주택가격의 국제적 공조성에 관한 연구
A Study on the Global Synchronization of Housing Prices
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Whether the tendency of global synchronization has been increased after the global financial crisis, GFC, has been empirically analyzed. By using 1995 – 2011 quarterly housing price data of Australia, Japan, Korea, United Kingdom and United States, cointegration test has been proceeded. It has been found that the tendency of global synchronization has been significantly increased especially after the GFC. Also, according to the result of exogeneity test, Korea has been found not to generate the common trend. These facts imply that the forecasting of Korean housing price and the construction of effective housing policies will become more difficult.
Abstract
Whether the tendency of global synchronization has been increased after the global financial crisis, GFC, has been empirically analyzed. By using 1995 – 2011 quarterly housing price data of Australia, Japan, Korea, United Kingdom and United States, cointegration test has been proceeded. It has been found that the tendency of global synchronization has been significantly increased especially after the GFC. Also, according to the result of exogeneity test, Korea has been found not to generate the common trend. These facts imply that the forecasting of Korean housing price and the construction of effective housing policies will become more difficult.
참고문헌 (33)
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