Can a Tobin tax curb speculation in the housing market? A study on the effect in the primary market of Hong Kong tax policy
This study examines the effect of Special Stamp Duty (SSD) and Buyer's Stamp Duty (BSD) on Hong Kong’s housing prices in the primary market. Using micro transaction data, I show that the Tobin tax policies were not effective in cooling the primary market. The primary market responded differentl...
Saved in:
| 主要作者: | |
|---|---|
| 格式: | text |
| 語言: | English |
| 出版: |
Institutional Knowledge at Singapore Management University
2024
|
| 主題: | |
| 在線閱讀: | https://ink.library.smu.edu.sg/etd_coll/617 https://ink.library.smu.edu.sg/context/etd_coll/article/1615/viewcontent/GPGM_AY2019_PhD_DANG_DINH_TUAN.pdf |
| 標簽: |
添加標簽
沒有標簽, 成為第一個標記此記錄!
|
| 總結: | This study examines the effect of Special Stamp Duty (SSD) and Buyer's Stamp Duty (BSD) on Hong Kong’s housing prices in the primary market. Using micro transaction data, I show that the Tobin tax policies were not effective in cooling the primary market. The primary market responded differently when facing the two events. Specifically, SSD Phase 1 led to a 9.4% price increase within 6 to 12 months post-implementation, suggesting a lag effect. The introduction of SSD Phase 2 and BSD initially caused a significant 13.1% price surge in the first 6 months, but was followed by a notable 9% decrease in the subsequent 6 to 12 months, indicating a market overreaction. I further show that the effect of the Tobin tax policies varied across different submarkets by size and location. The results are robust with a shorter pre-policy period analysis, the inclusion of an additional control variable, and placebo tests. |
|---|