GMM 방법을 이용한 부동산가격의 구조변화 검정
Testing for Structural Breaks in Korea'’s Real Estate Price Indices: An Application of the GMM Estimation
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초록
The Generalized Method of Moments (GMM) is used to test for the unknown timing of the structural breaks and test whether the structural breaks found coincide with important policy changes during the period of real estate regulations. The strong anti-speculation measures of Aug 31, 2005 made structural break for a short term for over 135 m2 for Kangnam and all other apartments and all other measures did not seem to play in Kangnam. For the Mokdong and Nowon areas located away from Kangnam area, structural breaks have happened for long periods, and these two areas donot seem to be strongly affected by the real estate policies. “The government policies have to be seen in the context of its objective to limit the large house price swings in the short term.
Abstract
The Generalized Method of Moments (GMM) is used to test for the unknown timing of the structural breaks and test whether the structural breaks found coincide with important policy changes during the period of real estate regulations. The strong anti-speculation measures of Aug 31, 2005 made structural break for a short term for over 135 m2 for Kangnam and all other apartments and all other measures did not seem to play in Kangnam. For the Mokdong and Nowon areas located away from Kangnam area, structural breaks have happened for long periods, and these two areas donot seem to be strongly affected by the real estate policies. “The government policies have to be seen in the context of its objective to limit the large house price swings in the short term.
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