국내 주택가격의 수렴성에 관한 연구 - 24개 도시를 중심으로 -
Testing the convergence in Korean house prices - with reference to 24 cities -
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초록
This paper investigates the convergence of house prices among 24 cities in Korea during the period of 1986～2012. An updated version of panel unit root test (i.e., CIPS test) proposed by Pesaran (2007) which is robust to the cross-sectional dependence in a panel is employed. Based on the CIPS test as well as the conventional panel unit root tests, there is no evidence of long-run convergence among regional house prices. Moreover, our findings are not in favor of a club convergence hypothesis. Meanwhile, limited evidence of convergence comes from the Region 1 which has six cities close to Seoul. Our empirical results provide important information for policy maker in that housing policies should be regulated with respect to the non-convergence paradigm. That is, policy makers should establish national as well as region-specific housing policy, considering both social and economic inequalities across the cities.
Abstract
This paper investigates the convergence of house prices among 24 cities in Korea during the period of 1986～2012. An updated version of panel unit root test (i.e., CIPS test) proposed by Pesaran (2007) which is robust to the cross-sectional dependence in a panel is employed. Based on the CIPS test as well as the conventional panel unit root tests, there is no evidence of long-run convergence among regional house prices. Moreover, our findings are not in favor of a club convergence hypothesis. Meanwhile, limited evidence of convergence comes from the Region 1 which has six cities close to Seoul. Our empirical results provide important information for policy maker in that housing policies should be regulated with respect to the non-convergence paradigm. That is, policy makers should establish national as well as region-specific housing policy, considering both social and economic inequalities across the cities.
참고문헌 (29)
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