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@article{ART001939287},
author={이무송 and Jung-Suk Yu},
title={The Equilibrium Mechanism on the Metropolitan Housing Space and Capital Markets with Structural Breaks},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2014},
volume={24},
number={4},
pages={179-194}

TY - JOUR
AU - 이무송
AU - Jung-Suk Yu
TI - The Equilibrium Mechanism on the Metropolitan Housing Space and Capital Markets with Structural Breaks
JO - Korea Real Estate Review
PY - 2014
VL - 24
IS - 4
PB - korea real estate research institute
SP - 179
EP - 194
SN - 2092-5395
AB - This paper studies that the space market and the capital market are closely related and in the adjustment process through housing price increase and decrease by applying the panel system GMM model estimation for the metropolitan housing market to the DiPasquale and Wheaton quadrant correction model. We find that the nature of housing asset is changing through structural breaks in the housing market considering the rental income-oriented asset in housing price decrease and the capital gains-oriented asset in housing price increase. The metropolitan housing market has functioned as the capital gains-oriented sales market so far, with the jeonse price and sales price being heavily dependent on the expected price change of the housing property, while the sales price is affected and decided by the rental price in the normal quadrant model. In result, we find that the metropolitan housing market is not an efficient market coupling with the space market and the capital market. As the low-growth era is warned, the housing market is expected to be residential service-oriented. The housing policy needs to go further than the capital market-oriented anti-speculative measures in real estate and pump-priming efforts and aim at stabilizing the space markets in the future in order that the capital market and the space market are balanced.
KW - panel system GMM model;quadrant correction model;structural breaks of the housing markets;efficient market;stabilizing space market
DO -
UR -
ER -

이무송 and Jung-Suk Yu. (2014). The Equilibrium Mechanism on the Metropolitan Housing Space and Capital Markets with Structural Breaks. Korea Real Estate Review, 24(4), 179-194.

이무송 and Jung-Suk Yu. 2014, "The Equilibrium Mechanism on the Metropolitan Housing Space and Capital Markets with Structural Breaks", Korea Real Estate Review, vol.24, no.4 pp.179-194.

이무송, Jung-Suk Yu "The Equilibrium Mechanism on the Metropolitan Housing Space and Capital Markets with Structural Breaks" Korea Real Estate Review 24.4 pp.179-194 (2014) : 179.

이무송, Jung-Suk Yu. The Equilibrium Mechanism on the Metropolitan Housing Space and Capital Markets with Structural Breaks. 2014; 24(4), 179-194.

이무송 and Jung-Suk Yu. "The Equilibrium Mechanism on the Metropolitan Housing Space and Capital Markets with Structural Breaks" Korea Real Estate Review 24, no.4 (2014) : 179-194.

이무송; Jung-Suk Yu. The Equilibrium Mechanism on the Metropolitan Housing Space and Capital Markets with Structural Breaks. Korea Real Estate Review, 24(4), 179-194.

이무송; Jung-Suk Yu. The Equilibrium Mechanism on the Metropolitan Housing Space and Capital Markets with Structural Breaks. Korea Real Estate Review. 2014; 24(4) 179-194.

이무송, Jung-Suk Yu. The Equilibrium Mechanism on the Metropolitan Housing Space and Capital Markets with Structural Breaks. 2014; 24(4), 179-194.

이무송 and Jung-Suk Yu. "The Equilibrium Mechanism on the Metropolitan Housing Space and Capital Markets with Structural Breaks" Korea Real Estate Review 24, no.4 (2014) : 179-194.