@article{ART002998750},
author={Seo, Jin Ho and Jin, Chang Ha},
title={Economic Effect and Impulse Response Analysis of the Real Estate Industry},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2023},
volume={33},
number={3},
pages={7-36},
doi={10.35136/krer.33.3.1}

TY - JOUR
AU - Seo, Jin Ho
AU - Jin, Chang Ha
TI - Economic Effect and Impulse Response Analysis of the Real Estate Industry
JO - Korea Real Estate Review
PY - 2023
VL - 33
IS - 3
PB - korea real estate research institute
SP - 7
EP - 36
SN - 2092-5395
AB - This study examines the effect of the real estate industry on other industries as input and output resources. We define the real estate industry based on the two- and three-digit industry classification system as the recent real estate industry expands into other interdisciplinary business sectors. We also aggregate the sub-sector of the real estate–related industry into the broad real estate–related industry. We analyze input–out tables to find the spillover effect and value chain to other related industries by utilizing a total of 17 annual industry input–output tables from the Bank of Korea. This study also extends the spillover effect of the real estate industry along with a fluctuation of macroeconomic conditions. We find that the magnitude of the economic effect of the real estate industry on other industries is large when we classify the real estate industry into the two-digit industry classification system except for the analysis of the additive value impact. We also examine the impulse response analysis (IRA) by utilizing vector autoregression analysis. IRA indicates that macroeconomic variables affect the real estate industry and drive the same directional spillover effect on other industries. Our analysis segregates the national input–output analysis into the regional input–output analysis to identify the economic effect of real estate market fluctuation of the Seoul Metropolitan Area on other regions.
KW - Input-Output Analysis;Economic Effect;Impulse Response Analysis;Forecast Error Variance Decomposition;Regional Input-Output Analysis
DO - 10.35136/krer.33.3.1
ER -

Seo, Jin Ho and Jin, Chang Ha. (2023). Economic Effect and Impulse Response Analysis of the Real Estate Industry. Korea Real Estate Review, 33(3), 7-36.

Seo, Jin Ho and Jin, Chang Ha. 2023, "Economic Effect and Impulse Response Analysis of the Real Estate Industry", Korea Real Estate Review, vol.33, no.3 pp.7-36. Available from: doi:10.35136/krer.33.3.1

Seo, Jin Ho, Jin, Chang Ha "Economic Effect and Impulse Response Analysis of the Real Estate Industry" Korea Real Estate Review 33.3 pp.7-36 (2023) : 7.

Seo, Jin Ho, Jin, Chang Ha. Economic Effect and Impulse Response Analysis of the Real Estate Industry. 2023; 33(3), 7-36. Available from: doi:10.35136/krer.33.3.1

Seo, Jin Ho and Jin, Chang Ha. "Economic Effect and Impulse Response Analysis of the Real Estate Industry" Korea Real Estate Review 33, no.3 (2023) : 7-36.doi: 10.35136/krer.33.3.1

Seo, Jin Ho; Jin, Chang Ha. Economic Effect and Impulse Response Analysis of the Real Estate Industry. Korea Real Estate Review, 33(3), 7-36. doi: 10.35136/krer.33.3.1

Seo, Jin Ho; Jin, Chang Ha. Economic Effect and Impulse Response Analysis of the Real Estate Industry. Korea Real Estate Review. 2023; 33(3) 7-36. doi: 10.35136/krer.33.3.1

Seo, Jin Ho, Jin, Chang Ha. Economic Effect and Impulse Response Analysis of the Real Estate Industry. 2023; 33(3), 7-36. Available from: doi:10.35136/krer.33.3.1

Seo, Jin Ho and Jin, Chang Ha. "Economic Effect and Impulse Response Analysis of the Real Estate Industry" Korea Real Estate Review 33, no.3 (2023) : 7-36.doi: 10.35136/krer.33.3.1