本文主要運用 Diebold and Yilmaz (2012) 所提出的外溢指數 (spillover index) 觀察英國房地產市場的價格及交易量在各區域間的外溢效果，發現在房地產市場內的價量皆有極高的總外溢效果，從中進一步探討，其一，整體市場及區域間會因市場結構改變的因素，淨外溢效果有翻轉現象；其二，運用Granger因果關係討論，價格與交易量在不同時期有領先落後關係輪動的情形外，亦存在同時期的相互領先關係。這也顯示出，價格與數量在不同時期有不同的領先落後關係。

第一章 前言 1
第二章 文獻回顧 4
第三章 研究方法 8
一、 外溢指數 (Spillover Index) 9
二、 Granger 因果關係檢定 12
第四章 實證結果 14
一、 資料說明 14
二、 英國整體房地產市場價量間的外溢效果 19
三、 區域間的外溢效果 22
四、 區域間價量因果關係的動態分析 29
第五章 結論 32
參考文獻 33
附錄 36

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