Effect of Information Disclosure Reform on Market Stability: Evidence from the Housing Market in Taiwan

This replication package provides synthetic (partial) data and Stata code. The full original datasets are subject to licensing/purchase and can be obtained from the official providers cited in the paper, “Effect of Information Disclosure Reform on Market Stability: Evidence from the Housing Market in Taiwan.” All variables are labeled in English, and the synthetic data mirror the variable structure (and sample size) of the originals.
We evaluate how mandatory transaction-information disclosure affects market stability using an instrumental-variables causal-mediation framework to distinguish direct and indirect effects. In the existing-home mortgage market, greater disclosure is associated with lower nonperforming loan (NPL) ratios. The mechanism differs by region: municipalities exhibit a direct effect, while non-municipalities benefit indirectly through improved information quality and reduced price dispersion.