농지시장 추세 파악을 위한 가격지수 개발
A Study on Building a Farmland Price Index
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The change in farmland price has almost always been focused on not only farmers but policy-decision makers; for farmers to get information before purchasing farmland; for policy-decision makers to use appropriate policy tools to stabilize the market. So far the change in farmland price has been calculated as a form of average change on a year-to-year base. Such calculations have become one of the causes which lead to misunderstanding of the farmland market because the year-to-year average change includes changes in price as well as changes in the number of trades and sizes of traded farmland. This paper is designed to suggest a proper method of building a price index for farmland as a tool to review the price change. We considered the applicability of several types of price indices and concluded that a Laspeyres-type price index is the most reasonable choice. A Laspeyres-type price index, however, has a shortcoming in which a reference year’s weight may affect the whole period of an index. Thus, we also suggest two other weights, a three-year average including a reference year and a share of farmland. All indices show that farmland prices have risen significantly in recent 10 years. We hope that the indices will be developed into one of the government’s formal statistics.
Abstract
The change in farmland price has almost always been focused on not only farmers but policy-decision makers; for farmers to get information before purchasing farmland; for policy-decision makers to use appropriate policy tools to stabilize the market. So far the change in farmland price has been calculated as a form of average change on a year-to-year base. Such calculations have become one of the causes which lead to misunderstanding of the farmland market because the year-to-year average change includes changes in price as well as changes in the number of trades and sizes of traded farmland. This paper is designed to suggest a proper method of building a price index for farmland as a tool to review the price change. We considered the applicability of several types of price indices and concluded that a Laspeyres-type price index is the most reasonable choice. A Laspeyres-type price index, however, has a shortcoming in which a reference year’s weight may affect the whole period of an index. Thus, we also suggest two other weights, a three-year average including a reference year and a share of farmland. All indices show that farmland prices have risen significantly in recent 10 years. We hope that the indices will be developed into one of the government’s formal statistics.
참고문헌 (6)
- Cho, Y., K., "Making Price Index with Variable Weights", Quarterly National Account Review, 2002(3), pp.19~60 (2002), Bank of Korea[DOI]
- 권오상, "농지가격의 지역별·농지유형별 변동형태 분석", 농업경제연구, 49(3), pp.53~76 (2008), 한국농업경제학회
- Lee., Y. H., "Functions and Roles of Farmland Bank", Rural Community and Environment, 147(Summer), pp.52~63 (2020)
- Lee., Y. M., "Some Issues on Farmland Price Indices", Presented in the Seminar at Rural Research Institute (2021)
- Lim, S. Y., "A Method of Price Index by Geometric Average", Quarterly National Account Review, 2011(3), pp.54~70 (2011), Bank of Korea[DOI]
- In-Dept Appraisal Report of Farmland Bank Project, "Woo, B. J.", Korea Rural Economic Institute, ~ (2017)