Collateral value do drive house building

This paper proposes a dualism of hypothesis derived from dynamic Cournot competition on whether house building is driven by credit constraint corresponding to collateral value. Using monthly data from Jan 2004 to May 2016 of 26 Chinese provinces and 4 direct-controlled municipalities, the empirical test suggests that collateral value do drive house building.

36p trinhthamhodang2 19-01-2020 11 1   Download