A Tale of Two Islands: Macroeconomic Impacts of Real Estate in Jeju and Okinawa

• 발행기관: 한국자료분석학회
• 저자명: Yeon Joon Kim Yong Kyu Yi Joo Young Lee
• 간행물 정보: 『Journal of The Korean Data Analysis Society (JKDAS)』Vol.21 No.2, 571~581쪽, 전체 11쪽
• 주제분류: 자연과학 > 통계학
• 파일형태: PDF
• 발행일자: 2019.04.30

영문 초록

Jeju in Korea and Okinawa in Japan are similar in their geopolitical and historical backgrounds and in terms of their substantial sizes as islands and status as famous tourist destinations. We can expect the situation of real estate markets on both islands to be similar too. This paper compares the impacts of macroeconomic factors on the real estate markets on both islands by investigating the relationships among various macroeconomic and financial variables and land trading data. The Granger causality tests on various macroeconomic and financial variables of the real estate markets in Jeju and Okinawa show some interesting results to compare. Land trades in Jeju affect employment in Jeju. Financial liquidity and interest rate in Korea also affect Jeju employment. The empirical results show that some relationships to housing markets are different: macroeconomic variables affect employment in Jeju and financial variables affect housing markets in Okinawa. Even if both islands share similar geopolitical backgrounds as well as the history of their independent countries, their real estate markets and their mainland economies affect their regional economies in different ways.

목차

1. Introduction

2. Empirical analysis

3. Results of empirical analysis

4. Concluding remarks

키워드

real estate Jeju Okinawa macroeconomic variables Granger-causality test