Causality Tests and Their Applications to China’s Stock and Housing Markets

Table 1

Results of basic statistic description.

Statistics and variable	HPI	CSI300
Mean	0.049	0.005
Median	0.052	0.003
Maximum	0.126	0.258
Minimum	−0.061	−0.210
Standard error	0.048	0.068
Skewness	−0.541	0.383
Kurtosis	2.500	5.041
Jarque–Bera	6.460	21.584
Probability	0.040	0.000
Observations	109	109
KPSS test	0.715	0.491
ZA test	12.943	6.012

Note. HPI represents the change rate of the house price index; CSI300 represents the change rate of the stock index; and represents a 1% significant level; null hypothesis of KPSS test is that the variable is stationary; null hypothesis of ZA test is that the variable has a unit root.