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    jsp.display-item.identifier=請使用永久網址來引用或連結此文件: https://irlib.pccu.edu.tw/handle/987654321/35400


    题名: Bubbles Are Departures from Equilibrium Housing Markets: Evidence from Singapore and Taiwan
    作者: Tay, DJ (Tay, Darrell Jiajie)
    Chou, CI (Chou, Chung-I)
    Li, SP (Li, Sai-Ping)
    Tee, SY (Tee, Shang You)
    Cheong, SA (Cheong, Siew Ann)
    贡献者: 物理系
    关键词: POWER-LAW DISTRIBUTIONS
    REAL-ESTATE BUBBLE
    WEALTH
    INCOME
    UK
    日期: 2016-11-03
    上传时间: 2017-02-15 10:29:57 (UTC+8)
    摘要: The housing prices in many Asian cities have grown rapidly since mid-2000s, leading to many reports of bubbles. However, such reports remain controversial as there is no widely accepted definition for a housing bubble. Previous studies have focused on indices, or assumed that home prices are lognomally distributed. Recently, Ohnishi et al. showed that the tail-end of the distribution of (Japan/Tokyo) becomes fatter during years where bubbles are suspected, but stop short of using this feature as a rigorous definition of a housing bubble. In this study, we look at housing transactions for Singapore (1995 to 2014) and Taiwan (2012 to 2014), and found strong evidence that the equilibrium home price distribution is a decaying exponential crossing over to a power law, after accounting for different housing types. We found positive deviations from the equilibrium distributions in Singapore condominiums and Zhu Zhai Da Lou in the Greater Taipei Area. These positive deviations are dragon kings, which thus provide us with an unambiguous and quantitative definition of housing bubbles. Also, the spatial-temporal dynamics show that bubble in Singapore is driven by price pulses in two investment districts. This finding provides a valuable insight for policymakers on implementation and evaluation of cooling measures.
    關聯: PLOS ONE 卷: 11 期: 11 文獻號碼: e0166004
    显示于类别:[光電物理系] 期刊論文

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