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The inequality-housing price nexus in tourist resorts: theory and evidence
Xinhua Gu1; Guoqiang Li1; Chun Kwok Lei1; Li Sheng2; Qingbin Zhao1
2019-11-01
Source PublicationAsia-Pacific Journal of Accounting & Economics
ISSN1608-1625
Abstract

Fast expansion in casino gaming is widely perceived as an underlying reason for housing bubbles in tourist resorts such as Macao. Yet it remains unclear whether such bubbles have any bearing on income inequality that comes with tourism expansion. This paper provides a formal explanation for the inequality-housing price nexus by using a vector autoregressive model with exogenous variables (VARX) and an autoregressive distributed lag model (ARDL). We find that casino tourism expansion plays a fundamental role for both income inequality heightening and housing price hiking, with rising inequality also contributing significantly to housing bubbles. Our empirical findings accord well with theoretical predictions made in this paper. Useful policy implications can then be derived from those findings.

KeywordCasino Tourism Economic Inequality Housing Bubbles Macao
DOIhttps://doi.org/10.1080/16081625.2020.1686842
Indexed BySSCI
Language英语
WOS Research AreaBusiness & Economics
WOS SubjectBusiness, Finance ; Economics
WOS IDWOS:000493598600001
PublisherROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD, 2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON, ENGLAND
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Document TypeJournal article
CollectionFaculty of Business Administration
DEPARTMENT OF FINANCE AND BUSINESS ECONOMICS
Corresponding AuthorGuoqiang Li
Affiliation1.Faculty of Business Administration, University of Macau, Taipa, Macao, China
2.Faculty of Social Sciences, University of Macau, Taipa, Macao, China
First Author AffilicationFaculty of Business Administration
Corresponding Author AffilicationFaculty of Business Administration
Recommended Citation
GB/T 7714
Xinhua Gu,Guoqiang Li,Chun Kwok Lei,et al. The inequality-housing price nexus in tourist resorts: theory and evidence[J]. Asia-Pacific Journal of Accounting & Economics,2019.
APA Xinhua Gu,Guoqiang Li,Chun Kwok Lei,Li Sheng,&Qingbin Zhao.(2019).The inequality-housing price nexus in tourist resorts: theory and evidence.Asia-Pacific Journal of Accounting & Economics.
MLA Xinhua Gu,et al."The inequality-housing price nexus in tourist resorts: theory and evidence".Asia-Pacific Journal of Accounting & Economics (2019).
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