농지임차료 충격이 농지가격에 미치는 영향 분석

• 영문명: Empirical Analysis of the Dynamic Effects of Structural Disturbances on Farmland Prices: Using the Loglinear Present Value Model
• 발행기관: 한국농식품정책학회
• 저자명: 신용도
• 간행물 정보: 『농업경영.정책연구』농업경영·정책연구 33권 4호, 970~987쪽, 전체 18쪽
• 주제분류: 농수해양 > 식품과학
• 파일형태: PDF
• 발행일자: 2006.12.31

영문 초록

This paper investigates the contribution of farmland rent shocks to the fluctuation of farmland prices in Korea. The farmland rent process is comprised of a permanent component and a temporary component. Both components are related to the farmland price process, within a loglinear version of the present value model. A structural VAR model is used to identify farmland rent shocks as well as investigate the dynamic effects of those shocks on farmland prices. The paper shows that initial responses to temporary shocks in farmland rent are just as strong as those to permanent shocks, long-term farmland price movements being explained by permanent shocks in farmland rent. The movement of farmland price-rent spreads is dominated by temporary shocks in farmland rent, the dynamic responses of farmland price rent spreads being especially sensitive to temporary shocks. In response to temporary shocks in farmland rent, empirical evidence suggests that farmland prices overreact to farmland rents.

목차

Abstract

I. 서론

II. 실증모형 및 식별제약식

III. 자료 및 사전분석

IV. 실증분석 결과

V. 결론

참고문헌

키워드

Farmland Price Farmland Rent Present Value Model Structural Shock