부동산정책에 대한 부동산시장 반응

A Study of Real Estate Market Responses on Real Estate Policy

&nbsp;&nbsp;1. CONTENTS<BR>&nbsp;&nbsp;(1) RESEARCH OBJECTIVES<BR>&nbsp;&nbsp;Since 2003, the incumbent government announced the 8th major real estate policies. However, there is criticism against the effect of real estate policy. So, we examine how the real estate policies have effect on real estate markets by dividing areas such as, Gangnam, Daejeon, and national wide area.<BR>&nbsp;&nbsp;(2) RESEARCH METHOD<BR>&nbsp;&nbsp;From 1988.1 to 2006.9, using monthly data of Real Estate Policy, Housing Price, Rental Price and Land Price, we use Impulse Response Analysis and Logi t Regression Analysis.<BR>&nbsp;&nbsp;(3) RESEARCH RESULTS<BR>&nbsp;&nbsp;According to the impulse response analysis, housing market and rental market respond at real estate policy and follow the direction of policy in the previous government.<BR>&nbsp;&nbsp;However real estate market reacted generally against real estate policy during this government. The real estate markets in Daejeon follow policy of this government. Logit Analysis shows generally the similar results of impulse response analysis.<BR>&nbsp;&nbsp;2. RESEARCH<BR>&nbsp;&nbsp;The real estate market of Gangnam at Seoul and of the nationwide area react against policy direction of government, but Deejeon&quot;s market is adaptable to the policy of the government. The government should distinguish between capital region and other area, and give discrimination of policy by the specification of area.