A panel data analysis for housing affordability in Taiwan

被引：3
作者：
I-Chun Tsai
Chien-Wen Peng
机构：
[1] Department of Finance, National University of Kaohsiung, Kaohsiung, No. 700, Kaohsiung University Rd., Nanzih District
[2] Department of Real Estate and Built Environment, National Taipei University, Taipei, No. 151, University Rd., San Shia
来源：
Journal of Economics and Finance | 2012年 / 36卷 / 2期
关键词：
House Price; Housing Affordability; Income; Panel Cointegration;
D O I：
10.1007/s12197-009-9119-x
中图分类号：
学科分类号：
摘要：
Although the equilibrium relationship between household income and house price is well documented in previous theoretical studies, the empirical results are usually unfavorable. This article examines whether a long-term relationship between house price and income exists through a panel integration and cointegration methodology in analyzing data from four cities in Taiwan from 1980 to 2007. The findings support the existence of a long-term equilibrium relationship between income and house price, which indicate that housing affordability in Taiwan is stable. After controlling other variables, the income elasticity of house prices on average is close to one. Furthermore, evidence points to a bi-directional causality between income and house price. © 2010 Springer Science+Business Media, LLC.
引用
收藏
页码：335 / 350
页数：15
相关论文
共 27 条
  • [1] Bourassa S.C., Measuring the affordability of homeownership, Urban Stud, 33, 10, pp. 1867-1877, (1996)
  • [2] Bowden R.J., Equilibrium and disequilibrium in the housing market
  • [3] a survey, Housing Economics, (1980)
  • [4] Bramely G., An affordability crisis in British housing: dimensions, causes and policy impact, Hous Stud, 9, 1, pp. 103-123, (1994)
  • [5] Breitung J., The local power of some unit root tests for panel data, Nonstationary Panels, Panel Cointegration, and Dynamic Panels, Advances in Econometrics, Vol 15, pp. 161-178, (2000)
  • [6] Case K.E., Shiller R., Is there a bubble in the housing market?, Brookings Pap Econ Act, 2, pp. 299-342, (2003)
  • [7] Drake L., Modelling UK house prices using cointegration: an application of the Johansen technique, Appl Econ, 25, pp. 1225-1228, (1993)
  • [8] Engle R.F., Granger C.W.J., Co-integration and error-correction: representation, estimation and testing, Econometrica, 55, pp. 251-276, (1987)
  • [9] Gallin J., The long-run relationship between house prices and income: evidence from local housing markets, Real Estate Econ, 34, pp. 417-438, (2006)
  • [10] Gan Q., Hill R.J., Measuring housing affordability: looking beyond the median, J Hous Econ, 18, pp. 115-125, (2009)
123