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@article{ART001138881},
author={BYOUNGKY CHANG and 심성훈},
title={The Effects of Macroeconomic Fundamentals on Housing Market: Considering Structural Breaks},
journal={The Korea Spatial Planning Review},
issn={1229-8638},
year={2004},
volume={41},
pages={6-6}

TY - JOUR
AU - BYOUNGKY CHANG
AU - 심성훈
TI - The Effects of Macroeconomic Fundamentals on Housing Market: Considering Structural Breaks
JO - The Korea Spatial Planning Review
PY - 2004
VL - 41
IS - null
PB - 국토연구원
SP - 6
EP - 6
SN - 1229-8638
AB - The purpose of this study is to examine the relationship between housing price and the other economic variables in consideration of structural breaks during 1986-2004. To this end, data analysis was conducted through the methods such as Zivot and Andrews'(1992) unit root test and Gregory and Hansen's(1996a, b) cointegration test. We found the following empirical results. The relationship between housing price and interest rate has changed from positive to negative after structural break. In addition, the effect of economic growth on the housing price increased. This suggests that the market fundamentals play more important roles on determining of housing price in the long run. Further this finding gives some policy implications for the housing market. That is, the long-term housing policy to stabilize housing markets should be considered in accordance with the macroeconomic policy (including interest rate) as well as tax policy.
KW - causality;cointegration;housing price;interest rate;structural break;
DO -
UR -
ER -

BYOUNGKY CHANG and 심성훈. (2004). The Effects of Macroeconomic Fundamentals on Housing Market: Considering Structural Breaks. The Korea Spatial Planning Review, 41, 6-6.

BYOUNGKY CHANG and 심성훈. 2004, "The Effects of Macroeconomic Fundamentals on Housing Market: Considering Structural Breaks", The Korea Spatial Planning Review, vol.41, pp.6-6.

BYOUNGKY CHANG, 심성훈 "The Effects of Macroeconomic Fundamentals on Housing Market: Considering Structural Breaks" The Korea Spatial Planning Review 41 pp.6-6 (2004) : 6.

BYOUNGKY CHANG, 심성훈. The Effects of Macroeconomic Fundamentals on Housing Market: Considering Structural Breaks. 2004; 41 6-6.

BYOUNGKY CHANG and 심성훈. "The Effects of Macroeconomic Fundamentals on Housing Market: Considering Structural Breaks" The Korea Spatial Planning Review 41(2004) : 6-6.

BYOUNGKY CHANG; 심성훈. The Effects of Macroeconomic Fundamentals on Housing Market: Considering Structural Breaks. The Korea Spatial Planning Review, 41, 6-6.

BYOUNGKY CHANG; 심성훈. The Effects of Macroeconomic Fundamentals on Housing Market: Considering Structural Breaks. The Korea Spatial Planning Review. 2004; 41 6-6.

BYOUNGKY CHANG, 심성훈. The Effects of Macroeconomic Fundamentals on Housing Market: Considering Structural Breaks. 2004; 41 6-6.

BYOUNGKY CHANG and 심성훈. "The Effects of Macroeconomic Fundamentals on Housing Market: Considering Structural Breaks" The Korea Spatial Planning Review 41(2004) : 6-6.