Record Details

Convergence Among the Submarkets in Australian Regional Building and Construction Sector

Construction Economics and Building

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Field Value
 
Title Convergence Among the Submarkets in Australian Regional Building and Construction Sector
 
Creator Liu, Junxiao
London, Kerry
 
Subject Economics
construction prices, convergence, vector error correction model
macro-economics
 
Description Studies on market convergence are well considered in the literature. However, the majority of the previous research focused on housing markets and few studies have concentrated on construction markets. Owing to a simultaneously dramatic increase in the construction prices of the sub-markets in the building construction sector in Australia, this paper aims to identify the convergence among these markets, involving house construction market, other-residential building construction market, and non-residential building construction market. To achieve it the Granger causality test and generalized response function depending on the vector error correction model with the quarterly data of Australia’s eight states from 1998 to 2010 will be applied. Based upon the econometric tests, the price diffusion patterns among these construction markets have been identified. Research on the convergences of construction markets not only helps construction firms perform well in business operations and arbitrage activities, but also provides policy makers with useful information for enacting effective construction policies for national perspectives and approaches to infrastructure planning.
 
Publisher UTS ePRESS
 
Contributor —
 
Date 2010-12-16
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
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Format application/pdf
 
Identifier http://epress.lib.uts.edu.au/journals/index.php/AJCEB/article/view/1796
10.5130/AJCEB.v10i4.1796
 
Source Construction Economics and Building; Vol 10, No 4 (2010): AJCEB; 11 - 33
2204-9029
 
Language eng
 
Relation http://epress.lib.uts.edu.au/journals/index.php/AJCEB/article/view/1796/2101
 
Coverage Australia
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Rights Copyright (c) 2010 Junxiao Liu, Kerry London
http://creativecommons.org/licenses/by/4.0