Zhengzhou City Circle Commodity Residential House Price Volatility Spillover Effects Of Study

As the core of metropolitan development of city group of Central Plains,Zhengzhouurban commodity residential market by more and more experts and scholars. Found thatmonitoring of the Zhengzhou metropolitan area housingmarket: Although the real estatemarket to changes in the macroeconomicconditions in the long term trend of the same,but in time it reflects certain lead/lag relationship, this lead/lag relationship is thespillover effect of price volatility of commodity housing. The spillover effect onZhengzhou metropolitanresidential commodity price fluctuations of the academia is stillblank.This paper selects the Zhengzhou metropolitan area as the research sample,byconstructing a VAR model, the study sample City spillover effect betweenresidentialmarket price fluctuation and the degree of the influence on linearerror correction model,combining the trend of generalized impulse responsefunction and variancedecomposition analysis of all samples city lead/lag andtime-varying, to explore thepath between the sample city residential commodity price volatility spillover effect. Theresults found that, Zhengzhou and Luoyang is not only the core of the Zhengzhoumetropolitan area’s economic development, is also the leading city of Zhengzhoumetropolitanhousing price volatility, the volatility depends mainly on the cumulativeeffect of its own, especially Zhengzhou, and generate spillover effect obviously ontherest of the city, and the spillover effects vary, with the extension of time to a certainextent, weakened gradually.Through this study, hope to be able to make quantification of the metropolis ofZhengzhou residential market price volatility spillover relation description, forrealestate related departments to provide theoretical basis for formulating policies, and provide reference for rational investment of investors, to a certain extent, enrich thetheory of commodity housing price content.