Analysis of structural changes in the relationship between regional housing markets in Taiwan
AbstractThis paper examines both the long-run and short-run relationships among the four regional housing markets in Taiwan, under the structural change framework. The empirical results demonstrate that the regional housing markets have a cointegration relationship and the long-run relation has two structural changes. One turning point occurs in the 2000Q1 and is related to the economic recession; the other one is in the 2003Q2 and is related to the boom in the Taiwan housing market. The generalized impulse responses show that the shock of any single regional housing market will affect the other three markets. This paper demonstrates the existence of a ripple effect in Taiwan's regional housing markets.
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Bibliographic InfoArticle provided by AccessEcon in its journal Economics Bulletin.
Volume (Year): 32 (2012)
Issue (Month): 3 ()
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regional housing markets; cointegration; structural changes; generalized impulse response;
Find related papers by JEL classification:
- R1 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics
- R0 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General
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