Comparison of Dynamics in the Korean Housing Market Based on the FDW Model for the Periods Before and After the Macroeconomic Fluctuations

Title
Comparison of Dynamics in the Korean Housing Market Based on the FDW Model for the Periods Before and After the Macroeconomic Fluctuations
Author
김주형
Keywords
Macroeconomic fluctuations; Fisher-Dipasquale-Wheaton model; housing market; Vector Error Correction Model; DEMAND; SPACE
Issue Date
2014-01
Publisher
ARCHITECTURAL INST JAPAN, 5-26-20 SHIBA, MINATO-KU, TOKYO, 108-8414, JAPAN
Citation
Journal of Asian Architecture and Building Engineering,2014.13(1) Pages 117-124
Abstract
There is a very close relationship between the housing market and macroeconomic fluctuations. Specifically, the dynamics between the various factors of the housing market are changed by macroeconomic fluctuations. The housing market can be divided into the rental market and the transaction market. Different price movements in each market appear before and after macroeconomic fluctuations. The purpose of this study is to compare the dynamics in the Korean housing market before and after macroeconomic fluctuations based on the FDW model. Data for this study came from the apartment market in Seoul, which is a representative housing market for Korea. The timeframe of serial data are set as; period A from January 2001 to December 2006, which preceded the financial crisis, and period B from January 2007 to July 2011, which followed it. The database of Statistics Korea (KOSTAT) was used in collecting the serial data. Empirical analysis was carried out using the selected variables based on the FDW model and the results were compared for each period and each market. A substantial number of different characteristics were identified. It is believed that these results will carry significant meaning from various perspectives, including the political and business points-of-view.
URI
http://www.jstage.jst.go.jp/article/jaabe/13/1/13_117/_articlehttp://hdl.handle.net/20.500.11754/46430
ISSN
1346-7581; 1347-2852
DOI
10.3130/jaabe.13.117
Appears in Collections:
COLLEGE OF ENGINEERING[S](공과대학) > ARCHITECTURAL ENGINEERING(건축공학부) > Articles
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