House Price and Immigration－Global Evidence

• Main Author: 柯亭竹
• Other Authors: 許義忠
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/jck625

碩士 === 逢甲大學 === 財稅學系 === 103 === This paper studies the lead-lag relationships and the dynamic linkages among house price real, price-to-income ratio, price-to-rent ratio, inflows of foreign population rate, inflows of foreign population and population growth rate in twenty one OECD countries. We used the unit root test, Granger causality test and the generalized impulse response approach to find out the scope and the size of their relationships. Our empirical results show a bidirectional relationship between house price real, inflows of foreign population rate and inflows of foreign population. It means that house price real would lead foreign population rate and inflows of foreign population to variation, and foreign population rate and inflows of foreign population would lead house price real modify too. However, there’re just had one-way relationship between house price real and population growth rate. It’s because that if people move to the country, it would cause the economic growth, when economic growth, there are more people willing to move there, and the house price real would rise after that. So, population growth rate would rise too. But population growth rate wouldn’t effects house price real. Because population growth rate is lower and lower recently. So it’s too low to influence house price real.