오피스 가격지수의 개발 및 거시경제변수와의 관계에 관한 연구

A Study on the Construction of Office Property Price Index and Its Relationships with Macroeconomic Variables

1. CONTENTS (1) RESEARCH　OBJECTIVES The purpose of this study is to create and calculate office property price index and observe the relationship between office property price index and macro economic factors such as GDP, M2, bond interest rate, stock prices and foreign exchange rate. (2) RESEARCH　METHOD This research was focused on analyzing the relationship between office property price index and macroeconomic variables. Construcing office property price index, repetitive sales model was used. VAR model was constructed and impulse response functions were estimated to investigate the relationships between office property price index and macroeconomic variables. (3) RESEARCH FINDINGS By looking at the relationship with macro economic factors, with upward impact of GDP, the price of office properties was increased, and the impact lasted for about 4 quarters. The increase of currencies or stock prices also triggered positive(+) impact on the price of office properties, but the impact was shorter. On the other hand, increase of interest rate resulted in the decreased price of office properties, but sensitivity was not significant. Also, exchange rate showed negative relationship with the price of office properties. 2. RESULTS The results of the study was largely similar to previous researches that mostly focused on relationship between residential properties and economic factors in terms of the direction and duration of the impact. However, there were fairly big differences in the size of the impact by economic factors between using office properties and residential ones; lager impact with residential properties.