"Supply is only one side of the house price story, it is important to look at demand to try to moderate spiralling house prices. He says that high levels of investment and tax incentives like negative gearing are pumping up demand." 
" By applying a Granger causality framework, we find this expectation unrealistic as there is no evidence supporting the claim that changing land supply via government land sale programme would impact on housing prices. However, it is found that housing prices do Granger-cause land supply under the Application List System which implies that private sector is more responsive to market changes than the government, 
" By analyzing time-series data, it is found that the new housing supply in Hong Kong is independent of the land supply by government, which means the policy of increasing land supply to increase housing supply may be ineffective. " 
"Consistent with previous studies, we confirm that merely increasing the land supply may not increase the housing supply. We also find preliminary evidence for widening income inequality, which, when combined with unavailability, can lead to unaffordability in the housing market." 
第一份是Bramley and Watkins (2016) 的文章， 他們發現樓宇供應會帶動樓宇需求，因為增加房屋供應可能會引致家庭組成的增加，需求上升了，供應增加也未必能夠壓抑樓價。這在研究界稱為「供需互為因果理論」(Circularity between Supply and Demand)，Bramley 早自1995年已經就英國的房屋發展與家庭組成預測發表文章 ，指出當某地增加房屋供應會引來區外家庭移入，需求增加變成自我實現的預言：
"... projections led to 'circularity', in effect a self-fulfilling prophecy that building X number of houses in a given location would result in that number of households moving to that location. They argued that 'the projections approach to planning is misleading – it is in fact not based on a neutral assessment of housing need.'”
 Holman, J. (2017) Housing affordability: Is more supply the answer to driving down prices?, ABC News April 25, http://www.abc.net.au/news/2017-04-25/is-supply-the-answer-to-housing-affordability/8470552
 Favara, G. and Imbs, J. (2015) Credit Supply and the Price of Housing, The American Economic Review 105(3), 958-992.
 Sa, S,F. and Wieladek, T. (2011) Monetary Policy, Capital Inflows, and the Housing Boom, Working Paper No. 80, Globalization and Monetary Policy Institute, Federal Reserve Bank of Dallas, US. https://www.dallasfed.org/~/media/documents/institute/wpapers/2011/0080.pdf
 Sa, F. (2017) Effect of Foreign Investors on Local Housing Markets: Evidence from the UK, working paper, School of Management & Business, Kingís College London. https://www.kcl.ac.uk/sspp/research/economics/People/FIlipaPaper-June2017.pdf
 Fereidouni, H.G. and Tajaddini, R. (2016) Foreign Investment in Residential Real Estate in Australia, Housing Prices and Performance of Real Estate-Related Sectors, 22nd International Panel Data Conference, 28-20 June, Perth, Australia. http://businesslaw.curtin.edu.au/wp-content/uploads/sites/5/2016/07/panel-data-conference-foreign-investment-in-residential-real-estate-in-australia-housing-prices-and-performance-of-real-estate-related-sectors.pdf
 Guest, Ross S. and Rohde, Nicholas (2017) The Contribution of Foreign Real Estate Investment to Housing Price Growth in Australian Capital Cities (September). Abacus, Vol. 53, Issue 3, pp. 304-318. Available at SSRN: https://ssrn.com/abstract=3039755
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 Tillmann, P. (2013), Capital Inflows and Asset Prices: Evidence from Emerging Asia, Journal of Banking and Finance, 37, 717-729.
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 Chow, H.K. and Xie, T. (2016) Are House Prices Driven by Capital Flows? Evidence from Singapore, Journal of International Commerce, Economics and Policy, 7(1), 1-21. http://doi.org/10.1142/S179399331650006X
 Cheung, Y.W., Chow, K.K. and Yiu, M.S. (2017) Effects of Capital Flow on the Equity and Housing Markets in Hong Kong, HKIMR Working Paper #01/2017, Hong Kong Institute for Monetary Research. http://www.hkimr.org/uploads/publication/455/wp201701.pdf
 Ling-Hin Li, Siu Kei Kelvin Wong, Ka Shing Cheung (2016) Land supply and housing prices in Hong Kong: The political economy of urban land policy, Environment and Planning C: Politics and Space Vol 34, Issue 5, 2016, http://journals.sagepub.com/doi/abs/10.1177/0263774X15614699
 Huang, J., Shen, G.O. and Zheng, H.W. (2015) Is insufficient land supply the root cause of housing shortage? Empirical evidence from Hong Kong, Habitat International 49, 538-546.
 Leung, C.K.Y. and Tang, E.C.H. (2015) Availability, Affordability and Volatility: The Case of the Hong Kong Housing Market, International Real Estate Review 18(3), 383-428. https://www.umac.mo/fba/irer/papers/current/vol18n3_pdf/05.pdf
 Lai, N. and Wang, K. (1999). Land-Supply Restrictions, Developer Strategies and Housing Policies: The Case in Hong Kong. International Real Estate Review, 2(1), 143-159.
 Bramley, G. and Watkins, D. (2016) Housebuilding, demographic change and affordability as outcomes of local planning decisions: Exploring interactions using a sub-regional model of housing markets in England, Progress in Planning 104, 1–35
 Bramley, G., Watkins, C. and Council for the Protection of Rural England. (1995) Circular projections : household growth, housing development and the household projections. London: CPRE.