897
Views
10
CrossRef citations to date
0
Altmetric
Research Article

Housing prices and carbon emissions: a dynamic panel threshold model of 60 Chinese cities

ORCID Icon, &

References

  • Akbostancı, E., S. Türüt-Aşık, and G. İ. Tunç. 2009. “The Relationship between Income and Environment inTurkey: Is There an Environmental Kuznets Curve?” Energy Policy 37: 861–867.
  • Alkhathlan, K., and M. Javid. 2013. “Energy Consumption, Carbon Emissions and Economic Growth in Saudi Arabia: An Aggregate and Disaggregate Analysis.” Energy Policy 62: 1525–1532. doi:10.1016/j.enpol.2013.07.068.
  • Al-mulali, U., C. N. Binti Che Sab, and H. G. Fereidouni. 2012. “Exploring the Bi-directional Long Run Relationship between Urbanization, Energy Consumption, and Carbon Dioxide Emission.” Energy 46 (1): 156–167. doi:10.1016/j.energy.2012.08.043.
  • Arellano, M., and S. Bond. 1991. “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations.” The Review of Economic Studies 58 (2): 277–297. doi:10.2307/2297968.
  • Azlina, A. A., S. H. Law, and N. H. N. Mustapha. 2014. “Dynamic Linkages among Transport Energy Consumption, Income and CO2 Emission in Malaysia.” Energy Policy 73: 598–606. doi:10.1016/j.enpol.2014.05.046.
  • Bai, Y., X. Deng, J. Gibson, Z. Zhao, and H. Xu. 2019. “How Does Urbanization Affect Residential CO2 Emissions? an Analysis on Urban Agglomerations of China.” Journal of Cleaner Production 209: 876–885. doi:10.1016/j.jclepro.2018.10.248.
  • Bianco, V., F. Cascetta, A. Marino, and S. Nardini. 2019. “Understanding Energy Consumption and Carbon Emissions in Europe: A Focus on Inequality Issues.” Energy 170: 120–130. doi:10.1016/j.energy.2018.12.120.
  • Bischoff, O. 2012. “Explaining Regional Variation in Equilibrium Real Estate Prices and Income.” Journal of Housing Economics 21 (1): 1–15. doi:10.1016/j.jhe.2011.11.002.
  • BP Company. 2018. BP Statistical Review of World Energy. 67th ed. https://www.bp.com/content/dam/bp/businesssites/en/global/corporate/pdfs/energy-economics/statisticalreview/bp-stats-review-2018-full-report.pdf
  • Brännlund, R., and T. Ghalwash. 2008. “The Income–pollution Relationship and the Role of Income Distribution: An Analysis of Swedish Household Data.” Resource & Energy Economics 30 (3): 369–387. doi:10.1016/j.reseneeco.2007.11.002.
  • Chen, J., F. Guo, and Y. Wu. 2011a. “Chinese Urbanization and Urban Housing Growth since the Mid-1990s.” Journal of Housing and the Built Environment 26 (2): 219–232. doi:10.1007/s10901-011-9214-0.
  • Chen, J., F. Guo, and Y. Wu. 2011b. “One Decade of Urban Housing Reform in China: Urban Housing Price Dynamics and the Role of Migration and Urbanization, 1995–2005.” Habitat International 35 (1): 1–8. doi:10.1016/j.habitatint.2010.02.003.
  • Chen, Q., S. M. Kamran, and H. Fan. 2019. “Real Estate Investment and Energy Efficiency: Evidence from China’s Policy Experiment.” Journal of Cleaner Production 217: 440–447. doi:10.1016/j.jclepro.2019.01.274.
  • Cheng, Z., L. Li, and J. Liu. 2018. “Industrial Structure, Technical Progress and Carbon Intensity in China’s Provinces.” Renewable and Sustainable Energy Reviews 81: 2935–2946. doi:10.1016/j.rser.2017.06.103.
  • Chiu, Y.-B. 2017. “Carbon Dioxide, Income and Energy: Evidence from a Non-linear Model.” Energy Economics 61: 279–288. doi:10.1016/j.eneco.2016.11.022.
  • Davidoff, T. 2006. “Labor Income, Housing Prices, and Homeownership.” Journal of Urban Economics 59 (2): 209–235. doi:10.1016/j.jue.2005.04.001.
  • Fortura, P., and J. Kushner. 1986. “Canadian Inter-City House Price Differentials.” Real Estate Economics 14: 525–536. doi:10.1111/1540-6229.00401.
  • Goodman, J. 2003. “Homeownership and Investment in Real Estate Stocks.” Journal of Real Estate Portfolio Management 9: 93–105.
  • Grossman, G. M., and A. B. Krueger. 1991. “Environmental Impacts of a North American Free Trade Agreement.” NBER Working Paper 3914.
  • Grossman, G. M., and A. B. Krueger. 1995. “Economic Growth and the Environment.” The Quarterly Journal of Economics 110 (2): 353–377. doi:10.2307/2118443.
  • Gui, S., C. Wu, Y. Qu, and L. Guo. 2017. “Path Analysis of Factors Impacting China’s CO2 Emission Intensity: Viewpoint on Energy.” Energy Policy 109: 650–658. doi:10.1016/j.enpol.2017.07.034.
  • Hansen, B. E. 1999. “Threshold Effects in Non-dynamic Panels: Estimation, Testing, and Inference.” Journal of Econometrics 93 (2): 345–368. doi:10.1016/S0304-4076(99)00025-1.
  • Hao, Y., H. Chen, Y. M. Wei, and Y. M. Li. 2016. “The Influence of Climate Change on CO2 (Carbon Dioxide) Emissions: An Empirical Estimation Based on Chinese Provincial Panel Data.” Journal of Cleaner Production 131: 667–677. doi:10.1016/j.jclepro.2016.04.117.
  • Hao, Y., Q. Zhang, M. Zhong, and B. Li. 2015. “Is There Convergence in per Capita SO2 Emissions in China? an Empirical Study Using City-level Panel Data.” Journal of Cleaner Production 108: 944–954. doi:10.1016/j.jclepro.2015.06.054.
  • Heil, M. T., and T. M. Selden. 2001. “International Trade Intensity and Carbon Emissions: A Cross-country Econometric Analysis.” Journal of Environment & Development 10: 35–49. doi:10.1177/107049650101000103.
  • Holly, S., M. H. Pesaran, and T. Yamagata. 2010. “A Spatio-temporal Model of Housing Prices in the USA.” Journal of Econometrics 158: 160–173. doi:10.1016/j.jeconom.2010.03.040.
  • Jaunky, V. C. 2011. “The CO2 Emissions-income Nexus: Evidence from Rich Countries.” Energy Policy 39 (3): 1228–1240. doi:10.1016/j.enpol.2010.11.050.
  • Jorgenson, A. K., J. B. Schor, X. Huang, and J. Fitzgerald. 2015. “Income Inequality and Residential Carbon Emissions in the United States: A Preliminary Analysis.” Human Ecology Review 22: 93–106. doi:10.22459/HER.22.01.2015.06.
  • Kholodilin, K. A., J.-O. Menz, and B. Siliverstovs. 2007. “What Drives Housing Prices Down? Evidence from an International Panel.” DIW Discussion Papers. doi:10.1094/PDIS-91-4-0467.
  • Kishor, N. K., and H. A. Marfatia. 2017. “The Dynamic Relationship between Housing Prices and the Macroeconomy: Evidence from OECD Countries.” Journal of Real Estate Finance & Economics 54: 237–268. doi:10.1007/s11146-015-9546-8.
  • Lee, T., and C. Koski. 2012. “Building Green: Local Political Leadership Addressing Climate Change.” Review of Policy Research 29: 605–624. doi:10.1111/j.1541-1338.2012.00579.x.
  • Levin, A., C.-F. Lin, and C.-S. James Chu. 2002. “Unit Root Tests in Panel Data: Asymptotic and Finite-sample Properties.” Journal of Econometrics 108: 1–24. doi:10.1016/S0304-4076(01)00098-7.
  • Li, K., and B. Lin. 2015. “Metafroniter Energy Efficiency with CO2 Emissions and Its Convergence Analysis for China.” Energy Economics 48: 230–241. doi:10.1016/j.eneco.2015.01.006.
  • Li, L., and C. R. Chen. 2016. “Analysts’ Forecast Dispersion and Stock Returns: A Panel Threshold Regression Analysis Based on Conditional Limited Market Participation Hypothesis.” Finance Research Letters 18: 100–107. doi:10.1016/j.frl.2016.04.006.
  • Lin, B., O. E. Omoju, and J. U. Okonkwo. 2015. “Impact of Industrialisation on CO2 Emissions in Nigeria.” Renewable & Sustainable Energy Reviews 52: 1228–1239. doi:10.1016/j.rser.2015.07.164.
  • Ma, X., C. Wang, B. Dong, G. Gu, R. Chen, Y. Li, H. Zou, W. Zhang, and Q. Li. 2019. “Carbon Emissions from Energy Consumption in China: Its Measurement and Driving Factors.” Science of the Total Environment 648: 1411–1420. doi:10.1016/j.scitotenv.2018.08.183.
  • Martínez-Zarzoso, I., and A. Maruotti. 2011. “The Impact of Urbanization on CO2 Emissions: Evidence from Developing Countries.” Ecological Economics 70 (7): 1344–1353. doi:10.1016/j.ecolecon.2011.02.009.
  • Mi, Z.-F., S.-Y. Pan, H. Yu, and Y.-M. Wei. 2015. “Potential Impacts of Industrial Structure on Energy Consumption and CO2 Emission: A Case Study of Beijing.” Journal of Cleaner Production 103: 455–462. doi:10.1016/j.jclepro.2014.06.011.
  • NBSC (National Bureau of Statistics of China). 2012. Input-Out Tables of China (2012). Beijing, China: National Bureau of Statistics of China. China Statistics Press.
  • NBSC (National Bureau of Statistics of China). 2018. China Statistical Yearbook (2018). Beijing, China: National Bureau of Statistics of China. China Statistics Press.
  • Pedroni, P. 2004. “Panel Cointegration: Asymptotic and Finite Sample Properties of Pooled Time Series Tests,With an Application to the Ppp Hypothesis.” Econometric Theory 20 (3): 597–625. doi:10.1017/S0266466604203073.
  • Perrings, C., and D. Pearce. 1994. “Threshold Effects and Incentives for the Conservation of Biodiversity.” Environmental and Resource Economics 4 (1): 13–28. doi:10.1007/BF00691930.
  • Rafiq, S., R. Salim, and I. Nielsen. 2016. “Urbanization, Openness, Emissions, and Energy Intensity: A Study of Increasingly Urbanized Emerging Economies.” Energy Economics 56: 20–28. doi:10.1016/j.eneco.2016.02.007.
  • Sadorsky, P. 2014. “The Effect of Urbanization on CO2 Emissions in Emerging Economies.” Energy Economics 41: 147–153. doi:10.1016/j.eneco.2013.11.007.
  • Seo, M., S. Kim, and Y.-J. Kim. 2019. “Estimation of Dynamic Panel Threshold Model Using Stata.” The stata Journal 19(3): 685-697.doi:10.1177/1536867X19874243.
  • Seo, M. H., and Y. Shin. 2016. “Dynamic Panels with Threshold Effect and Endogeneity.” Journal of Econometrics 195 (2): 169–186. doi:10.1016/j.jeconom.2016.03.005.
  • Shan, Y., D. Guan, J. Liu, Z. Mi, Z. Liu, J. Liu, H. Schroeder, et al. 2017. “Methodology and Applications of City Level CO2 Emission Accounts in China.” Journal of Cleaner Production 161: 1215–1225. doi:10.1016/j.jclepro.2017.06.075.
  • Shen, J., X. Liang, and C. Luo. 2014. “Consumer Demand, Investment Demand and Housing Price Volatility.” In The seventh international conference on management science and engineering management, edited by X. J., F. J., L. B., and H. A, 271–281. Chengdu, China: Springer Berlin Heidelberg. doi:10.1177/1753193414528859.
  • Sheng, P., and X. Guo. 2016. “The Long-run and Short-run Impacts of Urbanization on Carbon Dioxide Emissions.” Economic Modelling 53: 208–215. doi:10.1016/j.econmod.2015.12.006.
  • Soytas, U., R. Sari, and B. T. Ewing. 2007. “Energy Consumption, Income, and Carbon Emissions in the United States.” Ecological Economics 62 (3–4): 482–489. doi:10.1016/j.ecolecon.2006.07.009.
  • Sridhar, K. S. 2018. “Urbanization and Carbon Emissions in India and China.” Environment and Urbanization ASIA 9 (2): 113–126. doi:10.1177/0975425318783544.
  • Topel, R., and S. Rosen. 1988. “Housing Investment in the United States.” Journal of Political Economy 96 (4): 718–740. doi:10.1086/261560.
  • Wakefield, K. L., and J. J. Inman. 2003. “Situational Price Sensitivity: The Role of Consumption Occasion, Social Context and Income.” Journal of Retailing 79 (4): 199–212. doi:10.1016/j.jretai.2003.09.004.
  • Wang, D. 2010. “Analysis on the Demand Curve of China’s Commodity Real Estate – On the Property of Commodity Housing.” Northern Economy (4): 3–4. (In Chinese).
  • Wang, S., X. Liu, C. Zhou, J. Hu, and J. Ou. 2017a. “Examining the Impacts of Socioeconomic Factors, Urban Form, and Transportation Networks on CO2 Emissions in China’s Megacities.” Applied Energy 185: 189–200.
  • Wang, X.-R., E. C.-M. Hui, and J.-X. Sun. 2017b. “Population Migration, Urbanization and Housing Prices: Evidence from the Cities in China.” Habitat International 66: 49–56. doi:10.1016/j.habitatint.2017.05.010.
  • Wang, Y., L. Li, J. Kubota, R. Han, X. Zhu, and G. Lu. 2016a. “Does Urbanization Lead to More Carbon Emission? Evidence from a Panel of BRICS Countries.” Applied Energy 168: 375–380. doi:10.1016/j.apenergy.2016.01.105.
  • Wang, Z., Y. Zhu, Y. Zhu, and Y. Shi. 2016b. “Energy Structure Change and Carbon Emission Trends in China.” Energy 115: 369–377. doi:10.1016/j.energy.2016.08.066.
  • Westerlund, J. 2005. “New Simple Tests for Panel Cointegration.” Econometric Reviews 24 (3): 297–316. doi:10.1080/07474930500243019.
  • Wu, Y., J. Shen, X. Zhang, M. Skitmore, and W. Lu. 2016. “The Impact of Urbanization on Carbon Emissions in Developing Countries: A Chinese Study Based on the U-Kaya Method.” Journal of Cleaner Production 135: 589–603. doi:10.1016/j.jclepro.2016.06.121.
  • Xu, Q., Y.-X. Dong, and R. Yang. 2018. “Urbanization Impact on Carbon Emissions in the Pearl River Delta Region: Kuznets Curve Relationships.” Journal of Cleaner Production 180: 514–523.
  • Xu, S.-C., Z.-X. He, and R.-Y. Long. 2014. “Factors that Influence Carbon Emissions Due to Energy Consumption in China: Decomposition Analysis Using LMDI.” Applied Energy 127: 182–193. doi:10.1016/j.apenergy.2014.03.093.
  • Yang, Z., S. Wu, and H. Y. Cheung. 2017. “From Income and Housing Wealth Inequalities to Emissions Inequality: Carbon Emissions of Households in China.” Journal of Housing & the Built Environment 32 (2): 231–252. doi:10.1007/s10901-016-9510-9.
  • Yavuz, N. C., and V. Yilanci. 2013. “Convergence in per Capita Carbon Dioxide Emissions among G7 Countries: A TAR Panel Unit Root Approach.” Environmental and Resource Economics 54 (2): 283–291. doi:10.1007/s10640-012-9595-x.
  • Yu, F., Y. Guo, K. Le-Nguyen, S. J. Barnes, and W. Zhang. 2016. “The Impact of Government Subsidies and Enterprises’ R&D Investment: A Panel Data Study from Renewable Energy in China.” Energy Policy 89: 106–113. doi:10.1016/j.enpol.2015.11.009.
  • Zha, D., and J. He. 2017. “The Threshold Effects of Energy Efficiency on the Elasticity of Substitution between Energy and Non-energy Factors.” Energy Efficiency 10 (4): 873–885. doi:10.1007/s12053-016-9491-2.
  • Zhang, C., and Y. Lin. 2012. “Panel Estimation for Urbanization, Energy Consumption and CO2 Emissions: A Regional Analysis in China.” Energy Policy 49: 488–498. doi:10.1016/j.enpol.2012.06.048.
  • Zhang, H., and Y. Qi. 2011. “A Structure Decomposition Analysis of China’s Production-Source CO2 Emission: 1992–2002.” Environmental and Resource Economics 49 (1): 65–77. doi:10.1007/s10640-010-9424-z.
  • Zhang, N., K. Yu, and Z. Chen. 2017. “How Does Urbanization Affect Carbon Dioxide Emissions? A Cross-country Panel Data Analysis.” Energy Policy 107: 678–687. doi:10.1016/j.enpol.2017.03.072.
  • Zhang, X., and T. Sun. 2006. “China’s Current Real Estate Cycle and Potential Financial Risks.” China & World Economy 14: 57–74. doi:10.1111/j.1749-124X.2006.00030.x.
  • Zhang, X.-P., and X.-M. Cheng. 2009. “Energy Consumption, Carbon Emissions, and Economic Growth in China.” Ecological Economics 68 (10): 2706–2712. doi:10.1016/j.ecolecon.2009.05.011.
  • Zhang, Y.-J., Z. Liu, H. Zhang, and T.-D. Tan. 2014. “The Impact of Economic Growth, Industrial Structure and Urbanization on Carbon Emission Intensity in China.” Natural Hazards 73 (2): 579–595. doi:10.1007/s11069-014-1091-x.
  • Zhou, C., S. Wang, and J. Wang. 2019. “Examining the Influences of Urbanization on Carbon Dioxide Emissions in the Yangtze River Delta, China: Kuznets Curve Relationship.” Science of the Total Environment 675: 472–482. doi:10.1016/j.scitotenv.2019.04.269.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.