TITLE:
Structural Change Modeling of Singapore Private Housing Price in Simultaneous Equation Model
AUTHORS:
Weihong Huang, Yang Zhang
KEYWORDS:
Private Housing Market; Structural Change; Simultaneous Equation Model
JOURNAL NAME:
Journal of Financial Risk Management,
Vol.1 No.2,
June
29,
2012
ABSTRACT: This paper investigates the structural change behavior of Singapore’s private housing market and in particular the impact of government policies on housing price determination. A structural model of price is established and the “Regressive Segmentation (RS)” method is applied to detect the changing points without prior knowledge of the structural changes. Our study shows that the changing points indicated by the RS method are consistent with the timing of the policy changes.