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Paper eres2001_292:
The Role of Government in the Real Estate Market: Some Observations from the Experiences of Taiwan

id eres2001_292
authors Tsai-Chu, Wu
year 2001
title The Role of Government in the Real Estate Market: Some Observations from the Experiences of Taiwan
source 8th European Real Estate Society Conference (26-29 June 2001) Alicante, Spain
summary The purpose of this study is to explore the appropriate role for government when the real estate market fails to work efficiently, and to discuss based on previous experiences of Taiwan how effectiveness of the government’s intervention was. When there is a market failure, many will expect the government intervention. However they often ignore the accompanying intervention costs that may induce government failure. The paper first reviews the theoretical rationale for government intervention in a market failure and then proposes a conceptual structure, based on the New Institutional Economics theory, of the appropriate role of government in the real estate market to minimize the costs generated from market failure and government failure. The proposed theory is verified by the empirical example of Taiwan’s real estate market experiences during the three abnormal price fluctuations in 1974,1980, and 1988. The methods and extents of government interventions in these three crises are examined to understand whether they hinder or facilitate the efficient allocation of resources in the real estate market and whether the interventions promote the economic growth. Finally a summary and conclusion of this study is given.
keywords The role of government, government intervention, real estate market
series ERES:conference
discussion No discussions. Post discussion ...
ratings
session Corporate Real Estate/ Facilities Management
last changed 2009/07/10 18:07
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