Investment demand and housing prices in an emerging economy

Ming Chi Chen*, Chin Oh Chang, Chih Yuan Yang, Bor Ming Hsieh


研究成果: 雜誌貢獻期刊論文同行評審

31 引文 斯高帕斯(Scopus)


This paper hypothesizes that the increase in money supply induced by rapid economic growth leads to strong investment demand in the Taiwanese housing market. A threshold model is used to confirm money supply as the key threshold variable. When the growth rate of money supply is below the model's estimated threshold value, household number, income, and user cost of housing capital are significant variables. It appears that service demand and housing supply are essential in creating the linear movement of housing prices. However, when the growth rate of money supply exceeds the threshold value, stock prices and the inflation rate become important. These findings suggest that non-linear movement of housing prices is primarily driven by investment demand.

頁(從 - 到)345-373
期刊Journal of Real Estate Research
出版狀態已發佈 - 2012 7月

ASJC Scopus subject areas

  • 商業、管理和會計(雜項)
  • 金融
  • 城市研究
  • 經濟學、計量經濟學和金融學(雜項)


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