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題名 Are there “Flying Geese Effects” on the Economies and Real Estate Markets between Japan and Taiwan?
作者 林左裕
Lin, Tsoyu Calvin;Sumita, Kazuto;Tamagawa, Kai
貢獻者 地政系
關鍵詞 The flying geese pattern; Bubble; The lost decades; Auto-Regression distributed lag (ARDL); Error correction model (ECM); Granger causality
日期 2025-12
上傳時間 20-Apr-2026 10:39:14 (UTC+8)
摘要 After the Industrial Revolution in Europe in the 18th century, the economic development of Asia was initiated by Japan in the 1900s. As the costs of labor and land escalated, some industries gradually relocated to other Asian countries or regions which Akamatsu (1962) terms the flying geese pattern. To explore the flying geese effect between Japan and Taiwan, this study analyzes data from the gross domestic product and stock and housing markets of both countries from 1975 to 2023. During the pre-bubble and the overall study periods, the Japanese markets significantly influenced the stock and housing markets of Taiwan, thus demonstrating the flying geese effect and reflecting the strong economic performance of Japan. However, in the post-bubble period, the Taiwanese markets diverged from the trajectory of Japan, and developed their independent momentum. These shifts can be attributed to the outward capital and industrial migration of Japan, increasing competition from the emerging markets, and growth of the integrated circuit industry of Taiwan.
關聯 International Real Estate Review, Vol.28, No.4, pp.437-473
資料類型 article
DOI https://doi.org/10.53383/100410
dc.contributor 地政系
dc.creator (作者) 林左裕
dc.creator (作者) Lin, Tsoyu Calvin;Sumita, Kazuto;Tamagawa, Kai
dc.date (日期) 2025-12
dc.date.accessioned 20-Apr-2026 10:39:14 (UTC+8)-
dc.date.available 20-Apr-2026 10:39:14 (UTC+8)-
dc.date.issued (上傳時間) 20-Apr-2026 10:39:14 (UTC+8)-
dc.identifier.uri (URI) https://ah.lib.nccu.edu.tw/item?item_id=182182-
dc.description.abstract (摘要) After the Industrial Revolution in Europe in the 18th century, the economic development of Asia was initiated by Japan in the 1900s. As the costs of labor and land escalated, some industries gradually relocated to other Asian countries or regions which Akamatsu (1962) terms the flying geese pattern. To explore the flying geese effect between Japan and Taiwan, this study analyzes data from the gross domestic product and stock and housing markets of both countries from 1975 to 2023. During the pre-bubble and the overall study periods, the Japanese markets significantly influenced the stock and housing markets of Taiwan, thus demonstrating the flying geese effect and reflecting the strong economic performance of Japan. However, in the post-bubble period, the Taiwanese markets diverged from the trajectory of Japan, and developed their independent momentum. These shifts can be attributed to the outward capital and industrial migration of Japan, increasing competition from the emerging markets, and growth of the integrated circuit industry of Taiwan.
dc.format.extent 201 bytes-
dc.format.mimetype text/html-
dc.relation (關聯) International Real Estate Review, Vol.28, No.4, pp.437-473
dc.subject (關鍵詞) The flying geese pattern; Bubble; The lost decades; Auto-Regression distributed lag (ARDL); Error correction model (ECM); Granger causality
dc.title (題名) Are there “Flying Geese Effects” on the Economies and Real Estate Markets between Japan and Taiwan?
dc.type (資料類型) article
dc.identifier.doi (DOI) 10.53383/100410
dc.doi.uri (DOI) https://doi.org/10.53383/100410