@article{ART001831819},
author={권현진 and ByungRang Kim and Yu, Jung Suk},
title={The Interrelationship between Land Price and Housing Price by Panel Simultaneous Equations Model in the Metropolitan Area},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2013},
volume={23},
number={3},
pages={207-233}
TY - JOUR
AU - 권현진
AU - ByungRang Kim
AU - Yu, Jung Suk
TI - The Interrelationship between Land Price and Housing Price by Panel Simultaneous Equations Model in the Metropolitan Area
JO - Korea Real Estate Review
PY - 2013
VL - 23
IS - 3
PB - korea real estate research institute
SP - 207
EP - 233
SN - 2092-5395
AB - Recently housing market in the Metropolitan area of Seoul has been busted, but land market has been stable at the same time. We empirically analyze the relationship between housing price and land price in the Metropolitan Area from January 2006 to March 2013, with panel two-stage least squares method. This model uses housing price and land price as endogenous variables and trading volume, human migration, macro economic influences as exogenous variables. And we also include a dummy variable of global financial crisis in October 2008. Based on these estimation results, housing price and land price have an endogenous interrelationship and land price has a strong influence on housing price. However the trading volume and human migration exert less influence on both prices. In particular, the fluctuations of CPI and also housing finance as family loan have more important determinants of housing price and land price. Furthermore, the results show that it will provide suitable real estate and financial policies to raise demand for housing and land market.
KW - housing price;land price;trading volume;macro economic influences;panel simultaneous equations model
DO -
UR -
ER -
권현진, ByungRang Kim and Yu, Jung Suk. (2013). The Interrelationship between Land Price and Housing Price by Panel Simultaneous Equations Model in the Metropolitan Area. Korea Real Estate Review, 23(3), 207-233.
권현진, ByungRang Kim and Yu, Jung Suk. 2013, "The Interrelationship between Land Price and Housing Price by Panel Simultaneous Equations Model in the Metropolitan Area", Korea Real Estate Review, vol.23, no.3 pp.207-233.
권현진, ByungRang Kim, Yu, Jung Suk "The Interrelationship between Land Price and Housing Price by Panel Simultaneous Equations Model in the Metropolitan Area" Korea Real Estate Review 23.3 pp.207-233 (2013) : 207.
권현진, ByungRang Kim, Yu, Jung Suk. The Interrelationship between Land Price and Housing Price by Panel Simultaneous Equations Model in the Metropolitan Area. 2013; 23(3), 207-233.
권현진, ByungRang Kim and Yu, Jung Suk. "The Interrelationship between Land Price and Housing Price by Panel Simultaneous Equations Model in the Metropolitan Area" Korea Real Estate Review 23, no.3 (2013) : 207-233.
권현진; ByungRang Kim; Yu, Jung Suk. The Interrelationship between Land Price and Housing Price by Panel Simultaneous Equations Model in the Metropolitan Area. Korea Real Estate Review, 23(3), 207-233.
권현진; ByungRang Kim; Yu, Jung Suk. The Interrelationship between Land Price and Housing Price by Panel Simultaneous Equations Model in the Metropolitan Area. Korea Real Estate Review. 2013; 23(3) 207-233.
권현진, ByungRang Kim, Yu, Jung Suk. The Interrelationship between Land Price and Housing Price by Panel Simultaneous Equations Model in the Metropolitan Area. 2013; 23(3), 207-233.
권현진, ByungRang Kim and Yu, Jung Suk. "The Interrelationship between Land Price and Housing Price by Panel Simultaneous Equations Model in the Metropolitan Area" Korea Real Estate Review 23, no.3 (2013) : 207-233.