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    題名: The Relationship between Rents and Prices of Owner-Occupied Housing in Taiwan
    作者: 林祖嘉
    LIN,CHU-CHIA STEVE
    貢獻者: 政大經濟系
    關鍵詞: Owner-occupied housing;hedonic equation;rent multiplier
    日期: 1993-01
    上傳時間: 2009-01-09 12:18:24 (UTC+8)
    摘要: This article analyzes the changes of equilibrium rent and equilibrium price of owner-occupied housing in Taiwan, and also computes the rent multiplier and its trend in the past ten years in Taiwan to show how the housing con-sumption and housing investment change. A hedonic rent equation and a hedonic housing price equation are built first. Then, we apply the "Housing Survey Report" data from 1979 to 1989, and employ ordinary-least squares method to estimate the two equations. Using estimated coefficients of the two equations, we compute the market rents for owner-occupied housing and the market prices for rental housing. Finally, the rent multipliers are calculated from the market rents and market prices. The article finds that (1) changes of housing prices in Taipei lead to price changes in Kaoshung, and the latter leads Taiwan province; (2) changes of rent are much smaller than the changes of housing price; and (3) housing prices in Taiwan increased drastically. We also find: (1) at the peak of the housing market cycle, the rent multiplier is extremely high; (2) the rent multiplier drops in the year after the peak year because the rent catches up; (3) the rent multiplier in Taipei is greater than that of Kaoshung, and the multiplier in Kaoshung is greater than that of Taiwan province; and (4) overall, the rent multiplier in Taiwan is much greater than that of the United States.
    關聯: Journal of Real Estate Finance and Economics,6(1),25-54
    資料類型: article
    DOI 連結: http://dx.doi.org/10.1007/BF01098427
    DOI: 10.1007/BF01098427
    顯示於類別:[經濟學系] 期刊論文

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