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THE ADVERSE EFFECTS OF ECONOMIC POLICY UNCERTAINTY ON INDEMNIFICATORY HOUSING MARKET IN CHINA

机译:经济政策不确定性对我国赔偿住房市场的不利影响

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This paper empirically examines the impact of the economic policy uncertainty (EPU) index on market indicators of indemnificatory houses in China for the period from January 2012 to December 2018. We use three indicators of the indemnificatory housing market: (i) the price of commodity housing unit, (ii) the number of completion for indemnificatory housing unit and (iii) the amount of investment for indemnificatory housing unit. The findings from the Granger Causality in Distribution test show that the EPU causes the commodity housing price at the left-tail and the right-tail, but not at the centre of the distribution. Besides, the EPU causes the indemnificatory housing completion volume at the right tail, but not at the left and the centre of the distribution. Finally, we observe that the EPU causes the indemnificatory housing investment at the right tail but not at the left and the centre of the distribution. These findings indicate that the indemnificatory housing market in China is mainly affected by the extreme changes in the EPU.
机译:本文从2012年1月至2018年12月期间,经验审查了经济政策不确定性(EPU)指数对中国谈判房屋市场指标的影响。我们使用赔偿外汇市场的三个指标:(i)商品价格住房股,(ii)赔偿住房股和(iii)赔偿住房股的投资金额。在分销试验中的格兰杰因果关系中的调查结果表明,EPU导致左尾和右尾的商品住房价格,但不在分配的中心。此外,EPU导致右尾的赔偿外壳完成体积,但不在左侧和分布中心。最后,我们观察到EPU导致右尾的赔偿住房投资,但不在左侧和分配的中心。这些调查结果表明,中国的赔偿住房市场主要受到EPU极端变化的影响。

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