台灣區域性住宅價格模式之建立

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(7) ~~d:g~~~tttt~~~.~~~~. 35. 1.200 r-I- - - - - - - . - - - - - - - - - - - - - - - - - - - - - - - , 1.000 0.800 0.600. 0.400. 0.200 0.000 .0.200. I. ~~. W~.. ~... ~+.. W+.. ~........... .•. .•. 4.. 4... ~~. l-ftJl;,,-X-tJl;I$ -x-~+. ~~••. Ill.:.:.. . I. ~*.. 60-81-+(1:$Jl)~.t~?trIlHi.~{J;f!:fmMl~;fJf(i;:!r.rJr' i;:!I:.~' i ; t. rJr ' #jJ.ft rJr ~~fl!!.~ rJr~Q Ml i~tt.). ~T~.~~."~A.gttz~.·~~.M**.W&.~~~~~ fF~1iim_I$ij~JEZ{:&~. 0. ;it9=J:liUH~11f~Engle & Granger(I987)J9fJl~Zm. IIW !3t@jliHHfr ;it ±: ~ pg ~~&J!:!lQ r-: ~ Xt - I (J) fi ;fH±- r.g 1ft. (0] L {~f{}Zt=a'Xt~ I (OHtlJXt~;ltfilf ' fia~;ltfilf(O]:I: iE~~M*.l.Zt~~~~ ~~(Disequilibrium Error) ;it~ I (O)~:f,ft~Zt~irii.;it3f~ffi ' @litl3f ~ffi~.$~l' ~ ••• ~ffi~M ~. ~~ffio .~ (Spectrum).l. ' =;ltfilf•.nt±~lm$.l.Z~ 1m1t(Coherence)~ I EI3 ntEngle & Granger{I987)Z=~~~7Hfr:tn!~ntm_.~ffl ' INJ.ltttt.j!jH{}~ffl11f ~~~~EGZmMm;ltfilf~JE~*~JE= • • ~Z;ltfilflm.,.=~~~ &J9f~PJfi~r.girZ_ • • ;;ttfilf~JEZ~* ~EG~Z~-Mm~f{}z;;ttfilf 9.'i~*1i\t'!i;jRZ~JE ' ztFmi ~Augmented Dickey-Fuller, Phillips & Perron, SimsZJt ~¥;jR~JElk.Durbin-Watson~JE~!*~JE= • • rdJ Z;;ttfilf1m t" .~.irT;;ttfilf~JEZ~*'~.eZ*.~T- • • ~;ltfilflm.oEl3~ 0. 0. 0. 0. 0. *. 0. 0. filf9.'i~¥;jR~liZ~*.=Zl.2.3~.::::.~s:tW.=Z4~~*~::k-¥t. 0. [lin ft~.* • • •Z • • '1N ¥;jR~li~9=JZADFI~'.ttt • • ~ lin ~t~51':;ltfilflm.~lin ~WZ r,,~.[ji8] ft1r~.*Sims(I 988)Z;ltfilf ~li~* ' ~*.~1¥i~G~filflmt".tttt~51': ' t!!~:;I!15-~GrtrI$ijjSjt4t'm ' 15 ~G f"jI$ij jSj fIt rtr Z;ltfilf1m. ~t ~ J~ 1J ~ MfI li ~ ~ 1m t" Z rfiE EI3 Jlt ~ * x. {~.F¥- EI3 nt ~ tt~:m1¥i ~G Z ~ ~ ~flli ~ mi:~* ' ~ 9=J mUm!@: mj:~ Ij]l,~ JtZ 0. 0.

(8) 1<..:=... .;:..llI~tt.z·lHl;fk~(Bivariate. cOintegration tests). I.Augmented Dickey-Ful1f.!ft\IT:I:(ADF I ADF-SC) j2;J~1t ~ i:l'~~m(XX). i:l'~~ti(yy). i:l' "P rlJ(ZZ). -. -23.64/-15.34. -12.51/-12.55 -11.681-9.67. -11.14/-10.99 18.96/-11.22. -10.33/-7.08 -11.84/-10.04. -20.84/-1~~. i:l'~~fl(YY). i:l'9'tm(ZZ). i:l'~~rlJ(XX). I. -. ~ttm(WW). -20.94/-11.76 -11.91/-10.03 -8.061-4.49. -. -. -9.09/·11.68. 2.Phillips &Perron ~JE~t:l:. ~. i:l'~~m(XX). i:l'~~!f,(YY). i:l'''Pm(ZZ). ~t1I1m(WW). -. -12.355. -12.282 -8.826 -14.813. -. -9.716 -11.648. -10.555 -11.430. -15.783 -12.056 -8.498. -9.141. i:l'~~m(XX). i:l' ~~i.f,(yy} i:l'9'tm(ZZ) ~ttm(WW). -. 3.Bayesian Simsf.!ft\IT:I:(SB/SB-SC). ~. ~~lt. i:l'~~m(XX). i:l'~~m(XX). -. i:l' ~ti.f,(yy). 0.0467** 10.261. i:l'crm(ZZ). 0.0786 10.176 0.003*** 10.037**. ~ttm(WW). i:l' ~~i.f,(yy). 0.066 10.302. -. I. ~t1I1. i:l'9'tm(ZZ). 0.0366** 10.131 0.0153** 10.109. 0.0035*** 10.023** 0.011** 10.004***. -. 0.0517 10.190 0.0136** 10.009***. 0.0219** 10.169. 3':ltflW(vy). 3''Pm(ZZ). ~l$m(WW). -. 0.984. 0.992 0.713 1.250. -. 0.786 1.028. 0.947 0.981. 1.310 1.049 0.740. 0.754. -. 0.?693 10. 71. -. 4.Durbin- Watsont.1t~t:l:(DW). ~. 3':lt. 3':ltm(XX) 3' :ltflW(VY) 3' 'Pm(ZZ) ~*tm(WW). tt:. I. ADF-SC . sB-sc~5If.tiMl~I!?jIli~"rNUii&~l!?jzjt.t;JEzf.ilii'". 2.. Durbin-WatsonZjt.t;~. lIl~it1Fjt.. 3.. , !l1!II1f1!lillt{Ho):. 0. =1m~.~jt., ,ftjt.t1i:tt.t.ll.fI!l~(H,:)=. ; t;1iiIT:I:(m/J\1i:tIH'Hj(DcR)lIIHE~HI) , =1m~.~~Fjtfl ; &ZD*1i:t. D(:RlIIJ=lIl~.~jt. 0 Durhin-Watsonzt;1iiIT.Mi)ld.~. 0.322 (Engle and Granger, 19B7). 1% . 5% . IO%ll;fzl!iltjljt{j7tYlljf.;\-O.511 . O.:1B6 •.

(9) *f..:f:t4 : g. ~~. ~I&j;t tt 1:t~1I'::tM.:t.t3t..tr.. 37. ~~~.~~~~~~~~~~. ~~~~(yy). I. I jliIjh$m(WW). ~r:pm(ZZ). tt:~~~.~~~~~.tta~~z~~~~z~~~,~~*z~*~rr*tn~~*~ ~l'{mf±~fIl~z~Dlt~~fftE. ' ~B~T~m=1OO~"'~~~~fl. 0. ~~Ztt~m.·~~*~.~~~.Z~.tt&.,.~~,~r:p~~ ~t£i)Z jliIj h$ m11 JHllJ 1fii ~ IflJ ~ VIBl t~ , 1m A :='ll\fli\tJ~:!t!! ~ :~Uiit tIt!tfJ ~ AA ~ • • • • Z~~~.~.tt&.~~m • •!tfJ • • m.ZIBl.~~.ii· (~) ~ ~~~~ltJt.1idti(.. ft~~~ • • ~~MM~.Z=. ••~ •• ~lm.~~ ••~m.. ~mn~~~m~.IBl~·~EG~~.~~~~1fmnz~.1flJ. ,HX. 'If~~:!if!:7f£ffJlH~ Johansen(l988,199I)&Pi'I-.l:~r",UJH~I:ial*tIliJ:\;{tiU 0. (Maximum Likelihood Estimation)~ • H ~ ~Gonzalo(I 989)~IJ ffH~IHHJT ~I:: ~1!~:!if!:.7R Johansen;tt• • ~jJlI1ftEG[li9] ; ~!rt*X;mIV-Johansen ZMLE {tiU1J~m1'J{tiU Wl§ 1Bl.~ [li10] • ~m1'JJohansenZ~ • • ~1W ' ft1P9~lt1Gi'R:~ • •Z 1flJ-J: § fti®.{I;t~ r:p~WH~/lW. (n) &1tiil{l;t~j;b~~J'!-~rd'lm~ 'If~r:pft1PHf}l:tln=2H{I;t~ J'!-~rJl]m~ ,m~1:!!'Iit.tA[lill] ~i'R:~j/iiH~ • • f~ , ft1P9t:)*1i~tll:tl Johansen~ • • ~~.~iE~* *1iZ r~J (Trace).;;E~.*~~~.~ I. 0. .. 0. ml:tl~.~rJl]Zm.¥~~~=m~.IflJ-J:·F2,~~m-~~~~~:!t!! .Zmfliit'lf~~.~rd'lZf,I~*WHm~[li12]. • ~.~rd'lZmfl~.1Bl .Z~IIN. ' 1tU1l!i'i!f8W.:mZ.~rJl] fl.fti'R:;;E· ft~t:) ~~trn,~ ~ X1tB:!t!!IilIZmfl*~fff;1ft~~tmmfl ' ~!Ct~IIN.~.t~./J\~--1f~ fllUliJ ' ~mAA~~l\jJii~~tmmfIIHt~.!tfJ~~iitJE • [li13]. *'. (]i.) iit~ it!¥.. i1E!!.\Johansent:ttf~T5m1fjJ ~~ • • ~. I. mX.~trlVFft1P~~~ IilIfn.:;trd'l. Z • • ~lilBl*·~T.~XIilI~~~lilBl*'ft~.IIN..~.~{l;tJ:\;,.

(10) 38. ~~tt.:t-*~~~. ~li... Trace Testffrace-SC HO: HI: (Null) (Alternative) r=l r=O r;::;;; I. r=2. ~iIT:I:. 95%. 99%. (S tatisticl. Critical Value. Critical Value. 100.79 /157.41. 48.419. 55.551. ·37.56. . 31.256. 37.291. 8.083. 11.576. 167.03. 0.019. r=4. 11.012 Lamda-Max test I Lamda-Max-SC HO: (Null). ~iIT:I:. HI: (Alternative). r=O. r=1. r;::;;; 1. r=2. 95%. 99%. (StatisticlCritical Value Critical Value 63.23. 27.341. 32.616. 21.279. 26.154. 8.083. 11.576. 190.38 24.03 158.83. 0.097. r=4. 11.012 lit:. I. 1Ii.~ld~f.ij 1% . 5% I:iiJltii'I£Johansen&Juselius(l990) 2. ~~~.~tfi*.~;.~~Z~• •~~~mZ~tSa ••• ~~~M#~ 0. lJt '. fg~Ma~~~. 0. 3. Trace-SC . Lamda-Max-Scf.ij~!.IIOO~ttJ!~~fftttiiU'l!ttJZ~• •~Z~*7~tn-~Zf.iit ttt~~TZlllI?to. .~ • • ~~~ • • • • Dm&mu.~~re~Z~:I:~ft • • •M*iIT .jl;1!T.BZ.~litrt ' tUfUj;jl;*t.;1t.tmZq'T~(Sims, 1980). D. EE 11:=. Z • • ~rd]1R~1!T.&JlIlJHH*~ , ~~tm{±~1R~~7 5f:jl; ~ ~ffHJ(M" =MZ• • *,jl;~ • •m1Rtijl;• • ~M~~,jl;~jl;~ • •Zm1R..

(11) .f.M:J:.JI: :. g~"IK:l;t'P.t.tt~fI~MJf.st~Jt..:rr... 39. I*;Jt.ijl1t~1t;f~ffff-U~l'·lJflll 35 30 25 20 15 10. 5 I). -5 -10 -15. 1. 5. 3. 2. ;p -. f;.Jt.ljf. -<>- f;<jrljf. 1. 6. -. ,t;-.ljf. - f;.Jt!f.. 8. I. III-=- IHJt ~ rqHt ~ 11 t~1fT~ &.J.1!HHIT ( 1; ;II:. ifi). j 1; ~!:.!f.1t~1l'-M-..t.ffj~§..4:S}:;r1lJ. I. l5~L----------------------------_ 30 2S 20. JF:?'~~~' 1. 2. 6. ~tr"''11. -itiJlt'll. IIIIm. -trJt.1S. 7. 8. --vJt.'II. Iii iJt ~ rJj {.t ~ 11 t~ 1fT ~ &.11! )j- tIT ( 1; ;II:. ~ ). {t It: m -=: "1H~ M.Htr1n' ~ ~~ ;it ~ {t!tB ~ IE :i13 ftI tf:l t fi. ~ tf :It rfHl!~ I!)r~ , ;itflB fi. rfl tM tf :lt fi. /F ~ Itt if 1iiJt/t J1J ~ * ; ffiJ ~ #3 irA Z ~ J1J!tB ~ IE ~;i:\ tf 9=trfl~;it1W-WJ~1J(Z~. ' t!1~~ tf:ltrfl z~f~~m~:t* ; ffiJ fn1!trflM 1f~tf :ltrfl ~f~l!tJ1J:M::;k El:Htr.&li~ltz II~JElV.g~ tf:ltrfli¥J ~J1JztJl1tH:t* ~ltt)r~ , ~1~WJ~f~'~ft:;k~lR~M-~ , ~ltt~1!lxrdJz 0. 0. 0. 0.

(12) 35~-------------------------. 30. 25 20 IS 10. 5. o ·5 ·10. .IS. -iii... L--_~_-----'""". I. 2. J. __. ~. _ _ _ _ _ _ _ _' - - - _ - ' - - _ - - - '. •. ,. -~"'.. -i;J~U. ,. -~Jt... 7. 8. I. 3'.---------------------------, 30. 25. :w IS. ,. 10. .,. o. ·10 .n. '--_~_~. __. ~. _. ___'__ _. ~_~. is. ~f~. I!ftfl:HJ ~JE t!i];fjf Z IJt~. ~ 1r9;ff. ... 0. m- t!7l;J,;fiJE 1n*$. _. ___J. a. 7. ~iE.lJt ~ f~ mWl. ~.~.l;J,.~.~.~Z;fiJE~.**m~~~&~~~~o ~~.~~.~.gzft. ~~~*~,~~~~~l;J,;fiJE~. ~~~t!i] • • ~fi~.~ • • • •. Z. ••tt&.M•• *o~~~A~z.. ~1llf.z~JE*)c9Jt~ohansenzft.;fiJE9=t.glllflX[PJf.ilrn=2. 7.~.~.g~~*~.&.gZ.~.JEo~~Z~*~. 0. ~/\yIJ. •• ~.7.

(13) #~4:A~~~tt~~~~.~~.~. ~. 41. ,;, 1l1: -ft.IE l!! if ~:ltm ~:ltf~ ~"Fm. z.J 1(P-Valuel. R2. itiifttm. (P-Value). (P-Valuel QJ5) ARCH(J) LMOO). G-F. G-F. -G-F -- G-F. ~:ltm -1.12/0,34. 0.67 0.67. 0.81. 0.15. 0.32. 0.00. 0,25. 0.06. ~:ltf,£ -0.11/0.12. 0.91 0.86. 0.12. 0.24. 0.85. 0.32. 0.98 0.91. 0.09 0.50. 0.15 0.35. 0.77 0.25. 0.04 0.13. ~"Fm -0.05/0.73. 0.55 0.76 0.82 0.84 0.62 ~9_ -0.13/0.002 -. itiifttm tt:. I.. mit<p. 0.87. I. 0.01. p i.\\.lt(O;]:l:Ii'¥jx:fj·-l'~~Z5f;~. (0;];8:" it(])<PZ~~~iEtt~. , <I>i~IICi'l'ZII\'f~lft'{Zfnt: ' il'ii v t~tlJEMttT. Zt-! Z4Ut(o;].t n_ p ·liffr.:~5f;~)IIl~WlIJ1!iZl!lE:Im~ .. f.t~Ztft. ~~~.*~.mIl\'fZftM~i'l',~~.~*~~m~-mftM~i'l'Z~~". 2. R'~~JJE~lt 3. Q!5l~ Lujing-Box. t.tf.iIT;8: • 1i\ X 2 (5l*1IC .. ~<Pt'{m:i.\\;itMi'**". 4. G-FZgi'*$:1i!~GrangerZI2il~IIJJ~(Granger CausalirylZ-itJEt.tf.iIT:I;FZMi'** ; GrangerZI2il ~1m~;it:1i!~~)IIlZ~~·~~Z~~IIJJ~ .. ARCH(J) ~Engle Z-I!\Hl iilllJJ*f'ffHl~JEt.tf.1it;8: , §:! X 'W*IIC ' ~<pt'{m:~;itIll'li'*i\I' 6. LM~ Breusch-Pagan • •Jil!.~JEt.tf.iIT:I: • 1i\ X 2 (]lll*1IC ' ~<p~;itg:l\'7l<i\I .. 5.. ~~. •• M.~.~ll1:-ft.IE.if Z.. !. 1 (P-Valuel. b::ltrtr b::ltiJ. (P-Value). J. R2. !. Q(5). ARCH(l). G-F. (P-Valuel. 0.94. I. 0.81. 0.29. 0.004. 0.002. I. 0.57. 0.75. 0.124. 0.062. b::ltrtr b::ltiJ b!=f1rtr. -0.18/0.02. 0.97. -0.10/0.40. 0.71. 0.54. 0.78. 0.406. 0.454. I. ~fi;jErtr. -0.14/0.01. 0.88. 0.66. 0.97. 0.089. 0.014. I. b!=f1rtr. Chow3. (P-Valuel LM(I3). G-F. ~fi;jErtrl (P-Value). -0.22/0.02. ~m~~. Chowl. I. Chow/(P-Valuel Chow2. b::ltrtr b::ltl% b!=f1rtr. 2.49/0.042 -0.14/0.89. -5.48/0.00 Ii. 0.93. 0.463. 0.413. !. 0.33/0.75. -2.72/0.03. -2.68/0.032. 0.95. 0.571. 0.067. !. 1.18/0.28. 0.44/0.68. -1.86/0.12. 0.90. 0.733. O. 191. ~fi;jErtr. -0.36/0.73. -1.5/0.17. 0.19/0.85. 0.92. 0.897. 0.017. -. ~t. :L '1.. L ___. -. -. L!\I~ lIr('usc!t-l'agan .'l:lil!.~JEt.tf.~t:l:t.tf.iIT.t ' §:! x '{J3l*1IC ' ~<P~;IUIii'*i\I ' Chow! . Cho\\'~ . Chow:! ~~Chow~JE ' mli.(1tjjjUJ1!t'{iDununy)~~~ml!lIl!t'{, ~)t,J~>lil!ZII\'f !IIl1ICi'l'~i1I!,~:III:lftI:lil!lIJ . *1l11~DI=197:i1f: . D2= I'l1l11f: lkD3= I9901f: .. ~<pltm:*)lII~DI . mlk IYlZIIl'Ii'7}:Jt! '.

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(18) 46. 1976 ii::l~rp:l&11~ltJz?HJT>' {ii::l~rpjfV~. fiD. JtM~ 1995 11 ~ 11-mfJUUI ~I If ~ lIttIJ {,¥- Z 1iJf j'j; ---l;( [ti]. *fkJi. (VARH1!Hrjifm> (l!&::k*ffD. 71 : 143-160. § ~ ~Igaw ~ A. 0. ~,'i1H;~. 1986 ~ltttl5-t-~m{1~1iIj#.ff.Z1iJfj'j;--~~~~n_.1A~*jHJt~ Z~JfHIQ.?j[ ~>1iJ{±iffiU)c. ~~~~. ,. "PJU~1iJf. 0. , *fkJi ' .:E.1it3i:. 1995 ~:I&il~3iU~ilttl~If~~IJ~z1iJfj'j;> HTl!&:I;tm;*~.lj.*~ ~-t-1iJfj'j;iIT.nt*fa*) ~~~~. 0. , *fkJi ' fJ!7ial 1995. ii ~:I&!iiI i±~ {H 1*:fttlIttz1iJf j'j;> OJBtit ~ if£ 1iJf j'j;fa* >. 0. , rf.iNff. ~;1!;; ~. 1~6 iltm.~~*IJ~z~fi~iIT.1iJfj'j;-*~.~[ti]. jifmnt*> , ~=,IOO~$i.iit:iITzJ.!l!mfU~!fI~UfHi1flrt-t-,. § •• ii::l~. 0. I~O tI5-t-~IiIj#.ff.~.z1iJf~>1iJ{±iffiU)c,)c~jif.iIT.1iJf~Mo. 1f*ftll 1980. ii::l~1f~-t-!iiI{1!l5111*IH'~~z~1rt>. 1iJ{±mfU)c ,. "PJU~1f. 1iJf~Mo. Jt:krfli' ~*~ 1982 ii::ltrp:l&11*;(ff~A~~.>' {ii~±:I&~lI~fiD. 0. ~7!l¥l. 1995. ii "P rp {i ~ *iftE ~ IiIj *;(ff z 1iJf ~ >iiJ{ ± mfU)c , ~!f3 m~ ~ 1f~ rp ~t 1t1iJfj'j; M. 0. 1992 ~mllttJuZ~Ft![~iIT.nt*~~m>~±iffiU)C' l!&::k~jj!'ffiJf~. ]ik a Akaike, H. 1973 "Information Theory and the Extension of Maximum Likelihood Principle," In 2nd International Symposium on Information Theory, B.N. Petrov and F. Csaki, eds., Budapest..

(19) ·t44;t;£I : IS :,tf);ilr.U.t:f.t.~1I':jI§..i.t;:!:.Jt..ti:.. 47. Dickey, D.A. and Fuller, W.A. 1979 "Distribution of the Estimators for Times Series Regression with a Unit Root," Journal of American Statistics Associate: 427-431. Engle, R. and Granger, C. W.]. 1987 "Cointegration and error correction: representation, estimation, and testing," Econometrics 55:251-76. Fuller, W .A. 1976. Introduction to Statistical Time Series New York: Wiley.. Gonzalo,]. 1989 "Comparison of Five Alternative Methods of Estimating Long Run Equilibrium Relationships, "Discussion Paper #89-55, University of California, San Diego. Johansen, S. 1988 "Statistical Anaiysis of Cointegration Vectors, 'Journal of Economic Dynamics and Control 12:231-254. Johansen, S 1991 "Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Regression Models," Econometrica 59:1551-80. Johansen, S. andJuselius, K. 1990 "Maximum likelihood estimation and inference on cointegration with applications to the demand for money," Oxford Bulletin of Economics and statistics 52: 169-210. Lin, C.F. and T. Terasvirai 1994 "Testing the Constancy of Regression Parameters Against Con tinuous Structural Chang," Journal of Econometrics 62:211-28. Phillips, P. C. B. 1987 "Time Series Regressions with Unit Root," Econometrica 55:277 301. Phillips, P. C.B. and Perron, P. 1988 "Testing for Unit Root in Time Series Regression," Biometrika 65: 335-346. Schwarz,G. 1987 "Estimating the Dimension of a Model," Annals of Statistics 6:461 464..

(20) 48. Schwert, G. 1987 "Effects of mModel Specification on Tests for Unit Roots in Macroeconomic Data," Journal of Monetary Economics 20:73-lO3. Sims, C.A 1988 "Bayesian Skepticism on Unit Root Econometrics," Journal of Eco nomic Dynamics and Control 12:463-474..

(21) #:f;l:.iJ: : g~"~Jiltttt~fI~"~.::!::..".tr.. 49. Modeling Regional Housing. Prices in Taiwan. Vickey. c.c. Lin*. ABSTRACT The movement of housing prices is a crucial issue in the housing market whether in the macro or micro level. The previous research was focued on econo metric model analysis of housing prices in aggregation level, consequently it con tributed a little help to the application or dynamic regional housing prices analy sis. Besides, the change of regional housing cost to the labor market is especially significant. This paper observes the long-run equilibrium relationship of the regional dynamic housing prices of Taiwan. The major objective of this paper is by means of the results of the observation to analyze the following issues: (1) Is there existence of stable long-run equilibrium relationship between the re gional housing prices? (2) Are there segmentation of housing prices within regions of Taiwan, especially between north and south territory? (3) Is there existence of "ripple effect" in the regional housing prices in Taiwan? That is, how the housing prices variation in certain areas affect the housing prices of other areas. Being restricted by the difficulty of data collection; this paper is based on an nually basic housing price index to check the prices relationship between regions. Our analysis facilitated statistIcal analysis to view the present status of regional housing prices, and applied new econometric testing technology for analysis. We also look into the diffusion effect of housing prices movement of Taipei area which are interested by majority.. Keywords: Regional Housing Prices, Long-Run Equilibrium Relationship, Short-Run Dynamic Relationship, Segmentation of Housing Prices, Ripple Effect, Diffusion Effect. (Received: May 1996; Accepted: September 1996). ----------. .. -~-~. • Associate Professor, Department of Land EconomiCS, National Chengchi University, Taipei, Taiwan, Republic of China..

(22)