주택가격에 대한 환율의 동태적 파급효과 분석

The Dynamic Spill-over Effects of Foreign Exchange Rate on Housing Prices

1. CONTENTS (1) RESEARCH OBJECTIVES The purpose of this study is to figure out the relationship between foreign-exchange market and real estate market before and after Korean currency crisis and global financial crisis. (2) RESEARCH METHOD This study performed theoretical reviews and empirical analyses on foreign exchange rate and housing prices. This study obtained theoretical points of relations between them, drew related factors from the theoretical review discussed above, and used them for empirical analysis data. Especially this study utilized a VAR(vector autoregression) model. (3) RESEARCH FINDINGS In the results of this study, the major influence factors of housing prices were foreign exchange rate and interest rate, and empirically the most influence of housing prices was foreign exchange rate. 2. RESULTS The foreign exchange rate and housing prices had a positive(+) correlation before Korean currency crisis, they had a negative(-) correlation after Korean currency crisis, and after global financial crisis there was little change of housing prices when foreign exchange rate changed.