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1、外文翻译原文RelationshipBetweentheHousingVacancyRate,HousingPrice,andtheMovingRateattheTownshipLevelinTaiwanMaterialSource:RegionalBusinessNewsAuthor:BrianBrusThestateofthehousingmarketinTaiwanin2000wascompletelydifferentfromthatin1990.Abubbleeconomyformedandburstduringtheperiodofl
2、ate1980sandmid-1990s.Asapartofthebubble,in1990,thehousingmarkethasbeenboomingforseveralyears.HousingpricesintheTaipeiMetropolitanareaincreasedby200%injusttwoyears(1987-1988),withotherareasaroundTaiwansoonfollowingthepricehike.Thisdevelopmentofbubblewasbasicallycausedbytherapi
3、dgrowthofeconomyandthehugeincreaseofmoneysupply,whichencouragedvariouskindsofspeculativeactivities,forexample,thearbitragebehaviorofshortterminvestorswerecommon.Intheearly1990s,thegovernmentadoptedaselectivecreditcontrolschemewhichaimedattherealestatemarketinordertocurbspecul
4、ation.Thehousingpricestoppedtoincrease;however,itstayedinahighlevel.Thishighpriceencouragedawaveofthenewhousingconstructioninthefirsthalfof1990s,withtheresultthat,by1998,ahugesurplusofcompletednewhousingunitswasappearingonthemarket.Housingpriceseventuallycouldnotbesustainedan
5、dstartedtofall,withadramaticdeclineduringthelate1990s.Thegovernmentincreasedtheavailablefundingforhousingloansseveraltimes,inanefforttohelpgetsurplushousessold.Thisalsocoincidedwiththeeconomy’sdipintoseriousrecessioninthesecondhalfof2000;asaresult,inmostareasinTaiwan,housingp
6、ricesfellbymorethan50%comparedwiththeirhighestpoint.The2000censusevidencedtheresultsoftheexcessivehousingmarketdevelopmentofthe1990s,withtheoverallhousingvacancyratehavingincreasedfrom13%in1990,to17.6%in2000.Theimpactoftheburstingoftherealestatebubblehascontinuedtothreateneco
7、nomicstabilityoverthepastdecade.ObtainingaclearerunderstandingofthephenomenonofhousingvacancyhasthusbecomeanimportantissueforbothhousingresearchersandpolicymakersinTaiwan.ThepurposeofthispaperistoexplainandcomparethevariationinhousingvacancyinTaiwanbetween1990and2000inorderto
8、understandthemarketforcesandchangesthatlaybehindthisphenomenon.Aspec
