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    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/71497


    题名: Wealth effects on the housing markets: Do market liquidity and market states matter?
    作者: 陳明吉
    Zeng, Jhih-Hong;Chi-Lu Peng;Ming-Chi Chen;Chien-Chiang Lee
    贡献者: 財管系
    关键词: Wealth effect;Housing sales;Housing trading volume;Liquidity;Quantile regression
    日期: 2013
    上传时间: 2014-11-14 18:24:00 (UTC+8)
    摘要: This paper analyzes the effect of household wealth (including housing and financial wealth) on housing sales and probes their long-run and short-run dynamic relationships. We further examine the short-run effect of financial wealth on housing sales by employing quantile regressions, restricted upon different liquidity (quantile) levels and up-down housing markets, from which the differences between the early and late stages of an uptrend/downtrend can be respectively exhibited. We find that housing wealth, income, and mortgage rates have long-run influences on housing sales. Looking at the short run, we find that housing sales only respond to housing wealth and mortgage rates. When we distinguish the effects of financial wealth on housing sales in up-down housing markets, we note a positive influence of financial wealth on housing sales in down markets, but not in up markets. Particularly, our results show an impact of housing liquidity on the short-run relationships.
    關聯: Economic Modelling, 32, 488-495
    数据类型: article
    显示于类别:[統計學系] 期刊論文

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