실거래가격을 이용한 부동산가격지수 선물의 도입에 관한 연구
A Study on the Introduction of A Real Estate Price Index Futures based on the Transaction Prices
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Despite of the growing importance of real estates in the household and the national economy, they have no proper hedging tools unlike other financial assets. If real estate futures indices by region, by type, and by size are traded in the market, we can reduce risk by constructing well diversified portfolio including such indices. Real estate index futures will provide not only hedging tool for properties but also diversification effect combining with other financial assets. Here we produce real estate index using the aggregated method with transaction prices of apartments in Seoul to apply for futures trading. This method as much as possible exclude subjectivity in the analyzing process and underlying assumption, resulting minimize the potential variability of index between different researchers. And this index has sufficient conditions for listing in views of transparency as well as economics. Furthermore, it can be used as a risk management tools for portfolio diversification due to the low correlation with KOSPI, Kosdaq, and interest rate etc.
Abstract
Despite of the growing importance of real estates in the household and the national economy, they have no proper hedging tools unlike other financial assets. If real estate futures indices by region, by type, and by size are traded in the market, we can reduce risk by constructing well diversified portfolio including such indices. Real estate index futures will provide not only hedging tool for properties but also diversification effect combining with other financial assets. Here we produce real estate index using the aggregated method with transaction prices of apartments in Seoul to apply for futures trading. This method as much as possible exclude subjectivity in the analyzing process and underlying assumption, resulting minimize the potential variability of index between different researchers. And this index has sufficient conditions for listing in views of transparency as well as economics. Furthermore, it can be used as a risk management tools for portfolio diversification due to the low correlation with KOSPI, Kosdaq, and interest rate etc.
참고문헌 (33)
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