The Impact of Globalization on International Housing Price

• Main Authors: Ming-Jen, Chiou, 丘茗仁
• Other Authors: Mei-Se, Chien
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/fa7es6

碩士 === 國立高雄應用科技大學 === 金融系金融資訊碩士班 === 103 === This paper intends to explore how globalization affects housing prices. In order to explore whether globlalization will affect housing price, this paper combines DiPasquale and Wheaton (1996) model and the globalization index of Dreher .et al. (2006) to set up a model of housing market. Empirical data is the annual panel data over the period 1980-2011, and the methodology is the generalized method of moments. The main findings are as follows : First, the empirical results from the full sample group, the decreasing of long-term rates will rise housing prices, and the degree of globalization will increase housing prices. Second, the empirical results of the developed countries, economic expansion and higher construction costs will rise the housing prices, while the higher long-term rates will decrease housing prices. As the result of globalization index, the higher degree of social globalization will increase housing price, but the higher degree of economic globalization and political globalization will decrease housing price. However, the higher overall index of globalization will make the housing prices fall. Third, the results of the developing countries show that the economic expansion and higher construction costs will increase housing price, but the higher long-term rates will lower the housing prices. As to the globalization index, the higher degree of economic globalization will increase housing price, but the higher degree of political globalization will lower housing price. The higher overall index of globalization will cause the housing prices rising.