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Real estate investment and economic growth

Author: ZhuAiYong
Tutor: QiangYongChang
School: Fudan University
Course: World economy
Keywords: Real Estate Investment Economic growth Heterogeneous panel Granger causality
CLC: F124;F224
Type: Master's thesis
Year: 2009
Downloads: 683
Quote: 2
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Abstract


In the literature of the theory of economic growth and development , the relationship between real estate investment and economic growth - is the real estate investment to promote economic growth or economic development driven by the real estate investment has been kept differences . In this paper, based on China 's 30 provinces , autonomous regions , the first quarter of 1999 to the fourth quarter of 2007 , quarterly data on real estate investment , non - real estate investment and economic growth (GDP) of the panel data to study the specific manifestations of the relationship between the two real estate investment and economic growth , respectively, to explore the real estate investment share of GDP, with per capita GDP between the existence of the inverted U -shaped relationship , real estate investment , the volatility of the non- real estate investment and GDP in the three , and three between the existence of long-term stable equilibrium relationship twenty-two Granger causality between . Using the latest development in heterogeneous panel unit root tests and heterogeneous panel cointegration test , measurement results show that in the sample period , regardless of the real estate investment share of GDP or residential investment share of GDP and GDP per capita in our country at this stage are presented Burns-Grebler (1977) inverted U-shaped relationship . The short-term fluctuations of the real estate investment in China is much lower than the short-term fluctuations in non- real estate investment , with the characteristics of the fluctuations in the real estate market of the United States and other Western developed economies the contrary . Finally, from the national level or the three regions regional perspective , the real estate investment , non - real estate investment and GDP between stable and the only long - term cointegration relationship exists . Between whether short-term and long-term real estate investment and national economic growth at the national level , there are two-way Granger causality , but non- real estate investment unidirectional Granger cause real estate investment , real estate investment does not exist for non- real estate investment Granger impact . Further in accordance with the division of the eastern, central , western regional panel study also found that there are significant regional differences in different regions Granger relations between the real estate investment , real estate investment and GDP , which are significant difference between these three areas of urbanization the process is closely related . The results of this study have important practical significance for China's current economic development and macro decision-making .

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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