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Equilibrating ripple effect, disturbing information cascade effect and regional disparity – A perspective from China's tiered housing markets

Xiao, Qin

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Abstract

The current study investigates the role of the tier-one cities of China in affecting regional disparities within and across its five mega-city clusters, through the lens of housing market. For that purpose, an equilibrating ripple effect is differentiated from a disturbing information cascade effect. Evidence suggests that a modest slow-moving equilibrating force originated from Hong Kong has flowed across all tier-one and most tier-two cities in the mainland, indicating a narrowing of regional inequalities between Hong Kong and the mainland cities. On the other hand, a powerful disturbing force emanated from Beijing has affected all other cities, widening the inequality gap in between. The impulse response functions further suggest that this disturbing force has a permanent impact on regional disparity.

Citation

Xiao, Q. (2023). Equilibrating ripple effect, disturbing information cascade effect and regional disparity – A perspective from China's tiered housing markets. International journal of finance & economics : IJFE, 28(1), 858-875. https://doi.org/10.1002/ijfe.2453

Journal Article Type Article
Acceptance Date Dec 20, 2020
Online Publication Date Jan 3, 2021
Publication Date Jan 1, 2023
Deposit Date Jan 4, 2021
Publicly Available Date Jan 4, 2023
Journal International Journal of Finance and Economics
Print ISSN 1076-9307
Electronic ISSN 1099-1158
Publisher Wiley
Peer Reviewed Peer Reviewed
Volume 28
Issue 1
Pages 858-875
DOI https://doi.org/10.1002/ijfe.2453
Keywords City house price; Economic geography; Information cascade effect; Regional disparity; Ripple effect
Public URL https://hull-repository.worktribe.com/output/3686889
Publisher URL https://onlinelibrary.wiley.com/doi/10.1002/ijfe.2453

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©2020 The author. All rights reserved. No part of this publication may be reproduced without the written permission of the copyright holder






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