한국의 주택가격이 소비에 미치는 영향 (The Effects of House Price on Household Consumption in Korea)

조갑제 (Jo,Gab Je)

The Effects of House Price on Household Consumption in Korea

Journal of Regional Studies and Development
Abbr : JRSD
2015, 24(1), pp.163-182
Publisher : Institute for Poverty Alleviation and International Development: IPAID
Research Area : Social Science > Area Studies > Regional Studies in general > Comparative / Statistical Regional Studies

Jo,Gab Je ¹

¹계명대학교

Accredited

ABSTRACT

This paper empirically investigates the effects of house price on household consumption in Korea, considering business cycle and household debt. For thepurpose, time series analyses such as the cointegration test and the vector error correction model were utilized in the paper for the macroeconomic data series. The estimation results showed that there was no significant effect of house price on consumption, and that business cycle had a significant impact on consumption which affected house price. Also, household debt had an insignificant negative impact on consumption. These results imply that it is equilibrium when house prices are determined by fundamentals, and that increasing house price may not enhance consumption as well as business cycle, rather, household debt could work as a risk factor in stabilizing business cycle.

KEYWORDS

House price, Household Consumption, Wealth effect, Household debt

Citation status

* References for papers published after 2023 are currently being built.

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This paper was written with support from the National Research Foundation of Korea.

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Journal of Regional Studies and Development 2023 KCI Impact Factor : 0.4

The Effects of House Price on Household Consumption in Korea

ABSTRACT

KEYWORDS

Citation status

* References for papers published after 2023 are currently being built.

Journal of Regional Studies and Development 2023 KCI Impact Factor : 0.4

The Effects of House Price on Household Consumption in Korea

ABSTRACT

KEYWORDS

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* References for papers published after 2023 are currently being built.