| Summary: | 碩士 === 健行科技大學 === 財務金融系碩士班 === 104 === Many scholars believe that the global hot money will flow back to the United States after the exit of QE monetary policy of the US, along with the increase of the US interest rates. Property market could be crashed by their high housing prices in emerging Asian countries, such as Singapore, Hong Kong, and Taiwan, and it might have a great impact on the entire financial system. This study aims to make a research through empirical study about whether the exit of the US QE policy would have any impact or risks on the property market, causing the housing price to go down. QE means quantitative easing monetary policy. After the 2008 Subprime mortgage crisis, the US started the Quantitative Easing 1 in November, 2008. Three rounds of QE policy have been implemented so far and have exceeded 400 trillion U.S. dollars, equivalent to more than 3.5 trillion dollars to buy financial assets. This equals that the Federal Reserve System releases more than U.S. $ 3.5 trillion to the market, leading to the formation of large-scale international capital movement. From QE1 to QE3, the massive US dollar currency supplies are unceasingly provided to the whole world, and therefore the main subject of this research is to discuss whether a succession of Quantitative Easing Monetary Policy will cause a significant impact on the Real Estate Investment Trust (Real Estate Investment Trust, REIT).
This study takes Taiwan as the object of the study, trying to match suitable Taiwan REITs reward via the ARJI model, in an attempt to catch its price fluctuation during the exit of different Easing Monetary Policies. The result shows that a succession of Quantitative Easing Monetary Policy would have a significant impact on Taiwan real estate investment trust (REIT) and therefore can provide investment advice for interested investors for global asset allocation.
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