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@article{ART002910235},
author={Won-Cheol Yun},
title={Bubbles in the Apartment Market by Region and Their Causes Based on PSY Test},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2022},
volume={32},
number={4},
pages={7-20},
doi={10.35136/krer.32.4.1}

TY - JOUR
AU - Won-Cheol Yun
TI - Bubbles in the Apartment Market by Region and Their Causes Based on PSY Test
JO - Korea Real Estate Review
PY - 2022
VL - 32
IS - 4
PB - korea real estate research institute
SP - 7
EP - 20
SN - 2092-5395
AB - This study examines the timing of the boom and bust of bubbles in South Korea’s apartment market by region using the test developed by Phillips et al. (2015a, 2015b). The study also identifies the factors causing housing bubbles using ordinary least squares (OLS) and probit models. The sample covers the period from January 2000 to June 2022, comprising 270 monthly observations. The main results of this study are as follows. First, the generalized sup Augmented Dickey–Fuller test results indicate that housing bubbles partially existed in all five regions. Second, the bubble date stamping shows some differences across regions. Third, OLS results indicate that although housing bubbles are inversely related to the loan-to-deposit ratio (LDR), interest rate (IR), and stock index (SI), they are positively associated with the producer price index (PPI), the exchange rate of US dollar to Korean won (ER), and the total amount of interim payment in the construction sector (TIP). Fourth, probit results suggest that the probability of housing bubbles is influenced by PPI, LDR, IR, SI, ER, and TIP in order of magnitude.
KW - Housing Bubbles;PSY Test;Regression Analysis
DO - 10.35136/krer.32.4.1
ER -

Won-Cheol Yun. (2022). Bubbles in the Apartment Market by Region and Their Causes Based on PSY Test. Korea Real Estate Review, 32(4), 7-20.

Won-Cheol Yun. 2022, "Bubbles in the Apartment Market by Region and Their Causes Based on PSY Test", Korea Real Estate Review, vol.32, no.4 pp.7-20. Available from: doi:10.35136/krer.32.4.1

Won-Cheol Yun "Bubbles in the Apartment Market by Region and Their Causes Based on PSY Test" Korea Real Estate Review 32.4 pp.7-20 (2022) : 7.

Won-Cheol Yun. Bubbles in the Apartment Market by Region and Their Causes Based on PSY Test. 2022; 32(4), 7-20. Available from: doi:10.35136/krer.32.4.1

Won-Cheol Yun. "Bubbles in the Apartment Market by Region and Their Causes Based on PSY Test" Korea Real Estate Review 32, no.4 (2022) : 7-20.doi: 10.35136/krer.32.4.1

Won-Cheol Yun. Bubbles in the Apartment Market by Region and Their Causes Based on PSY Test. Korea Real Estate Review, 32(4), 7-20. doi: 10.35136/krer.32.4.1

Won-Cheol Yun. Bubbles in the Apartment Market by Region and Their Causes Based on PSY Test. Korea Real Estate Review. 2022; 32(4) 7-20. doi: 10.35136/krer.32.4.1

Won-Cheol Yun. Bubbles in the Apartment Market by Region and Their Causes Based on PSY Test. 2022; 32(4), 7-20. Available from: doi:10.35136/krer.32.4.1

Won-Cheol Yun. "Bubbles in the Apartment Market by Region and Their Causes Based on PSY Test" Korea Real Estate Review 32, no.4 (2022) : 7-20.doi: 10.35136/krer.32.4.1