The Empirical Study on Market Integration of Regional House Prices with Taipei City as Example

• Main Authors: Yu-Chun Huang, 黃裕鈞
• Other Authors: 作者未提供
• Format: Others
• Language: zh-TW
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/8f5pd5

碩士 === 銘傳大學 === 管理研究所碩士在職專班 === 95 === The movement of real estate price appears to be a major issue in Taiwan, both in the point of view of macroeconomic and microeconomic. There seems to be little attention in measuring relationship of spatial real estate price among various regions in a megalopolis. An empirical framework proposed here will test long-run spatial market integration among regional real estate prices using a vector autoregressive model and cointegration theory. The study tries to seek answers to the following questions: First, is there a stable, long–run equilibrium relationship among regional real estate prices? Second, is there a segmentation of regional real estate prices in Taipei City? Third, how do real estate price shock in one region affect real estate price in others? The approach is to illustrate using data of monthly real estate price of various administrative areas in Taipei City provided by Pacific Realty Incorporated. Results show that there is a long-term market integration for each administrative areas in Taipei City, there is no segmentation of regional real estate prices, and there is one-way causality, two-way causality or independence among various administrative areas.