The first step on the housing ladder : a natural experiment in Hong Kong
Document Type
Journal article
Source Publication
Journal of Housing Economics
Publication Date
3-1-2009
Volume
18
Issue
1
First Page
59
Last Page
67
Publisher
Academic Press
Keywords
Ladder effect, Housing ladder, Logit model, Natural experiment, Public housing privatization
Abstract
The article presents and illuminates evidence, based on recent Hong Kong experience, indicating the existence of a "housing ladder effect" when housing prices increase or decrease. An increase of housing equity at the bottom of the ladder tends to translate into a trading up activity that will both increase housing market turnover and buoy up the entire housing market. Based on a natural experiment through the introduction of a public housing privatization scheme, this article demonstrates the importance of the first step on the housing ladder using a logit model.
DOI
10.1016/j.jhe.2009.02.003
Print ISSN
10511377
E-ISSN
10960791
Publisher Statement
Copyright © 2009 Elsevier Inc.
Access to external full text or publisher's version may require subscription.
Full-text Version
Publisher’s Version
Language
English
Recommended Citation
Ho, L. S., & Wong, W. C. G. (2009). The first step on the housing ladder: A natural experiment in Hong Kong. Journal of Hosing Economics, 18(1), 59-67. doi: 10.1016/j.jhe.2009.02.003