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Subject

The Empirical Analysis of the Bubble in Housing Price and Land Price
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주택가격 및 토지가격의 거품존재 가능성 검정

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Type
Academic journal
Author
Ji-Soo Yoo (영남대학교) Kyu-Chae Lim (영남대학교) Seuk-Do Kie (경운대학교)
Journal
Korean Industrial Economic Association Journal of Industrial Economics and Business 제20권 제6호 KCI Accredited Journals
Published
2007.12
Pages
2,245 - 2,264 (20page)

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The Empirical Analysis of the Bubble in Housing Price and Land Price
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Abstract· Keywords

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The purpose of this study is to analyze housing price, and then to ascertain the bubble which is founded in land price. The empirical analysis has been done in quarterly housing price index during the period from 1989 to 2005. To enhance both exactitude and objectiveness, we make good use of diverse estimation methods, which are Hausman test(1978). As far as this is concerned, the findings are as follows : Firstly, the housing price shows a tendency to increase and decrease repeatedly, and simultaneously irregularly. Furthermore, it dawns on us that all housing prices are inclined to include unique and idiosyncratic bubble. Secondly, the land price turns out to induce much more bubble than housing price.
In conclusion, the analytical result suggests that land price proves to be bubble over the sample period. Housing price is not. Accordingly, in terms of national macroeconomy, the government needs to take into the problems of land market consideration, and take necessary steps by inspecting more and more heated property markets.

Contents

Ⅰ. 서론
Ⅱ. 부동산시장의 현황과 거품에 관한 고찰
Ⅲ. 거품검정을 위한 모형의 고찰
Ⅳ. 실증분석 결과
Ⅴ. 결론
참고문헌
Abstract

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UCI(KEPA) : I410-ECN-0101-2013-323-000639091