared respectively, and the spectrum structures of the sound transmission in such two different directions are also compared. The multi-path signals and the travel-time of the pulse are respectively used to capture the information of the sound transmission fluctuations, and their spectrum structures are compared also.     

Evaluation of boring machine performance with special reference to geomechanical characteristics

The duration of tunneling projects mostly depends on the performance of boring machines. The performance of boring machines is a function of advance rate, which depends on the machine characterizations and geomechanical properties of rock mass. There were various theoretical and empirical models for estimating the advance rate. In this paper, after determining the geomechanical properties of rock mass encountered in the Isfahan metro tunnel, the performance of the roadheader and tunnel boring machine (TBM) were then evaluated using various models. The calculation results show that the average instantaneous cutting rate of the roadheader in sandstone and shale are 42.8 and 74.5 m3/h respectively. However the actual values in practice are 34.2 and 51.3 mm3/h. The operational cutting rate of the roadheader in sandstone and shale are 8.2 and 9.7 mm3/h respectively, but the actual values are 6.5 and 6.7 mm3/h. The penetration rate of the TBM in shale is predicted to be 50-60 mm/round.     

Interaction Among Construction Investment, Other Investment and GDP in China

With Granger causality method, this paper examines the causal dynamics among three economic fundamentals: construction investment, other investment and the gross domestic product (GDP). Short-run and long-run interactive effects among these three time series are analyzed from 1981 to 2001. The empirical results show that construction investment has a stronger short-run effect on economic growth than other investment, and economic growth has a long-term effect on both construction and other investments. These findings indicate that construction investment is an important factor influencing short-term economic growth fluctuations, with its growth stimulating economic growth and its slumps leading to downside fluctuations. At the same time, investment growth cannot be sustained without the support of the national economy. These empirical results have important implications for economic policy makers in China.     

Value of ecosystem services in China

The function and services are the important components of the life-support system in the planet, as well as the basic elements for sustainable development of environment and society.It is a must to evaluate it for incorporating it with the social-economic system.It is also an important approach to draw the public attention on the environmental and ecosystem conservation.In this study, the ecosystem function and services in China were estimated by employing the classification and economic parameters from Costanza et al.The type and area of terrestrial ecosystems were extracted from Vegetation Map of China (1:4 000 000), and then the distribution map of ecosystem services of China was drawn.According to our calculation, the total value of ecosystem services in China is 77 834.48′108 RMB yuan per annum.The value for terrestrial ecosystem is 56 098.46′108 yuan per annum, and that for marine ecosystem is 21 736.02′108 yuan per annum.The value of ecosystem services in China is 1.73 times bigger than GDP in 1994.The value for forest ecosystem services is 15 433.98′108 yuan per annum, which is 27.51% of the total annual ecosystem services in China.Although wetland is little in area, its ecosystem service value is huge, which is 26 736.9′108 yuan per annum.The value for grassland ecosystem is 8 697.68′108 yuan per annum.Coastal ecosystem service is 12 223.04′108 yuan per annum.Overall, the ecosystem service in China contributes 2.71% to that of our planet.The estimation method employed in this study was a conservative one, and should be improved in the future studies.     

An integrative estimation model of summer rainfall-band patterns in China

Three variation indices are defined to objectively and quantitatively represent fluctuations of three rainfall-band patterns in summers in China for the period from 1951 to 2005, and the variation features of these indices are analyzed on both of interdecadal and interannual scales. A new method is proposed to establish an integrative estimation model based on the analysis of rainfall-band indices, and the model is applied to air, ocean factors to estimate their roles on variations of three rainfall-band patterns on different time-scales. The tests of estimation effects show that the fluctuations of three rainfall-band patterns are composed of variations on both significant inter-decadal and interannual scales, of which the interannual variation is mainly influenced by the Elnino/Lanina events, the East Asia monsoon and the ridge locations of subtropical high pressures in western pacific, while the interdecadal variation is mainly controlled by the Pacific decadal oscillation and interdecadal oscillations of the Arctic oscillation, ENSO, Nino3 sea surface temperature and summer monsoon. The estimated results from the integrative estimation model of rainfall-band patterns suggest that the way of estimation first according to each time scale of both the interdecadal and interannual scales, then estimating with an integration, which is proposed in this paper, has an obvious improvement on that without separation of time scales.     

生产率提高和产业结构变化对住房价格的影响

通过构建劳动力和住房市场均衡模型,探究了生产率提高和产业结构变化对住房市场和劳动力市场均衡状态的影响,并利用我国35个大中城市2002—2012年的数据建立动态面板模型进行了实证分析.结果表明,生产率提高会引起房价上涨,且第三产业的效应强于第二产业;产业结构优化升级是房价上涨的动力.住房价格上涨是生产率提高和产业结构优化的必然结果,中央政府建立"稳定房价工作责任制"的调控措施不符合市场的发展规律.政府应当重点引导产业和劳动力向中小城镇流动,促进中小城镇与大城市产业和劳动力市场的均衡发展,建设以市场自我稳定为目标的长效机制.     

中国房价和地价到底谁拉动谁?

选择中国土地交易价格指数和房屋销售价格指数的季度数据作为研究样本,在单位根检验、理想滞后阶数选择以及协整检验的基础上建立VAR(1)模型,通过Granger因果检验、脉冲响应函数和方差分解进行实证研究并提出了政策建议.研究结果表明:房价和地价间存在长期稳定的均衡关系;地价是房价的Granger原因,而房价不是地价的Granger原因;短期内,地价对房价的影响大于房价对地价的影响.     

基于BP-Boosting算法的商品住宅价格预测模型

针对商品住宅价格预测问题,分析整理了与房价相关的经济因素,首次提出将BP-Boosting回归算法运用到商品住宅价格的预测中.以郑州市房地产相关数据为实例,进行学习预测.模型结果表明,该方法简单有效,较为准确地预测出下一个季度的房价,与BP神经网络及灰色-马尔柯夫模型相比具有较为理想的预测精度.     

城市住房价格动力

主要目的是在同一计量经济环境中,综合考虑长期借贷利率、外来投资规模,是否是推动城市住房价格的动力或决定因素.同时考虑了通货膨胀因素对房价的可能影响.由于特大型中心城市住房市场对中西部市场具有传导作用,故以北京、上海、广州和深圳四个主要城市住房市场为分析案例.采用2005—2010年月度时间序列数据,考虑结构突变和小样误差,进行了约束协整和弱外生检验.所有外来投资变量是平稳序列,不可能与住房价格形成长期均衡关系.长期利率和通货膨胀是北京、上海房价变化的长期动力.因此提高长期借贷利率、控制通货膨胀,有助抑制房价上涨.     

中国离婚率变动对住房价格的影响研究——基于空间计量模型的实证分析

住房作为每个家庭的必需品,与老百姓的生活息息相关,而离婚率作为婚姻稳定性的综合反映,是否会对住房价格产生影响,值得关注.基于2003年～2017年中国31个省市(自治区)面板数据,运用空间计量模型研究离婚率对住房价格的影响,结果表明：1) 离婚率对住房价格有显著的正向影响,离婚率每上升一个千分点,住房价格上涨6.26%,说明离婚率攀升不仅代表婚姻市场不稳定,而且容易造成住房价格快速上升.2) 依据中国房地产调控政策,进行分时段模型估计,结果表明2003年～2009年、2010年～2017年中国离婚率对住房价格均有显著的正向影响,但其影响程度呈现下降(从0.130 7到0.041 8).因此以政府为主体,对房地产市场进行宏观调控仍然是未来经济健康发展的必要手段.3) 中国离婚率对住房价格的影响始终不具备空间溢出效应,即本省(邻省)离婚率对邻省(本省)住房价格影响不显著,这可能与住房价格较强的空间集聚性和房地产政策的户籍限制有关.     

地价、房价和股价关系的实证研究

就我国地价、房价和股价间影响关系问题,通过实证分析后认为:我国土地市场与股票市场间存在正相关关系,土地价格上涨引起股票价格上涨;地价上涨并未导致房价上涨。     

基于GARCH与Markov转换模型度量房价波动风险

为了防范房地产价格快速上涨或下跌带来的不利影响,监测房价波动风险具有重要的意义。该文采用自回归条件异方差(GARCH)模型和Markov机制转换模型研究房价波动过程。首先依据4个中国城市的数据对2类模型分别进行回归,然后根据回归结果计算房价波动率和房价下行概率,以此衡量房价的波动风险。结果显示:Markov模型的样本内拟合程度略高于GARCH模型,但这一差别十分有限。在预测房价下行概率时,Markov模型给出的结果对房价在短期内的变化情况较为敏感,而GARCH模型的预测值较为保守。虽然依据2种模型测算的房价下行概率在数值上有差别,但其走势基本一致,可以为投资者提供参考。     

二手房价格对于住房特征和区位变化敏感性分析

住房价格是住房各项特征的函数．采用成都市主城区二手房价格抽样数据，结合住房价格边际效用递减规律，用城市住房hedonic价格模型，对二手房价格对不同住房特征和区位变化的敏感性以及二手房价格边际效用递减规律进行了分析．发现二手房价格对于住房使用面积变化比较敏感，对于住房年龄、装修状况、区位变化不敏感．这些发现对住宅开发、销售，以及消费者投资住房等。具有参考价值．     

商品住房价格变动及回归分析-以中国东部16个地区为例

以中国东部16个地区为例,首先探讨了商品住房价格变动的特点和空间差异,结果发现：1999～2002年这些地区住房价格的总体水平大体一致,略有上浮;16个地区按照住房价格的高低,分为三个档次：青岛、济南、海口、福州、宁波、石家庄、天津七个地区的房价水平相对较低;大连、沈阳、杭州、南京、厦门五个地区的房价水平大体上处在中间层次;上海、广州、北京、深圳四个地区的房价水平相对最高．在此基础上,本文又选用若干指标,就地区经济发展水平同商品住房价格之间的关系作了进一步的量化分析,即利用逐步回归的方法,建立了比较理想的回归模型,以期为分析判断地区商品住房价格的宏观走势提供部分依据．