The Convergence of Regional House Price: An Application to Taiwan
نویسندگان
چکیده
The notion of a ripple effect in the housing market implies stationarity in regional:national house price ratios. The central aim of this study is to investigate whether the ripple effect exists in Taiwan’s regional house price ratio by implementing the Breuer et al. (2001) Panel SURADF unit root tests, which can improve upon the less efficient estimations of conventional unit root tests. The Panel SURADF tests a separate unit-root null hypothesis for each individual panel member and therefore identifies how many and which series in the panel are stationary processes. We do find that the house price ripple effect in Taiwan holds true for two of five regions by the Panel SURADF tests.
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