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This paper, based on China's quarterly data from 1994 to 2006, by employing VAR model, Granger causality test and variance decomposition, studies the effect of urban residents' income on house prices. The results suggest that there is unilateral causality between urban residents' income and house prices, the alteration of house prices is mostly affected by its own alteration, urban residents' income...
As theory suggested, urban residents' income should maintain a stable ratio with house price. The recent years, however, the growth of house price is much higher than the growth of income in China, resulting in house affordability problem. This paper, based on China's quarterly time-series data from 1994 to 2006 and applying methods of co-integration test, Granger causality test and error correction...
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