Investigating the housing market fluctuation under an expansionary monetary policy in Australia

This research empirically investigates the impact of monetary policy on the housing market in Australia from 1996 to 2009. Three primary variables associated with the housing sector and monetary policy, including interest rates, money supply and house prices, are estimated by a structural vector autoregression (VAR) model. Depending upon the analysis using the impulse response function, it can be identified that monetary policy significantly affects the housing market in Australia by the adjustments in interest rates and money supply. The empirical results from this study may be useful for policy makers to enact appropriate policies in relation to the infrastructure planning.

Direct versus search engine traffic : an innovative approach to demand analysis in the property market

Purpose – The application of “Google” econometrics (Geco) has evolved rapidly in recent years and can be applied in various fields of research. Based on accepted theories in existing economic literature, this paper seeks to contribute to the innovative use of research on Google search query data to provide a new innovative to property research.

Design/methodology/approach – In this study, existing data from Google Insights for Search (GI4S) is extended into a new potential source of consumer sentiment data based on visits to a commonly-used UK online real-estate agent platform (Rightmove.co.uk). In order to contribute to knowledge about the use of Geco's black box, namely the unknown sampling population and the specific search queries influencing the variables, the GI4S series are compared to direct web navigation.

Findings – The main finding from this study is that GI4S data produce immediate real-time results with a high level of reliability in explaining the future volume of transactions and house prices in comparison to the direct website data. Furthermore, the results reveal that the number of visits to Rightmove.co.uk is driven by GI4S data and vice versa, and indeed without a contemporaneous relationship.

Originality/value – This study contributes to the new emerging and innovative field of research involving search engine data. It also contributes to the knowledge base about the increasing use of online consumer data in economic research in property markets.

Asymmetric information and market decline: evidence from the Chinese market

In this paper, we show that aggregate illiquidity is a priced risk factor on the Shanghai Stock Exchange (SHSE). We develop the relationship between the illiquidity factor, asymmetric information, and market decline. Our empirical results show that while the illiquidity factor is a source of asymmetric information on the SHSE, asymmetric information does not trigger market decline.

Conserving the heritage spaces of Kuala Lumpur : a case study of the old Market Square (Medan Pasar)

Being one of the new Asian mega-cities today, the origins of Kuala Lumpur started as early as 1850s at the confluence between two rivers; Gombak and Klang. The history of Kuala Lumpur changed when tin was discovered in Ampang in I 857. To cater for the need of residents and miners, a small trading post was constructed at the confluence between these two rivers. This business activity expanded eastwards to the Klang River resulting in one of the busiest business centres in Kuala Lumpur. Shophouses were erected and streets formed. These rows of shophouses and streets, with the river located to the west, created a rectangular space, known as the Old Market Square (Medan Pasar) which later became the main focal point of Kuala Lumpur. Today, even though the native senlements, chaotic sheds and huts have totally disappeared, some of the original shophouses, streets and even spaces still exist. However, they are struggling to survive and to maintain their authenticity due to pressures of nearby developments. This article considers the status of the Old Market Square in regard to its historical evolution and its position in contemporary heritage legislation and policy.

Utilising self-report data to measure racial discrimination in the labour market

Although economists have developed a series of approaches to modelling the existence of labour market discrimination, rarely is this topic examined by analysing self-report survey data. After reviewing theories and empirical models of labour market discrimination, we examine self-reported experience of discrimination at different stages in the labour market, among three racial groups utilising U.S. data from the 2001-2003 National Survey of American Life. Our findings indicate that African Americans and Caribbean blacks consistently report more experience of discrimination in the labour market than their non-Hispanic white counterparts. At different stages of the labour market, including hiring, termination and promotion, these groups are more likely to report discrimination than non-Hispanic whites. After controlling for social desirability bias and several human capital and socio-demographic covariates, the results remain robust for African Americans. However, the findings for Caribbean blacks were no longer significant after adjusting for social desirability bias. Although self-report data is rarely utilised to assess racial discrimination in labour economics, our study confirms the utility of this approach as demonstrated in similar research from other disciplines. Our results indicate that after adjusting for relevant confounders self-report survey data is a viable approach to estimating racial discrimination in the labour market. Implications of the study and directions for future research are provided.