This paper examines the extent to which thin markets in conjunction with tax induced kinks in the budget constraint cause consumer demand to be skewed. To illustrate the principles I focus on the demand for owner-occupied housing. Housing units are indivisible and heterogeneous while tastes for housing are at least partly idiosyncratic, causing housing markets to be thin. In addition, prior to 1998, capital gains tax provisions introduced a sharp kink in the budget constraint of existing owner-occupiers in search of a new home: previous homeowners under age 55 paid no capital gains tax if they bought up, but were subject to capital gains tax if they bought down. I first characterize the economic conditions under which households err on the up or down side when choosing a home in the presence of a thin market and a kinked budget constraint. I then specify an empirical model that takes such effects into account. Results based on Monte Carlo experiments indicate that failing to allow for skewness in the demand for housing leads to biased estimates of the elasticities of demand when such skewness is actually present. In addition, estimates based on American Housing Survey data suggest that such bias is substantial: controlling for skewness reduces the price elasticity of demand among previous owner-occupiers from 1.6 to 0.3. Moreover, 58% of previous homeowners err on the up while only 42% err on the down side. Thus, housing demand is skewed. / Ph. D.

本研究所要探討的課題主要有以下三點：1.現行國宅等候制度有何缺失？應如何改進？2.我們由台灣省各縣市等候名冊申請登記戶數情形可以看出，目前國宅需求集中在政府直接興建國宅，而輔助人民貸款自購住宅之需求則相對較少，其背後原因為何？應如何改進？3.各縣市國宅資源是否真的不足？目前以供給面的政府直接興建國宅為主的住宅補貼措施是否適當？應如何改進？ 　　為針對以上問題加以解答，本研究首先以國宅等候制度在實際執行上所應發揮的三項功能：掌握國宅需求、決定國宅資源分配順序與提供人民充分資訊為觀點，對現行國宅等候制度加以檢討，最後並對我國國宅等候制度未來的改進方向提出具體的建議。 　　其次，本文以國宅需求量本身之決定因素（資格、意願、負擔能力）作為研究基礎，以臺灣省21縣市為實證範圍，估計歷年國宅需求量，進而探討影響國宅需求量變動的各種因素，特別強調不同補貼額度對國宅需求量的影響，透過計量經濟分析方法，最後驗證了補貼額度與國宅供給速率對於國宅需求量確實存在有顯著的影響。 　　最後，本研究以資源公平效率分配的觀點，配合國宅供需現況，以模擬分析的方式對臺灣省二十一縣市的國宅資源分配加以試算，結果發現，各縣市國宅供需失衡之主要原因不在國宅資源不足，而是在資源分配之不當，若將供給面補貼的政府直接興建國宅資源部分分配到需求面補貼的輔助人民貸款自購住宅，大部份縣市均能在短期內解決其國宅供需失衡問題，且可有多餘的資源用於增加如出租國宅、租金補貼、售屋不售地國宅及特殊弱勢團體住宅等國宅產品。 / There are three main subjects that we want to explore in this study: 1.What problems exist in the public housing waiting system in Taiwan? 2.What reasons cause the demand of public housing much more than the demand of mortgage subsidy in Taiwan? How will we improve it? 3.Is the housing subsidy policy in Taiwan moderate? How will we improve it? 　　To solve the above problems, we first review merits and demerits of the public housing waiting system. We examine three practical functions of the public housing waiting system. One is having the demand of public housing in hand, the one is deciding the order of public housing allocation, and the other one is providing sufficient information to people. From the review, we suggest the directions to improve the public housing waiting system. 　　Second, based on the factors of demand to the public housing (capacity、 willing、 afford ability), we applied regression analysis on the 21-Taiwan-county data. The regression model shows the main factors are the amount of housing allowance and the speed of public housing construction. 　　Finally, with the view of justice and efficiency on the resource allocation of housing subsidy, we simulate the resource distribution of public housing subsidy in the 21-Taiwan-county. We ascertain the main factor of public housing disequilibrium is inappropriate resource allocation. Have we transferred the resource from the public housing for selling to the mortgage subsidy, most counties could solve the disequilibrium problem in short run. In the long run,there are more resources to increase the supply side.These extra-resources serve the public rental housing, rental subsidy and welfare public housing etc..

首先針對租屋市場與與購屋市場，分別估計其所得彈性與價格彈性。對租 屋者而言，僅包括消費性的需求。藉由彈性的估計，我們可知道住宅為必 需品或是奢侈品；在價格上漲時，消費者是否有議價能力。另外再將購屋 市場依不同的需求目的，如居住目的與非居住目的，估計所得彈性與價格 彈性。對非居住目的的購屋者而言，僅包含投資性的住宅需求。接著利用 估計的消費性與投資性需求彈性，計算出對只有一棟房屋的購屋者，其消 費與投資需求佔房屋支出之比例。 In this paper, we estimated the elasticity of income and price for rental and purches housing. For rental housing, it just includes the consumption demand for housing. By these estimations, we can know housing is a luxury or a necessity. When the price increase, the consumers are able to charge. On the other hand, by the different targets --- living or not, there is only one or there are two or more houses, we estimate the elasticities. For two or more houses, it just includes the investment demand for housing. Then we use the elasticities to computer the share of consumption and investment in housing expenditure.

La recente crisi finanziaria e la recessione che ne e' seguita hanno spinto molti a guardare al mercato immobiliare come ad una possibile fonte di fluttuazioni macroeconomiche. Inoltre, esse hanno evidenziato il ruolo cruciale dei paesi emergenti per la crescita globale e rianimato il dibattito sulla relazione tra politica monetaria e il prezzo degli asset. Questa tesi di dottorato, composta di tre saggi, si incentra sui mercati immobiliari dei paesi industrializzati e emergenti nonché sulla relazione tra i prezzi delle case e il ciclo macroeconomico. Il primo saggio descrive un data set originale di prezzi delle case per 19 paesi emergenti (con frequenza trimestrale e aggiornato al 2009:4) e li confronta con un data set esistente per 21 paesi industrializzati. Il secondo saggio studia la trasmissione internazionale di shock di domanda immobiliare negli Stati Uniti e il loro impatto sull'economia reale. Il terzo saggio analizza la relazione tra politica monetaria e macro-prudenziale in un semplice modello di asset-pricing. / The recent global financial crisis and ensuing recession led many to look at the housing market as a possible source of macroeconomic fluctuations, highlighted the crucial role played by emerging market economies as a source of world growth, and revived the much discussed issue of the interaction between monetary policy and asset prices volatility. Motivated by these issues, my Ph.D. thesis focuses on housing markets in both advanced and emerging economies and their interaction with the macroeconomy. This dissertation consists of three self-contained essays. The first essay describes a novel dataset on house prices for 19 emerging economies with quarterly data updated to 2009:4, to be compared with an existing database for 21 advanced economies. The second essay investigates the international spillovers of U.S. housing demand shocks across housing markets and their impact on real economic activity. The third essay studies the uncharted interaction between monetary and macro-prudential policies in a simple model of consumption-based asset pricing with collateralized borrowing.

Wohnbaulandprognosen werden oft noch sehr normativ aus dem Trend der Bevölkerungsentwicklung und dem steigenden Wohnflächenkonsum der Einwohner erstellt. Unter den Bedingungen des demografischen Wandels gerät diese Praxis jedoch in erhebliche Schwierigkeiten. Warum sind Wohnbaulandausweisungen noch notwendig, wenn sowohl die Einwohnerzahl sinkt als auch die Zahl leer stehender Wohnungen zunimmt? Handelt es sich hier vorrangig um steigende Flächenansprüche der Haushalte oder um Effekte veränderter Lebensweisen? In Schrumpfungsregionen lassen schnelle Einschätzungen zunächst keinen zusätzlichen kommunalen Flächenbedarf für Wohnen erkennen und dennoch nimmt die Flächenneuinanspruchnahme für Wohnzwecke weiter zu. So wird deutlich, dass die herkömmlichen methodischen Ansätze für kommunale Wohnbaulandprognosen nicht mehr ausreichen und weitere Einflussfaktoren der Flächenentwicklung berücksichtigt werden müssen. Neue Modelle, welche die kleinräumigen Nachfrageentwicklungen sowie die Divergenzen zwischen Angebots- und Nachfragestruktur abbilden können, sind noch rar. Der folgende Beitrag zeigt, welche methodischen Stärken und Schwächen kommunale Prognoseansätze haben und stellt wichtige Grundgedanken der kommunalen Wohnungsprognosen des Leibniz-Instituts für ökologische Raumentwicklung (IÖR) vor.

房地產市場與銀行放款業務間，因為存在著密不可分之關係，本研究主要目的為釐清貸款利率與貸款成數對住宅價格是否具有顯著影響，進而探討中央銀行之選擇性信用管制政策，對於貸款利率、貸款成數與住宅價格之間，是否具有政策效果，最後再針對不同的需求族群，給予購屋行為選擇之參考或為銀行選擇貸款客群之參考。 本研究透過實證分析發現，貸款成數對於住宅價格為正向顯著影響，但貸款利率對住宅價格，則未呈現顯著影響。而政府之選擇性信用管制措施，在實證結果中，並未達到抑制房價之目的。但是在實施信用管制之後，購屋者對與貸款利率，相對更為敏感。在需求族群的分析上，發現高所得族群相對較重視貸款利率，而中所得與低所得族群，則相對較重視貸款成數。低年齡族群較高年齡族群而言，相對較為重視貸款利率之增加。 對於持續關心貸款利率、成數與住宅價格關聯之研究者，本研究建議後續研究者在資料取得之允許下，可嘗試拉長研究期間，及考慮增加了解政策鬆綁後之影響。在資料完整度許可下，建議可以增加個人屬性變數，並考量都更效應之變數。 / There is an inextricably linkage between the real estate market and the bank lending business. The main purpose of this study is to identify the relationships among mortgage interest rate, loan to value (LTV) ratio, and housing price. Further, we discuss the policy effect among them, due to the central bank's selective credit control policy. Finally, the supply-demand sides, our study hopes to give the choice of purchase behavior on demand groups or the selection of bank on loan-customers In our study, we found that the loan to value ratio has a significant positive effect on the housing price, but the mortgage interest rate has no significant effect on the housing price. In the empirical results, we found that the government's selective credit control policy did not achieve the purpose of curbing housing prices. However, after the implementation of selective credit control policy, the housing-buyer is relatively more sensitive to the mortgage interest rate. In the analysis of demand groups, the study found that high-income groups pay more attention to the mortgage interest rate. However, the middle-income and low-income groups emphasize on loan to value relative to the high-income groups. Finally, the young age groups relatively emphasize on the increase of the mortgage interest rates. For the researchers who continue to care about the relationships among mortgage interest rate, loan to value ratio, and housing price, the study suggests that follow-up researchers, with the permission of the data, may attempt to lengthen the study period and consider increasing the impact of easing the policy. Under the data integrity permission, it is advisable to add personal attribute variables and take into account the variables of the urban renewal effect.

Wohnbaulandprognosen werden oft noch sehr normativ aus dem Trend der Bevölkerungsentwicklung und dem steigenden Wohnflächenkonsum der Einwohner erstellt. Unter den Bedingungen des demografischen Wandels gerät diese Praxis jedoch in erhebliche Schwierigkeiten. Warum sind Wohnbaulandausweisungen noch notwendig, wenn sowohl die Einwohnerzahl sinkt als auch die Zahl leer stehender Wohnungen zunimmt? Handelt es sich hier vorrangig um steigende Flächenansprüche der Haushalte oder um Effekte veränderter Lebensweisen? In Schrumpfungsregionen lassen schnelle Einschätzungen zunächst keinen zusätzlichen kommunalen Flächenbedarf für Wohnen erkennen und dennoch nimmt die Flächenneuinanspruchnahme für Wohnzwecke weiter zu. So wird deutlich, dass die herkömmlichen methodischen Ansätze für kommunale Wohnbaulandprognosen nicht mehr ausreichen und weitere Einflussfaktoren der Flächenentwicklung berücksichtigt werden müssen. Neue Modelle, welche die kleinräumigen Nachfrageentwicklungen sowie die Divergenzen zwischen Angebots- und Nachfragestruktur abbilden können, sind noch rar. Der folgende Beitrag zeigt, welche methodischen Stärken und Schwächen kommunale Prognoseansätze haben und stellt wichtige Grundgedanken der kommunalen Wohnungsprognosen des Leibniz-Instituts für ökologische Raumentwicklung (IÖR) vor.