ESTIMATING HOUSING SUPPLY DETERMINANTS: APPLYING AN URBAN GROWTH MODEL WITH GMM METHOD

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SEYEDNOURANI SEYED MOHAMMAD REZA

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Paper Information

Journal: JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH) Year:2013 | Volume:13 | Issue:3 Page(s): 161-175

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Title

ESTIMATING HOUSING SUPPLY DETERMINANTS: APPLYING AN URBAN GROWTH MODEL WITH GMM METHOD

Author(s)

SEYEDNOURANI SEYED MOHAMMAD REZA | Issue Writer Certificate

Keywords

HOUSING SUPPLYQ2

HOUSE PRICEQ2

BUILDING MATERIAL COSTQ2

GMMQ1

Abstract

In spite of a lot of studies in field of housing, HOUSING SUPPLY has been less addressed. One of main reasons is complexity of HOUSING SUPPLY field. In this study we use Capozza and Helsley urban growth model which assume HOUSING SUPPLY as a function of variations in both housing price and construction expenses. The model is estimated with General Method of Moments (GMM) using seasonal data of Iran for 1996:2-2008: I. Results show that effect of housing price variations on HOUSING SUPPLY is positive, however the effect of building material expenses and construction opportunity cost (stock exchange index) are both negative on it, but coefficient of stock exchange index is statistically insignificant. In addition, housing price variations and building material expenses with two period lags are effective on HOUSING SUPPLY which indicate role of expectations. Also results show that variations in the other markets such as building materials market play important role in HOUSING SUPPLY. It is proposed that because of high sensitivity in increasing of housing price, policies of HOUSING SUPPLY to be followed by this market.

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APA: Copy

SEYEDNOURANI, SEYED MOHAMMAD REZA. (2013). ESTIMATING HOUSING SUPPLY DETERMINANTS: APPLYING AN URBAN GROWTH MODEL WITH GMM METHOD. JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH), 13(3), 161-175. SID. https://sid.ir/paper/86667/en

Vancouver: Copy

SEYEDNOURANI SEYED MOHAMMAD REZA. ESTIMATING HOUSING SUPPLY DETERMINANTS: APPLYING AN URBAN GROWTH MODEL WITH GMM METHOD. JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH)[Internet]. 2013;13(3):161-175. Available from: https://sid.ir/paper/86667/en

IEEE: Copy

SEYED MOHAMMAD REZA SEYEDNOURANI, “ESTIMATING HOUSING SUPPLY DETERMINANTS: APPLYING AN URBAN GROWTH MODEL WITH GMM METHOD,” JOURNAL OF SUSTAINABLE GROWTH AND DEVELOPMENT (THE ECONOMIC RESEARCH), vol. 13, no. 3, pp. 161–175, 2013, [Online]. Available: https://sid.ir/paper/86667/en

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