The Ripple Effect of Real Estate Prices: A Case Study of the Beijing－Tianjin－Hebei Urban Agglomeration in China

초록

[Purpose]The purpose of this paper is to explore the ripple effect of house prices among individual cities in the Beijing－Tianjin－Hebei urban agglomeration. [Methodology]This paper empirically studies the ripple effect of urban agglomeration on housing prices in cities in the region through methods such as cointegration test and vector error correction model. [Findings]This paper studies that, first, in the long run, there is a cointegration relationship between the six cities; second, urban housing prices are not only affected by other cities but also related to their own accumulation effect; third, in the short－term, the cities most affected by the ripple effect are Langfang, Beijing, Tianjin, Baoding, Shijiazhuang, and Tangshan, in that order. [Implications]The innovation of this paper lies in the selection of the sample and the use of multiple methods, which make the conclusions more robust and provide guidance for policymakers on housing price control.

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