Abstract
AbstractThe current study investigates the role of the tier‐one cities of China in affecting regional disparities within and across its five mega‐city clusters, through the lens of housing market. For that purpose, an equilibrating ripple effect is differentiated from a disturbing information cascade effect. Evidence suggests that a modest slow‐moving equilibrating force originated from Hong Kong has flowed across all tier‐one and most tier‐two cities in the mainland, indicating a narrowing of regional inequalities between Hong Kong and the mainland cities. On the other hand, a powerful disturbing force emanated from Beijing has affected all other cities, widening the inequality gap in between. The impulse response functions further suggest that this disturbing force has a permanent impact on regional disparity.
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