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@article{ART001689312},
author={정홍일 and Hyun Seok Lee},
title={The Lock-in Effect of Capital Gains Tax Exemption on Sales of Houses},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2012},
volume={22},
number={2},
pages={83-101},
doi={}

TY - JOUR
AU - 정홍일
AU - Hyun Seok Lee
TI - The Lock-in Effect of Capital Gains Tax Exemption on Sales of Houses
JO - Korea Real Estate Review
PY - 2012
VL - 22
IS - 2
PB - korea real estate research institute
SP - 83
EP - 101
SN - 2092-5395
AB - This paper investigates the lock-in effect of the capital gains tax exemption on sales of houses for one house per household, using the collected trading volume of housing market in Seoul. Home sales are subject to capital gains tax exemption when the home owners possess their houses for three years, leading to lock-in effect in housing market. Also, this study provides the insight of the co-movement that arises from the macro economic effect on trading volume and prices. We hypothesize that there is no co-movement for the period of three years since the effects of the tax exemption on the economy. Empirical results support our hypothesis. The results show that there is positive correlation between trading volume and price volatility using ARCH model. We conclude that the lock-in effect of the capital gains tax exemption on sales of houses for one house per household causes lower volatility in housing market.
KW - capital gains tax exemption on sales of houses for one house per household;lock-in effect
DO -
ER -

정홍일 and Hyun Seok Lee. (2012). The Lock-in Effect of Capital Gains Tax Exemption on Sales of Houses. Korea Real Estate Review, 22(2), 83-101.

정홍일 and Hyun Seok Lee. 2012, "The Lock-in Effect of Capital Gains Tax Exemption on Sales of Houses", Korea Real Estate Review, vol.22, no.2 pp.83-101. Available from: doi:

정홍일, Hyun Seok Lee "The Lock-in Effect of Capital Gains Tax Exemption on Sales of Houses" Korea Real Estate Review 22.2 pp.83-101 (2012) : 83.

정홍일, Hyun Seok Lee. The Lock-in Effect of Capital Gains Tax Exemption on Sales of Houses. 2012; 22(2), 83-101. Available from: doi:

정홍일 and Hyun Seok Lee. "The Lock-in Effect of Capital Gains Tax Exemption on Sales of Houses" Korea Real Estate Review 22, no.2 (2012) : 83-101.doi:

정홍일; Hyun Seok Lee. The Lock-in Effect of Capital Gains Tax Exemption on Sales of Houses. Korea Real Estate Review, 22(2), 83-101. doi:

정홍일; Hyun Seok Lee. The Lock-in Effect of Capital Gains Tax Exemption on Sales of Houses. Korea Real Estate Review. 2012; 22(2) 83-101. doi:

정홍일, Hyun Seok Lee. The Lock-in Effect of Capital Gains Tax Exemption on Sales of Houses. 2012; 22(2), 83-101. Available from: doi:

정홍일 and Hyun Seok Lee. "The Lock-in Effect of Capital Gains Tax Exemption on Sales of Houses" Korea Real Estate Review 22, no.2 (2012) : 83-101.doi: