Equilibrating ripple effect, disturbing information cascade effect and regional disparity – A perspective from China's tiered housing markets
研究通过区分平衡涟漪效应和干扰信息级联效应，分析了中国一线城市对五大城市群内区域差异的影响，发现香港的平衡力缩小了区域不平等，而北京的干扰力则扩大了差距。
Abstract The 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.