Causality between Housing Returns, Inflation and Economic Growth with Endogenous Breaks

Chaoyang University of Technology Institutional Repository > 管理學院 > 會計系 > 期刊/會議/專書論文 > Item 310901800/7767

Please use this identifier to cite or link to this item: http://ir.lib.cyut.edu.tw:8080/handle/310901800/7767

Title:	Causality between Housing Returns, Inflation and Economic Growth with Endogenous Breaks
Authors:	阮氏清萍 Thanh-Binh Nguyen Thi Kuan-Min, Wang
Contributors:	會計系
Keywords:	housing returns;inflation hedge;economic growth;structural breaks;Taiwan
Date:	2010
Issue Date:	2010-11-09 09:06:58 (UTC+8)
Publisher:	taylor and francis http://www.tandfonline.com/doi/abs/10.1080/14765280903488397
Abstract:	This paper investigates the housing-macroeconomic nexus in Taiwan with endogenous structural breaks during 1991-2006. GDP and CPI are taken into consideration for examining the inflation hedging ability of Taiwan's housing returns and the contribution of the housing market to economic growth. The empirical results show that the growth of GDP actually affects inflation, but it does not cause the growth in housing returns. In particular, when taking the time trend into account, it is found that the effect of inflation on housing returns is negative and the effect of housing returns on inflation is positive. This evidence demonstrates the ineffectiveness of inflation hedging of Taiwan's housing during the period of study and the opportunistic characteristic of investors. In addition, the growth of the housing market is not beneficial for economic growth in the long-run, yet it leads to higher inflation in the short-run.
Relation:	Journal of Chinese Economics and Business Studies (EconLit), Vol. 8 , p.95 - 115
Appears in Collections:	[會計系] 期刊/會議/專書論文

Files in This Item:

File	Description	Size	Format
Housing Returns, Inflation and Economic Growth- Causality with structural breaks.pdf	Empirical Study	301Kb	Adobe PDF	1913	View/Open
index.html		0Kb	HTML	1018	View/Open