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An Empirical Study on the Determinants of Housing Sales, Chonsei, and Monthly Rent Price Volatility - Using the Markov Switching Model -
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주택매매, 전세, 월세가격 변동성 결정요인 분석에 관한 실증연구 - 마코프 국면전환 모형을 이용하여 -

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Type
Academic journal
Author
전해정 (성결대학교)
Journal
한국부동산학회 부동산학보 부동산학보 제70호 KCI Candidated Journals
Published
2017.1
Pages
178 - 191 (14page)

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An Empirical Study on the Determinants of Housing Sales, Chonsei, and Monthly Rent Price Volatility - Using the Markov Switching Model -
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1. CONTENTS (1) RESEARCH OBJECTIVES The purpose of this study is to analyze the determinants of housing sales price, Chonsei price and monthly rent price volatility using the Markov Switching Model. (2) RESEARCH METHOD Dependent variables were apartment sales price index, Chonsei price index and monthly rent price index. Independent variables were set as consumer price index(CPI), population, unemployment rate, and CD interest rate. The spatial range is Seoul. The time range is from May 2002 to December 2015. (3) RESEARCH FINDINGS The analysis shows that CD interest rate has a positive effect on housing sales price during recession period and the negative effect on the unemployment rate during the boom period. In the recession period, CPI, population, and interest rate has positive effect on Chonsei price and the unemployment rate was negative. the unemployment rate has negative effect on monthly rent price during the recession period. 2. RESULTS In order for the government to revitalize the housing market, it is necessary not to encourage the national economy through revitalization of the housing market as in the past, but to create jobs through economic growth, and to increase the household income to settle the housing circulation system do. The government should implement various proactive support measures such as expansion of public rental housing and extension of housing voucher system to stabilize ordinary people 's housing.

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