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@article{ART001763384},
author={Chun Haejung},
title={A Study on the Equilibrium Between Seoul Residential Property Market and the Capital Market},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2013},
volume={23},
number={1},
pages={151-169}

TY - JOUR
AU - Chun Haejung
TI - A Study on the Equilibrium Between Seoul Residential Property Market and the Capital Market
JO - Korea Real Estate Review
PY - 2013
VL - 23
IS - 1
PB - korea real estate research institute
SP - 151
EP - 169
SN - 2092-5395
AB - The following study utilizes DiPasquale & Wheaton quadrant model to analyze the property ․capital market in Seoul. The study selects monthly apartment sales price, apartment Chonsei price, apartment rental price, interest rates in terms of corporate bond yields, economic growth indicators in terms of industrial production figures, and construction performance (residential) data from September, 2002 to February, 2012 as input variables to conduct an empirical analysis on the equilibrium between the property market and the capital market for the housing sector in Seoul. The results of impulse response analysis showed that apartment Chonsei price and rental price have positive impacts on the sales price, and sales price had a positive influence on the construction area. Industrial production figures have shown positive effects on rental prices and corporate bond yields have shown negative impact towards sales prices. When the results of the empirical analysis are summarized, the theoretical models and empirical results do coincide with each other to have an effect in the Seoul residential property․capital market. With the domestic residential property market functioning in the stages of increasing rental rates, leading to an increase in asset prices, resulting in an increased supply and eventually a decline in rental rates, it is important to implement not just a temporary measure but a comprehensive and systematic policy in order to stabilize the housing market.
KW - housing market;property market;capital market;granger causality test;impulse response analysis
DO -
UR -
ER -

Chun Haejung. (2013). A Study on the Equilibrium Between Seoul Residential Property Market and the Capital Market. Korea Real Estate Review, 23(1), 151-169.

Chun Haejung. 2013, "A Study on the Equilibrium Between Seoul Residential Property Market and the Capital Market", Korea Real Estate Review, vol.23, no.1 pp.151-169.

Chun Haejung "A Study on the Equilibrium Between Seoul Residential Property Market and the Capital Market" Korea Real Estate Review 23.1 pp.151-169 (2013) : 151.

Chun Haejung. A Study on the Equilibrium Between Seoul Residential Property Market and the Capital Market. 2013; 23(1), 151-169.

Chun Haejung. "A Study on the Equilibrium Between Seoul Residential Property Market and the Capital Market" Korea Real Estate Review 23, no.1 (2013) : 151-169.

Chun Haejung. A Study on the Equilibrium Between Seoul Residential Property Market and the Capital Market. Korea Real Estate Review, 23(1), 151-169.

Chun Haejung. A Study on the Equilibrium Between Seoul Residential Property Market and the Capital Market. Korea Real Estate Review. 2013; 23(1) 151-169.

Chun Haejung. A Study on the Equilibrium Between Seoul Residential Property Market and the Capital Market. 2013; 23(1), 151-169.

Chun Haejung. "A Study on the Equilibrium Between Seoul Residential Property Market and the Capital Market" Korea Real Estate Review 23, no.1 (2013) : 151-169.