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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/71485


    Title: The Role of Market Imperfections in the Relationship between Housing Prices and Household Credit: Evidence from Taiwan
    Authors: 陳明吉
    Huang, Wei-Ling;An-Pin Wei;Chih-Yuan Yang;Ming-Chi Chen
    Contributors: 財管系
    Date: 2013
    Issue Date: 2014-11-14 18:17:31 (UTC+8)
    Abstract: Given the credit market imperfections in Taiwan, this paper examines the threshold effects in the adjustment towards the long-run equilibrium relationship between housing prices and household credit. The empirical findings verify the potential for regime shifts in the dynamically adjusted relationship between housing prices and household credit. Only when the benefits cover the cost of market imperfections, do housing and credit markets trigger convergence to their long-run equilibrium. The hidden effect of the limitations on housing and credit markets is to raise the thresholds of the self-adjustment mechanisms. As a result, economic boom-bust cycles will be more severe and increase the fragility of financial sectors.
    Relation: Asian-Pacific Economic Literature, 27(2), 131-143
    Data Type: article
    Appears in Collections:[Department of Statistics] Periodical Articles

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