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Convergence among the Sub-markets in Australian Regional Building Construction Sector

Australasian Journal of Construction Economics and Building, The
Volume 10 Issue 4 (2010)

Abstract: 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.

To cite this article: Liu, Junxiao and London, Kerry A. Convergence among the Sub-markets in Australian Regional Building Construction Sector [online]. Australasian Journal of Construction Economics and Building, The, Vol. 10, No. 4, 2010: [11]-33. Availability: <http://search.informit.com.au/documentSummary;dn=658397021022517;res=IELBUS> ISSN: 1837-9133. [cited 01 Jul 16].

Personal Author: Liu, Junxiao; London, Kerry A; Source: Australasian Journal of Construction Economics and Building, The, Vol. 10, No. 4, 2010: [11]-33 Document Type: Journal Article ISSN: 1837-9133 Subject: Australian Bureau of Statistics; Construction industry; Construction industry--Prices; Statistics; Vector analysis; Construction industry--Mathematical models; Affiliation: (1) School of Architecture and Building, Deakin University, Australia
(2) School of Architecture and Building, Deakin University, Australia

Database: Business Collection