A Study on the Dynamic Relationship between Housing Value and Interest Rate in the Korean Housing Market

• 발행기관: 한국지역개발학회
• 저자명: Deokho Cho Seungryul Ma
• 간행물 정보: 『한국지역개발학회 세미나 논문집』2003년 동계학술대회 발표집, 1~23쪽, 전체 23쪽
• 주제분류: 사회과학 > 지역학
• 파일형태: PDF
• 발행일자: 2003.12.30

영문 초록

The goal of this study is to identify the long-term relationship between housing value and interest rate in the Korean housing market, using the cointegration test and spectral analysis. The result shows the long-term negative (-) equilibrium relationship between housing value and interest rate. Moreover, the Granger causality test for confirming the short-term dynamic relationship between these variables notes one-way causality from interest rate to the growth rate of housing value and the transfer function model certifies concretely the causal structure of this relationship. These findings suggest that the interest rate adjustment policy in the Korean housing market can work very effectively and it will contribute to forecast the growth rate of future housing values.

목차

1. Introduction

2. Theoretical review on the relationship between housing value and interest rate

3. Data and analysis method

4. Analysis result

【Reference 】

키워드

Dynamic relationship Housing value Interest rate Cointegration and spectral analysis Spectral analysis Transfer function model Long term equilibrium