지방대도시 신도심 아파트가격 결정요인에 관한 연구

A Study on the Decision Factors of the Apartment Price in New Town of Large Region Metropolis

In this study, a model for determining apartment price between old and new central districts in Kwang-Ju Metropolitan city was constructed in order to compare and analyze the difference of price change in the two areas affected by such regional economic characteristics and population structure change. The Vector Error Correction Mechanism (VECM), a multiple overlaid time analysis, was used The variance decomposition of forecast errors showed that individual variables differed according to the degree of impacts on apartment price in both districts. The impulse response analysis demonstrated that apartment price showed either positive or negative responses. Although the same response turned out, it was found that the degree of impulse response that individual variables impacts on such price apparently differed according to districts. With regard to apartment investment as a result of this study, it should be noted that individual variables affecting such price differ according to regional characteristics. Furthermore, a frame for reasonable decision-making is aimed to be provided to improve regional imbalance, including providing public service, educational environment and convenience of residential life that lead to the difference of apartment price in old and new central districts in terms of policy.