Appendix Table with trend of housing price-to-income ratios of 35 cities Cities GSADF whole test Bubble periods (backward SADF) Beijing.65858 9Q3~Q Changchun.8679 Q Changsha.39953 9Q3~Q Chengdu.597 Chongqing.739 Dalian.686 Fuzhou 3.595** Q~Q3 Guangzhou.99879 9Q~Q Guiyang.369936 Haikou 3.8389** 9Q~Q Hangzhou 73 9Q Harbin -9 Hefei.59975 Hohhot.367 Jinan.5695 Kunming.3573 Lanzhou.56638 Nanchang.856 999Q~999Q3 Nanjing.5577 Q~5Q 9Q3~Q Nanning -.6655 Ningbo.37979** 3Q~3Q3 3Q Qingdao.758 9Q Shanghai.567 999Q Shenyang.7763 Q Shenzhen.5595 9Q3 Shijiazhuang.89588 9Q3~Q Taiyuan -.75 Tianjin.5 3Q Q Urumqi.3937 7Q3~7Q Q Wuhan.6 Xiamen.93 Xian.35653 Xining 5 Yinchuan -.38 Zhengzhou.87956 9Q Note: The finite sample critical values for 9%, 95%, and 99% levels are.6,.6356, and.7936, respectively. Critical values were obtained from Monte Carlo simulation with 5, replications.
Do Multiple Housing Bubbles Exist in China? Appendix Date-stamping bubble periods in housing price-to-income ratios in Beijing, Changchun, Changsha, Chengdu, Chongqing, and Dalian Beijing Changchun..... - - - 98 99 3 5 6 7 8 9-98 99 3 5 6 7 8 9 BEIJING_PPDI_D (right axis) CHANGCHUN_PPDI_D (right axis) Changsha Chengdu.7.7 - -.. 5-5 - -5.. 98 99 3 5 6 7 8 9-98 99 3 5 6 7 8 9 CHANGSHA_PPDI_D (right axis) Chongqing CHENGDU_PPDI_D (right axis) Dalian
.... - - 98 99 3 5 6 7 8 9-98 99 3 5 6 7 8 9 CHONGQING_PPDI_D (right axis) DALIAN_PPDI_D (right axis) Appendix Date-stamping bubble periods in housing price-to-income ratios in Fuzhou, Guangzhou, Guiyang, Haikou, Hangzhou, and Harbin Fuzhou Guangzhou 5.5....5..5 - - - 98 99 3 5 6 7 8 9 98 99 3 5 6 7 8 9 FUZHOU_PPDI_D (right axis) GUANGZHOU_PPDI_D (right axis) Guiyang Haikou
Do Multiple Housing Bubbles Exist in China?.7.... - - - 98 99 3 5 6 7 8 9 98 99 3 5 6 7 8 9 GUIYANG_PPDI_D (right axis) Hangzhou HAIKOU_PPDI_D (right axis) Harbin - - 98 99 3 5 6 7 8 9... - - 98 99 3 5 6 7 8 9.. HANGZHOU_PPDI_D (right axis) HARBIN_PPDI_D (right axis)
Appendix 3 Date-stamping bubble periods in housing price-to-income ratios in Hefei, Hohhot, Jinan, Kunming, Lanzhou, and Nanchang Hefei Hohhot.... - - - - 98 99 3 5 6 7 8 9 98 99 3 5 6 7 8 9 HEFEI_PPDI_D (right axis) HOHHOT_PPDI_D (right axis) Jinan Kunming.7.7.... - - - 98 99 3 5 6 7 8 9 98 99 3 5 6 7 8 9 JINAN_PPDI_D (right axis) Lanzhou KUNMING_PPDI_D (right axis) Nanchang
Do Multiple Housing Bubbles Exist in China?.. - - - -. -5 98 99 3 5 6 7 8 9 98 99 3 5 6 7 8 9 LANZHOU_PPDI_D (right axis) NANCHANG_PPDI_D (right axis) Appendix Date-stamping bubble periods in housing price-to-income ratios in Nanjing, Nanning, Ningbo, Qingdao, Shanghai, and Shenyang Nanjing Nanning.7.7.... - - - 98 99 3 5 6 7 8 9-8 98 99 3 5 6 7 8 9 NANJING_PPDI_D (right axis) NANNING_PPDI_D (right axis) Ningbo Qingdao
.7 6.... -. - - 98 99 3 5 6 7 8 9 NINGBO_PPDI_D (right axis) Shanghai 98 99 3 5 6 7 8 9 QINGDAO_PPDI_D (right axis) Shenyang..... - - - - 98 99 3 5 6 7 8 9 98 99 3 5 6 7 8 9 SHANGHAI_PPDI_D (right axis) SHENYANG_PPDI_D (right axis)
Do Multiple Housing Bubbles Exist in China? Appendix 5 Date-stamping bubble periods in housing price-to-income ratios in Shenzhen, Shijiazhuang, Taiyuan, Tianjin, Urumqi, and Wuhan Shenzhen Shijiazhuang...8.6. - -...8 -.. 98 99 3 5 6 7 8 9-8 98 99 3 5 6 7 8 9 SHENZHEN_PPDI_D (right axis) SHIJIAZHUA_PPDI_D (right axis) Taiyuan Tianjin.... - - - -5 98 99 3 5 6 7 8 9 TAIYUAN_PPDI_D (right axis) Urumqi -8 98 99 3 5 6 7 8 9 TIANJIN_PPDI_D (right axis) Wuhan
.7... - - - - 98 99 3 5 6 7 8 9 98 99 3 5 6 7 8 9 URUMQI_PPDI_D (right axis) WUHAN_PPDI_D (right axis) Appendix 6 Date-stamping bubble periods in housing price-to-income ratios in Xiamen, Xian, Xining, Yinchuan, and Zhengzhou Xiamen Xian... -. - -. - 98 99 3 5 6 7 8 9 XIAMEN_PPDI_D (right axis) -5 98 99 3 5 6 7 8 9 XIAN_PPDI_D (right axis) Xining Yinchuan
Do Multiple Housing Bubbles Exist in China?.... - - - - 98 99 3 5 6 7 8 9 XINING_PPDI_D (right axis) Zhengzhou 98 99 3 5 6 7 8 9 YINCHUAN_PPDI_D (right axis) -.. 98 99 3 5 6 7 8 9 ZHENGZHOU_PPDI_D (right axis)
of housing price-to-rent ratios of 35 cities Table Cities GSADF whole test Bubble periods (backward SADF) Beijing.78 Changchun.5993 7Q3~7Q Changsha.3586 Chengdu.3 Chongqing.56868 Dalian.563 Q3 Fuzhou.65 Guangzhou.53868 Guiyang.7556 Haikou.35535 Hangzhou.65 Harbin.339753 Hefei.86* 7Q~8Q Hohhot.359 Jinan.69795 Kunming.77969 Lanzhou 3.5356** Nanchang.53 Nanjing.965 8Q Nanning.67879 Ningbo.68975 Qingdao.366 Shanghai.57 8Q Shenyang 3.575** 3Q~Q Shenzhen 9 8Q3~8Q Shijiazhuang.567 Q 8Q~9Q Taiyuan.36 Tianjin 57 8Q~9Q Urumqi.587 7Q3~8Q Wuhan.73683 7Q~8Q Xiamen.65 8Q Xian.877 Xining.59838 Q3 Yinchuan.756 Zhengzhou 5.563*** Q~Q3 Note: The finite sample critical values for 9%, 95%, and 99% levels are.77858, 3.97673, and.88655, respectively. Critical values were obtained from Monte Carlo simulation with 5, replications.
Do Multiple Housing Bubbles Exist in China? Appendix 7 Date-stamping bubble periods in housing price-to-rent ratios in Beijing, Changchun, Changsha, Chengdu, Chongqing, and Dalian Beijing Changchun.5.5.85 - -..95.9 -..95.9.85 98 99 3 5 6 7 8 9 98 99 3 5 6 7 8 9 BEIJING_PPRP (right axis) CHANGCHUN_PPRP (right axis) Changsha Chengdu.. -..96.9 -..96.9 - - 98 99 3 5 6 7 8 9 98 99 3 5 6 7 8 9 CHANGSHA_PPRP (right axis) Chongqing CHENGDU_PPRP (right axis) Dalian
.....95.9 -.9.8-8 - - 98 99 3 5 6 7 8 9 98 99 3 5 6 7 8 9 CHONGQING_PPRP (right axis) DALIAN_PPRP (right axis) Appendix 8 Date-stamping bubble periods in housing price-to-rent ratios in Fuzhou, Guangzhou, Guiyang, Haikou, Hangzhou, and Harbin Fuzhou Guangzhou...95.9.85..96.9 - - - - 98 99 3 5 6 7 8 9 98 99 3 5 6 7 8 9 FUZHOU_PPRP (right axis) GUANGZHOU_PPRP (right axis) Guiyang Haikou
Do Multiple Housing Bubbles Exist in China?.5.75..3 - - 98 99 3 5 6 7 8 9.5..975.95 - - 98 99 3 5 6 7 8 9....9 GUIYANG_PPRP (right axis) Hangzhou The bacwards SADF sequence (left axis) The HAIKOU_PPRP (right axis) Harbin.....9.95 -.8.9 - -8 98 99 3 5 6 7 8 9-98 99 3 5 6 7 8 9 HANGZHOU_PPRP (right axis) HARBIN_PPRP (right axis)
Appendix 9 Date-stamping bubble periods in housing price-to-rent ratios in Hefei, Hohhot, Jinan, Kunming, Lanzhou, and Nanchang Hefei Hohhot 3 - - 98 99 3 5 6 7 8 9 HEFEI_PPRP (right axis)...96.9.88 - - 98 99 3 5 6 7 8 9 HOHHOT_PPRP (right axis).5..95.9 Jinan Kunming. -..96 -..95.9.85 - - 98 99 3 5 6 7 8 9 JINAN_PPRP (right axis) Lanzhou 98 99 3 5 6 7 8 9 KUNMING_PPRP (right axis) Nanchang
Do Multiple Housing Bubbles Exist in China?.5.5...95.9.85.95 -.8 - - 98 99 3 5 6 7 8 9 98 99 3 5 6 7 8 9 LANZHOU_PPRP (right axis) NANCHANG_PPRP (right axis) Appendix Date-stamping bubble periods in housing price-to-rent ratios in Nanjing, Nanning, Ningbo, Qingdao, Shanghai, and Shenyang Nanjing Nanning.3.......9 - -.9.8.7 - - 98 99 3 5 6 7 8 9 98 99 3 5 6 7 8 9 NANJING_PPRP (right axis) Ningbo NANNING_PPRP (right axis) Qingdao
-..5..95.9.85.3....9 - - 98 99 3 5 6 7 8 9-98 99 3 5 6 7 8 9 NINGBO_PPRP (right axis) Shanghai QINGDAO_PPRP (right axis) Shenyang.3.5...5 3...9..95.9 - - - 98 99 3 5 6 7 8 9 98 99 3 5 6 7 8 9 SHANGHAI_PPRP (right axis) SHENYANG_PPRP (right axis)
Do Multiple Housing Bubbles Exist in China? Appendix Date-stamping bubble periods in housing price-to-rent ratios in Shenzhen, Shijiazhuang, Taiyuan, Tianjin, Urumqi, and Wuhan Shenzhen Shijiazhuang.. - 98 99 3 5 6 7 8 9 SHENZHEN_PPRP (right axis)..9.8 3 - - 98 99 3 5 6 7 8 9 SHIJIAZHUANG_PPRP (right axis)..95.9.85 Taiyuan Tianjin.....9.8.7..9.8 - - - 98 99 3 5 6 7 8 9 98 99 3 5 6 7 8 9 TAIYUAN_PPRP (right axis) Urumqi TIANJIN_PPRP (right axis) Wuhan
.3...5. 3..9.8..95 - - - 98 99 3 5 6 7 8 9 98 99 3 5 6 7 8 9 URUMQI_PPRP (right axis) WUHAN_PPRP (right axis) Appendix Date-stamping bubble periods in housing price-to-rent ratios in Xiamen, Xian, Xining, Yinchuan, and Zhengzhou Xiamen Xian.6.. 3..96.9.96.9 - - - 98 99 3 5 6 7 8 9 XIAMEN_PPRP (right axis) 98 99 3 5 6 7 8 9 XIAN_PPRP (right axis) Xining Yinchuan
Do Multiple Housing Bubbles Exist in China?.....9. - - 98 99 3 5 6 7 8 9 XINING_PPRP (right axis).8.7 - - Zhengzhou 98 99 3 5 6 7 8 9 YINCHUAN_PPRP (right axis).9.8 6..95.9.85-98 99 3 5 6 7 8 9 ZHENGZHOU_PPRP (right axis)