Korea Real Estate Review 2023 KCI Impact Factor : 0.56
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pISSN : 2092-5395 / eISSN : 2733-8339
- https://journal.kci.go.kr/krer
KJCKorea
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Comparing Wealth Effects: House and Equity
- Korea Real Estate Review
- 2009, 19(2), pp.151-174
- Publisher : korea real estate research institute
- Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate
1영산대학교
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ABSTRACT
This paper examines wealth effects of housing prices and equity prices on consumption, using consumption equation models in Case et al.(2005) and a SVAR model in Chirinko et al.(2004). The empirical results from Korean data are compared with those of above two papers. Three key findings are as follows: Firstly, housing shocks have a much greater impact than equity shocks. This phenomenon can be found in the two papers. Secondly, effects of housing shocks last longer than effects of equity shocks. Thirdly, wealth effects of housing prices are conspicuously large in Korean data.
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