An Investigation of Population Structure and Housing Market Demand by the Instrumental Variable Method
| Autor: | Shu-Hui Tseng, 曾淑惠 |
|---|---|
| Rok vydání: | 2011 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 99 This study investigates the relation between the population structure, economic growth, and housing market in Taiwan. We apply the method of instrumental variables to control possible endogenously estimating biases from traditional regression methods used in previous studies. As a result, we could obtain the real main factors on the demand for housing market. The data we used is from 1978 to 2009. After the adjustment by using the method of instrumental variables, the result shows that the index of private house on capital formation and the index of building industry are significantly affected by the population growth rate, inflation rate, and the average loan interest rate. Our explanation is as follows. First, when the population grows, the demand for housing also increases. Second, in the periods of highly inflation, the housing market can provide a function for saving real wealth. Finally, as the average loan interest rate is high, the cost of buying houses also increases, and hence the demand for housing decreases as well. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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