Housing Price Index and Macroeconomic Factors:Evidence from Taiwan's Municipalities

• Main Authors: Huang, Mei-Chen, 黃美晨
• Other Authors: Chang, Chia-Chien
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/q5m4k7

碩士 === 國立高雄應用科技大學 === 金融系金融資訊碩士在職專班 === 106 === This study uses the multiple regression model to investigate the correlation and influence between housing price index of nation and municipalities and the macroeconomic factors. We take housing price index of municipalities to be our dependent variable and our independent variables are economic growth rate, mortgage rate, money supply, consumer price index, number of households and stock price index. The sample period spans the period from first quarter in 2000 to second quarter in 2017 and the final quarterly data include 490 observations. The empirical results analyze that although the mortgage rate, consumer price index and stock price index have different effects on the housing price index of nation and municipalities, the macroeconomic factors have a significant correlation with the fluctuation of housing price in Taiwan. Except Taipei and New Taipei City, there are positive correlations in Taoyuan, Taichung, Tainan and Kaohsiung which are all at a significant level of 1% and it is observed that the macroeconomic factors are indeed relevant to the fluctuation of housing price. In additions, the mortgage rate is significantly different for the North and South regions and has a greater impact on the South -Central region. Moreover, we found that the price level seems to be the critical factor for the change of housing price index.