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The inequality-housing price nexus in tourist resorts: theory and evidence
Xinhua Gua1; Guoqiang Lia1; Chun Kwok Le1; Li Sheng2; Qingbin Zhao1
2019-11
Conference NameThe 10th Biennial Conference of the Hong Kong Economic Association
Source PublicationASIA-PACIFIC JOURNAL OF ACCOUNTING & ECONOMICS
Conference Date2018-12.14-15
Conference PlaceXiamen University in Xiamen, China
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 Housing Bubbles Macao Economic Inequality
DOI10.1080/16081625.2020.1686842
Indexed BySSCI
Language英语
WOS Research AreaBusiness & Economics
WOS SubjectBusiness, Finance ; Economics
WOS IDWOS:000493598600001
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Document TypeConference paper
专题DEPARTMENT OF FINANCE AND BUSINESS ECONOMICS
Affiliation1.Faculty of Business Administration, University of Macau
2.Faculty of Social Sciences, University of Macau
First Author AffilicationFaculty of Business Administration
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GB/T 7714
Xinhua Gua,Guoqiang Lia,Chun Kwok Le,et al. The inequality-housing price nexus in tourist resorts: theory and evidence[C],2019.
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