가격과 거래량의 관계에 대한 실증연구 - 서울시 주택시장을 중심으로-
An Empirical Study on the Relationship Between Price Change and Trading Volume - Evidence from Seoul Housing Market -
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Understanding market structure is meaningful, especially amid uncertainty swirling around market. In financial market, liquidity is an important determinant of the price. More recent studies attempt to figure out the positive correlation between price and trading volume from either capital market imperfection or decision theory. This study takes a step forward in analyzing Seoul residential real estate market by applying market liquidity to the relationship between price and trading volume. The primary contribution of this research is to provide answers to questions regarding how trading volume acts as an indicator of liquidity, moving the housing price. Vector Error Correction Model (VECM) analysis confirms; improved liquidity reduces negative factors affecting the value of house thus shifting the price upward. Policy implications of the exogenous variables are also discussed.
Abstract
Understanding market structure is meaningful, especially amid uncertainty swirling around market. In financial market, liquidity is an important determinant of the price. More recent studies attempt to figure out the positive correlation between price and trading volume from either capital market imperfection or decision theory. This study takes a step forward in analyzing Seoul residential real estate market by applying market liquidity to the relationship between price and trading volume. The primary contribution of this research is to provide answers to questions regarding how trading volume acts as an indicator of liquidity, moving the housing price. Vector Error Correction Model (VECM) analysis confirms; improved liquidity reduces negative factors affecting the value of house thus shifting the price upward. Policy implications of the exogenous variables are also discussed.
참고문헌 (30)
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