| Summary: | 碩士 === 國立臺灣大學 === 土木工程學研究所 === 99 === This study uses VAR、Granger causality tests and wavelets to analyze the relationship between construction investments and economic growth in Taiwan and U.S. Construction investments are defined as residential investments and other buildings (such as factory buildings and school buildings) and infrastructure (such as roads and airports).
Granger causality tests show that there is a feedback relationship between construction investments and economic growth in Taiwan, and it means that construction investments and economic growth mutually influence each other. Further, construction investments are classified into infrastructure and non-infrastructure (including residential investments and other buildings), and we find that GDP Granger causes infrastructure and non-infrastructure. Wavelets show that there is a positive relationship between construction investments and economic growth on the 8-12 year frequency band with construction investments leading, but the difference between construction investments and economic growth is gradually decreasing. Further, we use wavelets to analyze the components of construction investments, and we find that other buildings are the most coherent with economic growth among the components of construction investments, and it means that other buildings have the highest degree of correlation with economic growth.
In U.S., Granger causality tests show that construction investments Granger cause GDP; there is an independent relationship between infrastructure and economic growth; non-infrastructure Granger causes GDP. It means the contribution of construction investments to economic growth mainly from non-infrastructure. Wavelets show that there is a positive relationship between construction investments and economic growth on the 4-8 year frequency band after 1970 with economic growth leading, and we find that residential investments are the most coherent with economic growth among the components of construction investments.
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