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Sustainability
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Housing Market and Financial Stability: What Lessons Have Been Learnt?
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Housing Market and Financial Stability: What Lessons Have Been Learnt?

A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Economic and Business Aspects of Sustainability".

Deadline for manuscript submissions: closed (30 November 2022) | Viewed by 8118

Special Issue Editors

Dr. Jing Victor Li

E-Mail Website
Guest Editor
Department of Geography and Resource Management, The Chinese University of Hong Kong, Hong Kong, China
Interests: housing economics; real estate economics; urban economics
Prof. Dr. Li Tao

E-Mail Website
Guest Editor
School of Management, Shanghai University, Shanghai 200444, China
Interests: social housing; housing policies; sustainable urbanization
Dr. Yaoxuan Huang

E-Mail Website
Guest Editor
Institute of Future Cities, The Chinese University of Hong Kong, Hong Kong, China
Interests: urban economics; housing policies

Special Issue Information

Dear Colleagues,

This Special Issue focuses on research and review articles on the nexus among the housing market, financial stability, housing finance, homeownership financialization, mortgage securitization, and other topics in relation to the sustainable development of housing finance markets. In the post-financial tsunami period, there is a growing amount of research examining how the financial systems have taken measures to prevent the risk of spreading from overheated property markets. In the pandemic times, however, many propery markets have seen significant housing price increases. Such changes have drawn attention to both researchers and policy makers, leaving a gap to fill as the pandemic may have reshaped global housing market dynamics and thus posed more challenges to the financial system.

The targeted articles of this Special Issue include, but are not limited to, the following themes:

  • Homeownership Financialization and Polarization
  • Housing Price and Banking Behavior
  • Housing Market and Economic Sustainability
  • Mortgage and Asset Securitization
  • REIT Performance and Commercial Property
  • Residential Housing and Market Behavior
  • Risk Management and Prudence Assessment

Prof. Dr. Jing (Victor) Li
Prof. Dr. Li Tao
Dr. Yaoxuan Huang
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • housing market
  • financial stability
  • housing finance
  • homeownership financialization
  • mortgage securitization
  • sustainable development

Published Papers (4 papers)

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Research

22 pages, 3654 KiB  
Article
Examining the Regional Disparity of Agricultural Development: A Distribution Dynamics Approach
by Jing Li, Tsun Se Cheong, Wenyang Huang and Wai Yan Shum
Sustainability 2022, 14(19), 12779; https://doi.org/10.3390/su141912779 - 7 Oct 2022
Cited by 1 | Viewed by 1469
Abstract
Many scholars have argued that the increased disparity in agricultural development among countries is the crux of the regional inequality problem and exerts adverse effects on individuals’ well-being. This study thus aims to examine the distribution dynamics of global agricultural development. Specifically, it [...] Read more.
Many scholars have argued that the increased disparity in agricultural development among countries is the crux of the regional inequality problem and exerts adverse effects on individuals’ well-being. This study thus aims to examine the distribution dynamics of global agricultural development. Specifically, it examines whether the disparity in agricultural development among countries vanishes over time and whether convergence can be achieved. On that account, a new distribution dynamics analysis method based on the stochastic kernel approach is employed at the country level. The proposed model can address the inadequacies of traditional econometric modelling methods and visualisation tools in the distribution dynamics literature. The research outcomes are as follows. Firstly, the global agricultural income disparity is primarily due to the Global South countries’ low productivity level, which lowers the world average, indicating that these countries need more fiscal and financial aid from Global North countries to boost their agricultural sector productivity levels. Secondly, regarding income division, upper-middle-income countries have been above the average output levels, indicating the invalidity of the middle-income trap for these countries’ agricultural sectors. This finding suggests that increased investment in agricultural productivity can overcome the middle-income trap. Thirdly, from a geographical perspective, Europe, Central Asia, and North America have a technological edge in the agricultural sector. In contrast, East Asia and Pacific countries have the potential to boost agricultural sector productivity. As a result, this study helps policymakers to design better schemes to improve the development of agriculture for each group and country type to improve the development of agriculture for each group and country type. Full article
(This article belongs to the Special Issue Housing Market and Financial Stability: What Lessons Have Been Learnt?)
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19 pages, 860 KiB  
Article
The Effect of Access to the Public Debt Market on Corporate Financing Decisions: The Case of REITs
by Jianfu Shen and Kwong Wing Chau
Sustainability 2022, 14(13), 8008; https://doi.org/10.3390/su14138008 - 30 Jun 2022
Viewed by 1830
Abstract
We examined the effects of access to public debt on the corporate financing decisions in real estate investment trusts (REITs) using a difference-in-differences approach and a propensity score approach. The introduction of credit ratings by S&P and Moody’s has allowed REITs to access [...] Read more.
We examined the effects of access to public debt on the corporate financing decisions in real estate investment trusts (REITs) using a difference-in-differences approach and a propensity score approach. The introduction of credit ratings by S&P and Moody’s has allowed REITs to access the public debt market. To investigate the impacts of the introduction of credit ratings, we compared the financing policies in REITs with initial credit ratings before and after the introduction of credit ratings with REITs that had not obtained a credit rating between 1980 and 2016. After obtaining credit ratings, REITs have significantly increased the corporate leverage ratios and the use of long term debt, which suggest that REITs were constrained from debt financing, in particular long term debt financing, in the past until they could gain access to the public debt market after the introduction of credit ratings. Access to the public debt market has also significantly reduced both equity issuances and cash holdings. Our empirical results suggest that the introduction of credit ratings can reduce information asymmetry, and affect REITs’ capital structure decisions and the level of cash holdings. Full article
(This article belongs to the Special Issue Housing Market and Financial Stability: What Lessons Have Been Learnt?)
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23 pages, 3599 KiB  
Article
The Spatial Correlation Effect of Real-Estate Financial Risk in China: A Social Network Analysis
by Yunsong Xu, Jiaqi Li and Hanying Qi
Sustainability 2022, 14(12), 7085; https://doi.org/10.3390/su14127085 - 9 Jun 2022
Cited by 2 | Viewed by 2115
Abstract
In this paper, we draw on real-estate finance data from 31 provinces in China over the period between 2006 and 2018 in order to develop a comprehensive index of real-estate finance risk. Our principal innovation lies in our use of the social network [...] Read more.
In this paper, we draw on real-estate finance data from 31 provinces in China over the period between 2006 and 2018 in order to develop a comprehensive index of real-estate finance risk. Our principal innovation lies in our use of the social network analysis method to portray the spatial correlation characteristics of real-estate financial risk dynamically. We find that (1) the spatial correlation effect of real-estate financial risks in China is increasing and exhibits multiple superposition characteristics and spatial spillover effects; (2) current trends in real-estate financial risk suggest that the eastern region has a strong contagion potential, that the middle region is highly vulnerable, and that the level of risk in the northwest is high; (3) the spatial network of real-estate financial risks in China can be divided into four functional blocks, namely a strong net-spillover block, a weak net-spillover block, a broker block, and a main damaged block. There is significant gradient transmission between them. The network structure of real-estate financial risks poses serious challenges to the formulation and implementation of regulatory policies. However, it creates favorable conditions for the construction of cross-regional risk prevention mechanisms as well as a practical basis for preventing systemic risks in the new era. (4) Meanwhile, the formation of a spillover network of real-estate financial risks is driven by the high dependence of local fiscal resources on land finance, not by local GDP growth. Full article
(This article belongs to the Special Issue Housing Market and Financial Stability: What Lessons Have Been Learnt?)
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22 pages, 825 KiB  
Article
The Path of Housing Prices in Promoting the Upgrading of Industrial Structure: Bank Credit Funds, Land Finance, and Consumer Demand
by Bibo Yin, Yining Pang and Xiaocang Xu
Sustainability 2022, 14(9), 5731; https://doi.org/10.3390/su14095731 - 9 May 2022
Cited by 3 | Viewed by 1788
Abstract
The impact path of housing prices on the upgrading of the industrial structure is an important part of realizing the high-quality operation of the national economy in China. In order to discuss the mechanism of different influencing paths to upgrading industrial structure, this [...] Read more.
The impact path of housing prices on the upgrading of the industrial structure is an important part of realizing the high-quality operation of the national economy in China. In order to discuss the mechanism of different influencing paths to upgrading industrial structure, this paper introduces three different intermediary variables from the levels of supply, demand, and government, and further subdivides and compares them to empirically test the specific impact path of housing prices on industrial structure upgrading by constructing multi-dimensional industrial structure upgrading indicators. It obtains some meaningful results. Firstly, there is a significant U-shaped relationship between housing prices and industrial structure upgrading; secondly, rising house prices will exacerbate the real estate industry’s occupation of bank credit funds, hindering the upgrading of the whole industrial structure; thirdly, the negative impact of the land’s financial dependence on the upgrading of the industrial structure was underestimated; and, finally, the rise in housing prices can improve the consumption level and promote the upgrading of regional industrial structures. By studying the impact path of house prices on the upgrading of different industrial structures, it will help local governments regulate house prices and give full play to the role of house prices in promoting the upgrading of industrial structure through multiple channels. Full article
(This article belongs to the Special Issue Housing Market and Financial Stability: What Lessons Have Been Learnt?)
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