The Research of Interactive Relationship between the Real Estate Market and Macroeconomic Factors around the Policies for Curbing Property Speculation on Housing Prices of Singapore, Hong Kong and Macao

• Main Authors: Chih-Chien Liu, 劉芝茜
• Other Authors: 賴文魁
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/92942829926856305082

碩士 === 大葉大學 === 國際企業管理學系碩士班 === 103 === The purpose of this study is hopping to know the Research of Interactive Relationship between the Real Estate Market and Macroeconomic Factors around the Policies for Curbing Property Speculation on Housing Prices of Singapore, Hong Kong and Macao. The research uses ADF Test, Granger Causality Test, Impulse response function, Co-integration Test and Vector Error Correction Model (VECM). This study uses season data form Jan 2004 to Dec 2014. The study hopes to find out the feedback relationships among variables in long-term and short-term. The results showed: (1) The Policies for Curbing Property Speculation on Housing Prices of Singapore: At the earlier period of policies, GDP , CPI and Population growth rate each are no causal connection with House Price Index. At the later period of policies, GDP, CPI, Population growth rate each are lagging House Price Index. (2) The Policies for Curbing Property Speculation on Housing Prices of Hong Kong: At the earlier period of policies, CPI is no causal connection with House Price Index. But House Price Index is lagging on GDP and Population growth rate. At the later period of policies, GDP is lagging House Price Index. House Price Index is lagging CPI. Population growth rate is no causal connection with House Price Index. (3) The Policies for Curbing Property Speculation on Housing Prices of Macao: At the earlier period of policies, GDP , CPI and Population growth rate each are no causal connection with House Price Index. At the later period of policies, GDP and Population growth rate both are lagging House Price Index. But House Price Index is lagging CPI.