| Summary: | 碩士 === 朝陽科技大學 === 財務金融系碩士班 === 92 === The paper examines the long-term relationships between the real estate market and economic developments by using the cointegration test and vector error correction model. Several important findings are concluded. First, the housing price index does not have cointegrating relationships with interest rate, stock index, and M2 annual growth rate. Second, income and index of industrial production shows significant effects on the consumption demands and investment demands of the real estate market. Third, in the multivariate context, there is no variable have significant effects on the real estate market. Policy implications of findings are also discussed thoroughly.
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