Taiwan be called ¡§Taiwan¡¦s miracle¡¨ after World War II, the important factor is the accumulation of human capital . We use the model of Lucas(1988) and the definition of human capital by Whang and Zhao(1997) to re-examine the relationship between the human capital and economic growth in Taiwan. The research not only uses the Johansen¡¦s Maximum Likelihood Estimation (MLE) to make cointegration relation numbers and cointegration vectors but also use the stochastic cointegration developed by Harris, McCabe and Leybourne ( 2002, 2003 ) to re-examine the relationship between human capital and economic growth in Taiwan. Conclusion of the research, there¡¦s one cointegration vector existed by the Johansen¡¦s cointegration test . We found the stochastic cointegration exist between the human capital and economic growth in Taiwan, but not exist the heteroscedastic cointegration. Besides we recognize the the positive relationship between the human capital and economic growth in Taiwan and estimate the contribution rate 18% of human capital.

Taiwan is a crowded island with a large population but limited soil resource. The government makes the most effective use of the land by making various integrative developments in order to create the maximum use of social welfare. The idea of land reorganization thus came out. Take the metropolis of Kaohsiung for example, the implementation of land readjustment not only led to economic prosperity, but also created a spillover-effect like the growth of land utilization, construction, population and industries inside and outside the reorganization areas. It also brought enormous benefits to the government, land owners and the whole citizens as well. The fluctuation of real estate market price in Taiwan is easily affected by its economic situation, people's fear of the expectation on the increase of price index, the domestic idle capital flood, and the dramatic rising of the stock market, which lead to the enormous growth of land value, so there should be a long-term balance among economic factors (GDP, interest rate, and exchange rate) and land value. As for the researches of the interrelationship between the analysis of the land value change of real estate and economic factors, most scholars chose cities in northern Taiwan as an example, fewer researches had been made for Kaohsiung City in southern Taiwan. This paper, different from others, analyzes the public tender data of lands in every reorganization area in Kaohsiung City from the past few years. This paper aims at the long-term relationship of cointegration between the public tender data over the years of lands of readjustment area in Kaohsiung City and economic factors. The sample date is a long-term relationship from the year of 1962 to 2004 on such four parameters as Land value, GDP, interest rate, and exchange rate, which are the objects of this study, adopting the unit root test and Johansen¡¦s Maximum Likelihood Estimation (MLE) as studying tools. As this study finds out, the phenomenon of cointegration really exists among these four parameters. The land value has negative correlation with interest rate, and positive correlation with the GDP, and exchange rate.

Using asset prices to explain the fluctuations of nominal exchange rate is popular for decades. A majority of papers focused on Monetary Model but failed to make a consistent conclusion. In this article, we suggest that the failure of monetary model might be coming from the basic assumption of taking different countries¡¦ assets as ¡§perfect substitutes¡¨. Under such circumstances, we introduce another model named as ¡§Portfolio Balance Model¡¨ where assets of different countries are no longer be taken as ¡§perfect substitutes¡¨ , implying that UIP( Uncoverd Interest Rate Parity)exist no more either. We do not overthrow the entire theory of Monetary Model. Instead, we expect the combination of these two models will turn something out that can be much more general, consistent, and robust. We take Canada as our domestic currency and adopt Johansen(1988) and Stock & Walson(1988) by using co-integration to test on three exchange rates relation (USD/CAD,GBP/CAD,JPY/CAD) from 1973 Q1 to 2004 Q4. It turns out that most of the coefficient are correct and passing statistical significance, such result suggest that the portfolio balance effect should not be ignored in the model.

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