Taipei, Taiwan real estate market and the degree of macroeconomic linkage: Is Taipei a good macro indicator of real estate?
Date Issued
2011
Date
2011
Author(s)
Yen, Yu-Feng
Abstract
Since 1980s, the idle capital have circulated rapidly around the world due to the financial globalization and liberalization, which makes enormous and frequent oscillations in asset markets, especially in real estate market.
In this paper, we took 71 data collected from 1993 Q1 to 2010 Q3 in Taiwan, to explore the linkage between fundamental macro variables and the real estate market. We use the following variables: real estate prices, gross domestic product, interest rate, stock index, housing loans and the monetary aggregates M1B. Further, we inquire whether the real estate prices in Taipei city are better indicators than overall estate prices in Taiwan with respect to economic fluctuations.
Empirical result suggest that, though not significant, Taipei real estate prices change more quickly in response to the economic fluctuations. However, overall estate prices produce significant results.
Subjects
real estate price
business cycle
lag model selection
macro linkage
structural changes
vector autoregressions model
SDGs
Type
thesis
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