碩士 / 淡江大學 / 財務金融學系碩士班 / 103 / In recent years, global housing prices are soaring. Therefore, governments all around the world also release policy to control the housing prices. And the monetary policy is one way to control the housing market. Hence, I used the monthly data for Taipei and Shanghai and selected annual growth rate of the money supply, mortgage rate and balance of loans as monetary policy variables with consumer price index and household disposable income as macroeconomic variables. By using the Smooth Transition Model and setting the annual growth rate of the money supply as a threshold to observe when the annual growth rate of money supply in different intervals, how the independent variables affect real estate market of Taipei and Shanghai in the period from 2005 to 2014 and 2007 to 2014, respectively. The empirical result are described as follow:
For Taipei city, when the annual growth rate of the money supply near to the threshold value, the balance of loan was significantly positive affect housing prices and the mortgage rate was significantly negative affect housing prices; In addition, when the annual growth rate of the money supply was greater or less than the threshold value, the balance of loan was also significantly positive affect housing prices while the mortgage rate and consumer price index were significantly negatively affect housing prices.
For Shanghai city, when the annual growth rate of the money supply was less or equal to the threshold value, the annual growth rate of the money supply and the balance of loans were significantly positive affect housing prices. In the contrast, when the annual growth rate of the money supply was greater than the threshold value, the balance of loans and the mortgage rate were significantly positive affect housing price while the annual growth rate of the money supply and consumer price index were significantly negative affect housing price.
| Identifer | oai:union.ndltd.org:TW/103TKU05304044 |
| Date | January 2015 |
| Creators | Pei-Hsien Lin, 林佩賢 |
| Contributors | Chien-Chung Nieh, Chung-Hua Shen, 聶建中, 沈中華 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 55 |
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