House prices and household income: Do they move apart? Evidence from Taiwan

Chen, Ming‐Chi; Tsai, I‐Chun; Chang, Chin‐Oh

doi:10.1016/j.habitatint.2007.02.005

Cited by 65 publications

(60 citation statements)

References 32 publications

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“…However, this permanent income hypothesis does not appear to be sufficient to explain the fluctuations in house prices. This is because housing is a multidimensional commodity that can be regarded both as a durable consumer good and as an asset for investment (Chen, Tsai & Chang, 2007).…”

Section: Research In Applied Economicsmentioning

confidence: 99%

House prices, Economic Output, and Inflation Interactions in Iran

Meidani¹,

Zabihi²,

Ashena³

2011

RAE

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Many economic theories indicate that house price changes should have real effect on the economy and vice versa. This study investigates the existence of causality among house prices, economic growth, and inflation in Iran using the Toda and Yamamoto approach during the period 1990:1-2008:3. The results show that there is evidence of a significant multidirectional link between house prices, and the macroeconomic factors. The causality tests confirm that GDP and CPI Granger cause house prices, and feedback effects are observed for house prices and GDP. This paper finds no evidence of Granger causality of real house price changes to CPI.

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Section: Research In Applied Economicsmentioning

confidence: 99%

House prices, Economic Output, and Inflation Interactions in Iran

Meidani¹,

Zabihi²,

Ashena³

2011

RAE

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“…After additional research, they conclude that the log of real house prices and the log of real disposable income are co-integrated. On the other hand, Chen et al (2007) found no co-integration relationship from the empirical results of Taiwan's data. This paper presents a long-run equilibrium between interest payments and income (interest-to-income ratio) over the error-correction term.…”

Section: Introductionmentioning

confidence: 81%

Equilibrium between interest payments and income in the housing market

Vries

Boelhouwer

2008

J Hous and the Built Environ

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The literature on housing markets suggests that house prices in almost all western economies can be explained by short-run demand-oriented variables and a longrun term. The basic principles of the theory are that the short-run fluctuations, which are based on recent price developments (shocks), occur due to market imperfection, while over the long term, causality with such fundamentals as income will recover. Nonetheless, many of the interesting questions in housing economics concern adjustments toward equilibrium. This paper seeks to identify a long-run equilibrium between interest payments and household income (interest-to-income ratio) instead of between house prices and income (price-to-income ratio).

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“…Mereka menemukan hubungan kointegrasi antara harga rumah, kredit bank dan PDB riil. Untuk kasus Taiwan, Chen, Tsai, dan Chang (2007) tidak menemukan adanya hubungan jangka panjang antara harga rumah dan pendapatan.…”

Section: Landasan Teoriunclassified

Harga Properti Residensial Da N Kredit Perbankan Di Indonesia; Analisis Agregat Dan Dis-Agregat

Setianto¹

2017

jmi

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Penelitian ini melihat hubungan janka panjang antara harga properti residensial dengan kredit perbankan di Indonesia. Selain menggunakan harga agregat, penelitian ini juga menganalisis hubungan kredit perbankan dengan setiap tipe properti residensial, yaitu: tipe kecil, sedang, dan besar. Hasil uji kointegrasi menggunakan model autoregressive distributions lag (ARDL) menunjukkan adanya hubungan jangka panjang antara kredit dengan harga properti. Sedangkan berdasarkan koefisien jangka panjang menunjukkan bahwa hanya properti tipe kecil yang sensitif terhadap perubahan harga. Hasil analisis lebih lanjut menggunakan vector error correction model (VECM) dan impulse response function (IRF) juga mengindikasikan hubungan jangka pendek yang dinamis antara harga properti dengan kredit dan variabel ekonomi makro. Hasil penelitian ini memberikan implikasi penting bagi stabilitas ekonomi, kebijakan moneter maupun keputusan investasi.

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House prices and household income: Do they move apart? Evidence from Taiwan

Cited by 65 publications

References 32 publications

House prices, Economic Output, and Inflation Interactions in Iran

House prices, Economic Output, and Inflation Interactions in Iran

Equilibrium between interest payments and income in the housing market

Harga Properti Residensial Da N Kredit Perbankan Di Indonesia; Analisis Agregat Dan Dis-Agregat

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