Data Transformation Essays and Research Papers

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Title: Topic The state housing market China A critial survey literature GUIDELINES ECON PROJECT The goal Econ project give student hands experience conducting a piece applied research a topic microeconomics choosing

  • Total Pages: 12
  • Words: 3029
  • References:12
  • Citation Style: APA
  • Document Type: Essay
Essay Instructions: Topic: The state of housing market in China: A critial survey of the literature

GUIDELINES: ECON PROJECT
The goal of Econ project is to give each student in the course some hands-on
experience with conducting a piece of applied research on a topic in
microeconomics of his or her choosing. The student may make this choice from the
list of suggested topics (see course outline).
The project may take one of two possible forms or approaches
1. Conducting a survey of the literature on your chosen topic.
-The survey must be both critical and comprehensive, and not just descriptive and narrowly focused.
-A good survey must rely on economic reasoning, supported by suitable graphs, tables, and other relevant information
-A variety of relevant sources (books, journals, magazine articles and internet resources) must be used and listed in the bibliography section at the end ofthe essay
2. Model Estimation and/or Hypotheses Testing.
Examples of this approach to your project include (a) estimation of various types
of elasticity of demand for a group of products using either a single equation
demand function, or a Demand system (Rotterdam system or the AIDS system)
and (b) testing the validity of demand theory.
This approach will require you to (i) choose the model (demand equation) (ii)
collect relevant data for estimating the model (iii) estimate the parameters of the
model using a statistical program of your choice (iv) report and statistically
interpret the results of your estimation or testing (v) explain the economic
significance of your results .

The write-up ofyour research project should include the following sections.
a.
A tittle page, including a descriptive title, name ofthe author, and address (Economics Department) and date ofsubmission.
b.
An abstract (no more than 100 words) summarizing the study.
c.
An introductory section, describing the general nature and the objective ofthe study. It should include a description ofthe methodology used for the study
d.
Short Review ofexisting literature. This section should summarise theory of the subject and empirical findings ofprevious investigations on the subject.
e.
Model Selection, the Dataset, Estimation and the Results. This section should specify and describe the model including the expected signs ofthe coefficients, the definitions ofthe variables, data transformations, and data sources.
The results of estimation and testing relating to your project should be systematically organized and reported in the form oftables. It is expected that you will then analyze and evaluate the statistical and economic significance of your results using the appropriate goodness-of-fit statistics and diagnostic tests (R-barsquare, standard errors, t-ratios, Durbin-Watson statistics etc) and also discuss any problems of multicollinearity, serial correlation or heteroscedasticity that may arise in the process of fitting your model to the data.
f.
A section on overall conclusions ofthe study. This section should present the main findings of the investigation with respect to the objectives set out in the introduction ofthe study. It may contain suggestions for future studies on the topic.
g.
A bibliography, including complete citations of all articles and books referred to in the paper.

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References:

References

Ka Yui Leung, C., & Wang, W. (2007). An Examination of the Chinese Housing Market. International Real Estate Review, 131-165.

Bian, Y., & Logan, J.R. (1996). Market transition and the persistence of power: the changing strati-cation system in urban China. American Sociological Review, 739 -- 58.

Chan, K.W. (1994). Cities with invisible walls:reinterpreting urbanization in post-1949 China. Hong Kong: Oxford University Press.

Deutsche Bank . (2011). China's housing markets: Regulatory interventions mitigate risk of severe bust. Current Issues.

Gyourko, J., Deng, Y., & Wu, J. (2010, July 28). Just how risky are China's housing markets. Retrieved November 20, 2012, from www.voxeu.org.

Hongyu, L., & Ying, H. (2004). Prospects of Real Estate Markets in China: Challenges and Opportunities. Beijing: Institute of Real Estate Studies.

Huang, Y., & Jiang, L. (2009). Housing Inequality in Transitional Beijing. International Journal of Urban and Regional Research, 936 -- 56.

Kirkby, R.J. (1985). Urbanization in China: Town and Country in a Development Economy 1949-2000 AD. London: Croom Helm Ltd.

Logan, J., Bian, Y., & Bian, F. (1999). Housing inequality in urban China in the 1990s. . International Journal of Urban and Regional Research, 7 -- 25.

State Statistics Bureau. (2009). China StatisticalYearbook 2001. Beijing: China Statistics Press.

Wu, J., Gyourko, J., & Deng, Y. (2010). Evaluating Conditions In Major Chinese Housing Markets. Cambridge: National Bureau of Economic Research.

Zhang, & Zuoji. (1996). The Theory And Practices in Chinese Urban Housing System Reform. Reform Publication Press.

Appendices

Table 1: Population in the Markets, 1999-2009

Population

1999

Population

2009

Percentage Change,

1999-2009

Compound Annual

Growth Rate,

1999-2009

Beijing

9,717

14,918

53.5%

1.5%

Chengdu

11,044

12,866

16.5%

1.8%

Hangzhou

6,753

8,100

19.9%

1.9%

Shanghai

15,888

19,213

20.9%

3.5%

Shenzhen

6,326

8,912

40.9%

3.5%

Tianjin

6,834

9,598

40.4%

1.0%

Wuhan

8,259

9,100

10.2%

1.5%

Xian

7,280

8,435

15.9%

1.5%

Source: China's National Bureau of Statistics

Table 2: Breakeven Expected Appreciation Rates Equalizing Implied User Costs and Rents

equalizing user cost & rent

Mean annual

appreciation,

1998-2009

Number of years actual appreciation below

Number of years below

Beijing

5.9%

10.1%

6

0

Chengdu

5.3%

6.8%

7

2

Hangzhou

6.6%

8.5%

5

1

Shanghai

5.7%

9.3%

4

1

Shenzhen

5.6%

5.1%

6

2

Tianjin

4.9%

6.1%

5

0

Wuhan

4.5%

5.5%

5

1

Xian

4.9%

5.1%

6

1

Source: (Wu, Gyourko, & Deng, 2010)

Figure 1: Price-to-Rent Ratio in Chinese Cities, 2007-2010

Source: Institute of Real Estate Studies, Tsinghua University.

Figure 2: Price-to-Income Ratios in Chinese Markets, 1999-2010

Source: Institute of Real Estate Studies, Tsinghua University.

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