This paper analyzes the effect of household wealth (including housing and financial wealth) on housing sales and probes their long-run and short-run dynamic relationships. We further examine the short-run effect of financial wealth on housing sales by employing quantile regressions, restricted...

Taiwan launched the first case of real estate securitization in 2005. The interrelationship between Taiwan Real Estate Investment Trusts (T-REITs) and the aggregate equity markets and segmented industries has drawn the interests of both investors and academia. This paper employs Toda and...

In recent years, the industrial organization of the banking system has received a large amount of attention. In particular, it is generally viewed that the size distribution of the banking sector has changed where it is dominated by a small number of large institutions. In this paper, we develop...