패널분석을 이용한 대도시 주택가격 추이 분석
A Panel Analysis of House Price Trends of Major Largest Cities in Korea
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That housing market under strong influence of macro economic and financial marketfactors is a norm since the global financial crisis, and much effort is put in to analyse theirrelationship. However, housing market is undeniably a local market, and local supply anddemand factors affect house prices. Neither cross section approach nor time seriesapproach alone can deal with both aspects of housing market. We employ panel regressiontechnique to separate influence of macro economic factors and local supply and demandfactors in the changes of house prices of major cities in Korea during the period of 2000to 2011. The result shows that for our sample local supply and demand factors weredominant in determining house prices, and except for year-specific fixed effects, nationalmacro variables such as GDP and interest rate did not significantly affect the house pricetrends of the major cities.
Abstract
That housing market under strong influence of macro economic and financial marketfactors is a norm since the global financial crisis, and much effort is put in to analyse theirrelationship. However, housing market is undeniably a local market, and local supply anddemand factors affect house prices. Neither cross section approach nor time seriesapproach alone can deal with both aspects of housing market. We employ panel regressiontechnique to separate influence of macro economic factors and local supply and demandfactors in the changes of house prices of major cities in Korea during the period of 2000to 2011. The result shows that for our sample local supply and demand factors weredominant in determining house prices, and except for year-specific fixed effects, nationalmacro variables such as GDP and interest rate did not significantly affect the house pricetrends of the major cities.
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