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@article{ART003384082},
author={Jung, Sung Hwa and Wanhee Park and Lee, Sang-Gun and Jung, Duk Yeon},
title={The Dynamic Relationship Between Stock-Market-Related Variables and Apartment Purchases by Young Households in Seoul : Evidence from Korea Composite Stock Price Index(KOSPI) Returns, Investor Deposits, and Individual Net Buying},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2026},
volume={36},
number={3},
pages={57-79},
doi={10.35136/krer.36.3.3}

TY - JOUR
AU - Jung, Sung Hwa
AU - Wanhee Park
AU - Lee, Sang-Gun
AU - Jung, Duk Yeon
TI - The Dynamic Relationship Between Stock-Market-Related Variables and Apartment Purchases by Young Households in Seoul : Evidence from Korea Composite Stock Price Index(KOSPI) Returns, Investor Deposits, and Individual Net Buying
JO - Korea Real Estate Review
PY - 2026
VL - 36
IS - 3
PB - korea real estate research institute
SP - 57
EP - 79
SN - 2092-5395
AB - This study uses monthly data from February 2019 to January 2026 to examine the dynamic relationships among Korea Composite Stock Price Index (KOSPI) returns, changes in investor deposits, individual net buying, and apartment purchases by young households in Seoul. Vector autoregressions (VARs) (1), (2), and (5) are used as baseline, supplementary, and extended specifications, respectively, while controlling for the pandemic and the Bank of Korea base rate. VAR(1) reveals no significant stock-market-related variables. In VAR(2), only KOSPI returns show limited predictive power, which weakens after controlling for the base rate. KOSPI returns and investor deposits are significant in VAR(5); however, the investor-deposit result is not reproduced in the shorter-lag models. Because these findings are sensitive to lag length and macro-financial controls, they should be interpreted as preliminary evidence of limited, exploratory aggregate-level dynamic relationships rather than causal evidence of fund transfers.
KW - Vector Autoregression;Young Households;Seoul Apartments;KOSPI Returns;Investor Deposits
DO - 10.35136/krer.36.3.3
ER -

Jung, Sung Hwa, Wanhee Park, Lee, Sang-Gun and Jung, Duk Yeon. (2026). The Dynamic Relationship Between Stock-Market-Related Variables and Apartment Purchases by Young Households in Seoul : Evidence from Korea Composite Stock Price Index(KOSPI) Returns, Investor Deposits, and Individual Net Buying. Korea Real Estate Review, 36(3), 57-79.

Jung, Sung Hwa, Wanhee Park, Lee, Sang-Gun and Jung, Duk Yeon. 2026, "The Dynamic Relationship Between Stock-Market-Related Variables and Apartment Purchases by Young Households in Seoul : Evidence from Korea Composite Stock Price Index(KOSPI) Returns, Investor Deposits, and Individual Net Buying", Korea Real Estate Review, vol.36, no.3 pp.57-79. Available from: doi:10.35136/krer.36.3.3

Jung, Sung Hwa, Wanhee Park, Lee, Sang-Gun, Jung, Duk Yeon "The Dynamic Relationship Between Stock-Market-Related Variables and Apartment Purchases by Young Households in Seoul : Evidence from Korea Composite Stock Price Index(KOSPI) Returns, Investor Deposits, and Individual Net Buying" Korea Real Estate Review 36.3 pp.57-79 (2026) : 57.

Jung, Sung Hwa, Wanhee Park, Lee, Sang-Gun, Jung, Duk Yeon. The Dynamic Relationship Between Stock-Market-Related Variables and Apartment Purchases by Young Households in Seoul : Evidence from Korea Composite Stock Price Index(KOSPI) Returns, Investor Deposits, and Individual Net Buying. 2026; 36(3), 57-79. Available from: doi:10.35136/krer.36.3.3

Jung, Sung Hwa, Wanhee Park, Lee, Sang-Gun and Jung, Duk Yeon. "The Dynamic Relationship Between Stock-Market-Related Variables and Apartment Purchases by Young Households in Seoul : Evidence from Korea Composite Stock Price Index(KOSPI) Returns, Investor Deposits, and Individual Net Buying" Korea Real Estate Review 36, no.3 (2026) : 57-79.doi: 10.35136/krer.36.3.3

Jung, Sung Hwa; Wanhee Park; Lee, Sang-Gun; Jung, Duk Yeon. The Dynamic Relationship Between Stock-Market-Related Variables and Apartment Purchases by Young Households in Seoul : Evidence from Korea Composite Stock Price Index(KOSPI) Returns, Investor Deposits, and Individual Net Buying. Korea Real Estate Review, 36(3), 57-79. doi: 10.35136/krer.36.3.3

Jung, Sung Hwa; Wanhee Park; Lee, Sang-Gun; Jung, Duk Yeon. The Dynamic Relationship Between Stock-Market-Related Variables and Apartment Purchases by Young Households in Seoul : Evidence from Korea Composite Stock Price Index(KOSPI) Returns, Investor Deposits, and Individual Net Buying. Korea Real Estate Review. 2026; 36(3) 57-79. doi: 10.35136/krer.36.3.3

Jung, Sung Hwa, Wanhee Park, Lee, Sang-Gun, Jung, Duk Yeon. The Dynamic Relationship Between Stock-Market-Related Variables and Apartment Purchases by Young Households in Seoul : Evidence from Korea Composite Stock Price Index(KOSPI) Returns, Investor Deposits, and Individual Net Buying. 2026; 36(3), 57-79. Available from: doi:10.35136/krer.36.3.3

Jung, Sung Hwa, Wanhee Park, Lee, Sang-Gun and Jung, Duk Yeon. "The Dynamic Relationship Between Stock-Market-Related Variables and Apartment Purchases by Young Households in Seoul : Evidence from Korea Composite Stock Price Index(KOSPI) Returns, Investor Deposits, and Individual Net Buying" Korea Real Estate Review 36, no.3 (2026) : 57-79.doi: 10.35136/krer.36.3.3