DING Ruxi, NI Pengfei：Regional Spatial Linkage and Spillover Effect of House Prices of China's Cities ——Based on the Panel Data of 285 Cities from 2005 to 2012

Abstract：Based on the panel data of 285 cities from 2005 to 2012, this paper explores the features of regional spatial linkage and spillover effects among house prices of China's cities by using the ESDA method and spatial econometrics.Results show that, a global spatial correlation exists among house prices of China's cities, and this kind of correlation has decreased with geographical distance and slightly weakened over time, although it is obvious all along.Meanwhile, the local spatial agglomeration of house prices was also apparent during the last 8 years.In addition to residents' income, bank loans, house costs, and other traditional factors, house prices of China's cities to some extent depend on the positive spatial spillover effects which are mainly from their surrounding cities within about 400 kilometers, but the effects and their strength are significantly different in different regions, especially the first-tier cities' house prices have much stronger spillover effect in the dimension of geography.Finally, this paper puts forward some policy recommendations in the aspect of differentiated regulation and long-term supporting mechanism at the “New Normal” development stage.

Key words： House Prices    Regional Spatial Linkage    Spatial Spillover Effect    SLPDM

source:Finance & Trade Economics ,No.6,2015