주택가격 결정요인에 관한 연구

A Study on the Determinants of Housing Prices

&nbsp;&nbsp;1. CONTENTS<BR>&nbsp;&nbsp;(1) RESEARCH OBJECTIVES<BR>&nbsp;&nbsp;The housing price stability policy has been the most important issue in Korea. The purpose of this paper is to trace the determinants of housing price. Defining the determinants of housing price will contribute to the better understanding of structural mechanism of housing price. Based on the empirical analysis, we will search for appropriate policy of housing price stability.<BR>&nbsp;&nbsp;(2) RESEARCH METHOD<BR>&nbsp;&nbsp;To analyze the housing price structure, regression, variance decomposition and impulse response analysis are used. Empirical analysis employed the time series data on housing price, real interest rate, expected housing price and land price.<BR>&nbsp;&nbsp;(3) RESEARCH RESULTS<BR>&nbsp;&nbsp;The results of this study suggest that the real interest rate and expected housing price are important factors in determining the housing price in Korea. Especially the study finds that real interest rate is more important than expected housing price and land price in determining the housing price.<BR>&nbsp;&nbsp;2. RESULTS<BR>&nbsp;&nbsp;The purpose of this study is to explore the cause of housing price instability by analyzing the determinants of housing price. It estimates the equation of housing price using a regression model. It also performs the variance decomposition and impulse response analysis in the VAR model with housing price and real interest rate, expected housing price, and land price variables.<BR>&nbsp;&nbsp;The empirical results suggest that the housing price is negatively related with interest rate, and is positively related with expected housing price and land price. It is also confirmed that interest rate is the most important factor affecting housing price.