- 영문명
- A Study of Pricing Structure of Tenure Market in Korea
- 발행기관
- 한국부동산학회
- 저자명
- 임정호(Lim Jeong Ho)
- 간행물 정보
- 『부동산학보』不動産學報 第28輯, 179~207쪽, 전체 29쪽
- 주제분류
- 경제경영 > 경제학
- 파일형태
- 발행일자
- 2006.12.01
국문 초록
영문 초록
1. CONTENTS
(1) RESEARCH OBJECTIVES
Korean tenure market has three major sectors; housing ownership market, Chonsei market, and monthly rental market. The housing stability policy has been stressed on the prices of the market directly, ignoring its structural relationship between them. The object of this study is to define the driving forces and relationship among the three different prices of tenure markets. And defining the price structure of its market will contribute the better understanding of structural mechanism for a more market oriented housing stabilization policy.
(2) RESEARCH METHOD
This study concentrates on two main parts; the first one is theoretical part which is study of macro and micro economic over view of Korean housing market and review of precedent papers. As a completion of the theoretical study, this study established two hypothesis; the constraints theory and the discount theory, either might explain the price structure of present Korean housing market, and the second part of the study is to prove the established hypothesis through quantitative analysis.
Granger Casualty Test was adopted to define the causal relationship among the prices.
The Cross Correlation Coefficient Test is for the verification and confirmation of result of Granger Casualty Test and to measure the degree of advance and postal relationship between the prices. Vector Auto Regression analysis was practiced to define the function and relativity among ownership price, Chonsei price, and monthly rental price. Due to least one cointegression vector was found, Vector Error Correction analysis was exercised. The estimation of coefficient, impulse response analysis, and decomposition analysis were done for the define relationship of the prices.
Before the test, the unit root test was exercised to stabilized the time series data, and properly treated. As a result of the Granger Casualty Test, the housing price has a causual relationship to the Chonsei price, and the Chonsei price has a causual relationship to the monthly rental price.
The Cross Correlation Coefficient Test showed that the housing price is advance to Chonsei price and monthly rental price, so as verifying the result of the Granger Casualty Test. The endogenity of the prices was tested through Cholesky impulse test and variance decomposition test as a part of Vector Error Correction analysis.
The endogenity of the housing price is prominent to the Chonsei price and monthly rental price. The housing price can"t be explained by Chonsei price or monthly rental price, but mostly explained by its own price. The influence of the housing price is greater than the sum of Chonsei price and monthly rental price to its own price.
(3) RESEARCH RESULTS
As a Result of analysis, we found that housing ownership price is still the driving force to Chonsei Price and monthly rental price. So the Korean residential market is worked by the Constrained Choice theory, and result following study, like cross correlation coefficient analysis and Error Correction Model analysis, supports the result good enough but not in every case. In general, Constrained Choice theory is prevailing in housing market, and the residential housing price is major driving force and influences to Chonsei market, and monthly rental market. So the housing policy and tax policy should be concentrated on stabilizing residential ownership market.
2. RESULTS
Though the Korean housing market is very composite so one theory can not define the market. Especially after the Foreign Exchange Crisis, the structural change has been experienced in residential market in Korea. So, we might be in transferring period. But in general, Constrained Choice theory is prevailing in housing market, and the residential housing pri
(1) RESEARCH OBJECTIVES
Korean tenure market has three major sectors; housing ownership market, Chonsei market, and monthly rental market. The housing stability policy has been stressed on the prices of the market directly, ignoring its structural relationship between them. The object of this study is to define the driving forces and relationship among the three different prices of tenure markets. And defining the price structure of its market will contribute the better understanding of structural mechanism for a more market oriented housing stabilization policy.
(2) RESEARCH METHOD
This study concentrates on two main parts; the first one is theoretical part which is study of macro and micro economic over view of Korean housing market and review of precedent papers. As a completion of the theoretical study, this study established two hypothesis; the constraints theory and the discount theory, either might explain the price structure of present Korean housing market, and the second part of the study is to prove the established hypothesis through quantitative analysis.
Granger Casualty Test was adopted to define the causal relationship among the prices.
The Cross Correlation Coefficient Test is for the verification and confirmation of result of Granger Casualty Test and to measure the degree of advance and postal relationship between the prices. Vector Auto Regression analysis was practiced to define the function and relativity among ownership price, Chonsei price, and monthly rental price. Due to least one cointegression vector was found, Vector Error Correction analysis was exercised. The estimation of coefficient, impulse response analysis, and decomposition analysis were done for the define relationship of the prices.
Before the test, the unit root test was exercised to stabilized the time series data, and properly treated. As a result of the Granger Casualty Test, the housing price has a causual relationship to the Chonsei price, and the Chonsei price has a causual relationship to the monthly rental price.
The Cross Correlation Coefficient Test showed that the housing price is advance to Chonsei price and monthly rental price, so as verifying the result of the Granger Casualty Test. The endogenity of the prices was tested through Cholesky impulse test and variance decomposition test as a part of Vector Error Correction analysis.
The endogenity of the housing price is prominent to the Chonsei price and monthly rental price. The housing price can"t be explained by Chonsei price or monthly rental price, but mostly explained by its own price. The influence of the housing price is greater than the sum of Chonsei price and monthly rental price to its own price.
(3) RESEARCH RESULTS
As a Result of analysis, we found that housing ownership price is still the driving force to Chonsei Price and monthly rental price. So the Korean residential market is worked by the Constrained Choice theory, and result following study, like cross correlation coefficient analysis and Error Correction Model analysis, supports the result good enough but not in every case. In general, Constrained Choice theory is prevailing in housing market, and the residential housing price is major driving force and influences to Chonsei market, and monthly rental market. So the housing policy and tax policy should be concentrated on stabilizing residential ownership market.
2. RESULTS
Though the Korean housing market is very composite so one theory can not define the market. Especially after the Foreign Exchange Crisis, the structural change has been experienced in residential market in Korea. So, we might be in transferring period. But in general, Constrained Choice theory is prevailing in housing market, and the residential housing pri
목차
ABSTRACT
Ⅰ. 서론
Ⅱ. 주거시장 가격구조에 관한 이론적 검토
Ⅲ. 가설의 정립과 모형
Ⅳ. 실증분석
Ⅴ. 결론
參考文獻
〔부록〕
Ⅰ. 서론
Ⅱ. 주거시장 가격구조에 관한 이론적 검토
Ⅲ. 가설의 정립과 모형
Ⅳ. 실증분석
Ⅴ. 결론
參考文獻
〔부록〕
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