The Spillover Effects Of Urban Housing Prices Among BHNLT Cities In Global Perspective

Under the global background, cross-border property investment has grown rapidly. International cities such as New York, London and Tokyo are becoming the focus of international property investment and there is a changeable international investment environment. To explore the transmission rules among house price fluctuations of international cities, the paper analyzes the volatility characteristics, spillover features and the cause of spillover effects among Beijing, Hong Kong, New York, London and Tokyo. Detailed innovative points and work are as follows:1. Building the framework of spillover effects of urban housing prices among international cities.This paper summarizes the definitions of the concept of spillover effects and corresponding measurement methods, building the framework of spillover effects of urban housing prices among international cities which is divided into volatility spillovers and correlation spillovers.2. Measuring the spillover effects of urban housing prices among Beijing, Hong Kong, New York, London and TokyoThe paper analyzes the volatility spillover effects and correlation spillover effects among Beijing, Hong Kong, New York, London and Tokyo from January 2007 to March 2015 with generalized spillover index proposed by Diebold and Yilmaz(2012) and gets the interactive laws of urban housing price fluctuations of sample cities.3. Analyzing the international influencing factors of spillover effects of urban housing prices among Beijing, Hong Kong, New York, London and TokyoAfter calculating correlation coefficients of urban housing prices volatility among cities, the paper chooses international influencing factors like stock markets, global house price index and commodity prices and conducts origin analysis by panel data model. The results can enrich international real estate research and provide a reference for participants of real estate market to make decisions.