Resource allocation to housing investment : comments and further results
基于39国样本和韩国数据，检验住房投资与人均产出的非线性关系，并讨论棚户区住房、气候等因素的影响。
Using a 39 country sample, Burns and Grebler show that there is a systematic nonlinear relationship between investment in residential construction and the per capita output of a country. An obvious test of this nonlinear relationship is to analyze the behavior of the share of housing in total output (SHTO) in a single country over time. An analysis based on Korea is used to cross-check the original findings. Since current estimates yield useful insights into the dynamics of residential construction in Korea, it remains to be seen whether the demographic variables used by Burns and Grebler could improve the model further. The analysis presented for Korea does support the existence of a nonlinear increase of SHTO as the economy expands. However, two other considerations should be added: the role of squatter housing and possible under reporting of housing construction and the role of climate. The analysis concludes that other avenues for raising welfare and income levels may be more promising.