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Convergence Among the Submarkets in Australian Regional Building and Construction Sector

Auteur(s):

Médium: article de revue
Langue(s): en 
Publié dans: Australasian Journal of Construction Economics and Building, , n. 4, v. 10
Page(s): 11-33
DOI: 10.5130/ajceb.v10i4.1796
Abstrait:

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.

License:

Cette oeuvre a été publiée sous la license Creative Commons Attribution 4.0 (CC-BY 4.0). Il est autorisé de partager et adapter l'oeuvre tant que l'auteur est crédité et la license est indiquée (avec le lien ci-dessus). Vous devez aussi indiquer si des changements on été fait vis-à-vis de l'original.

  • Informations
    sur cette fiche
  • Reference-ID
    10338851
  • Publié(e) le:
    05.08.2019
  • Modifié(e) le:
    02.06.2021