@article{ART001654698},
author={You, Seungdong and Seungwoo Shin},
title={A Theoretical Approach on the Effects of Mortgage Choices on Real House Price Dynamics},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2012},
volume={22},
number={1},
pages={7-23},
doi={}
TY - JOUR
AU - You, Seungdong
AU - Seungwoo Shin
TI - A Theoretical Approach on the Effects of Mortgage Choices on Real House Price Dynamics
JO - Korea Real Estate Review
PY - 2012
VL - 22
IS - 1
PB - korea real estate research institute
SP - 7
EP - 23
SN - 2092-5395
AB - This study investigates both housing market and residential mortgage market in an integrated manner. We argue that real housing prices can be influenced by mortgage choices between adjustable rate mortgage and fixed rate mortgage in the housing market. In an imperfect housing finance market, an exogenous shock can have different impacts on real housing prices depending on the relative share of two different types of mortgages. In this theoretical work, we add fixed and variable housing costs assumptions to the model proposed in Stein (1995). We show in a theoretical fashion that house price dynamics are more volatile with an exogenous shock in the housing market in which more borrowers have variable-rate housing cost.
KW - mortgage loan;housing price;excess demand;financial constraint
DO -
ER -
You, Seungdong and Seungwoo Shin. (2012). A Theoretical Approach on the Effects of Mortgage Choices on Real House Price Dynamics. Korea Real Estate Review, 22(1), 7-23.
You, Seungdong and Seungwoo Shin. 2012, "A Theoretical Approach on the Effects of Mortgage Choices on Real House Price Dynamics", Korea Real Estate Review, vol.22, no.1 pp.7-23. Available from: doi:
You, Seungdong, Seungwoo Shin "A Theoretical Approach on the Effects of Mortgage Choices on Real House Price Dynamics" Korea Real Estate Review 22.1 pp.7-23 (2012) : 7.
You, Seungdong, Seungwoo Shin. A Theoretical Approach on the Effects of Mortgage Choices on Real House Price Dynamics. 2012; 22(1), 7-23. Available from: doi:
You, Seungdong and Seungwoo Shin. "A Theoretical Approach on the Effects of Mortgage Choices on Real House Price Dynamics" Korea Real Estate Review 22, no.1 (2012) : 7-23.doi:
You, Seungdong; Seungwoo Shin. A Theoretical Approach on the Effects of Mortgage Choices on Real House Price Dynamics. Korea Real Estate Review, 22(1), 7-23. doi:
You, Seungdong; Seungwoo Shin. A Theoretical Approach on the Effects of Mortgage Choices on Real House Price Dynamics. Korea Real Estate Review. 2012; 22(1) 7-23. doi:
You, Seungdong, Seungwoo Shin. A Theoretical Approach on the Effects of Mortgage Choices on Real House Price Dynamics. 2012; 22(1), 7-23. Available from: doi:
You, Seungdong and Seungwoo Shin. "A Theoretical Approach on the Effects of Mortgage Choices on Real House Price Dynamics" Korea Real Estate Review 22, no.1 (2012) : 7-23.doi:
