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Exchange rates and housing market(환율과 주택시장) : Korean case(한국의 경험)

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Frame of Image rical Results V. Summary and Concluding Remarks
※ This research was supported by Yeungnam Univ. research grants in 2007
158 국토연구 제54권 (2007. 9)
I. Introduction
As globalization proceeds, foreign exchange market shocks have wide impacts on various economic aspects. Especially the effects of foreign exchange rate movements have drawn a lot of attentions since the Asian financial crisis in 1997, because misaligned currency values were often blamed for the cause of the crisis. This study examines how the exchange rates are related to the housing market. In specific, the impacts of foreign exchange rates on housing investment and housing price are evaluated with an empirical investigation into Korean experience. There are two periods of time when soaring housing prices in Korea became a social as well as economic problem. The first period was from 1988 to 1990, and recently from 2003 to 2006. During the first period, average housing price in Seoul area skyrocketed by 53.8%, and it soared again by 24% in the second period of time. Interestingly enough, the periods of the hot housing market coincide with the periods of strong Korean won. During the year 1986 to 1990 Korean won appreciated 24% against US dollar. Korean won has been strong again recently with 26% appreciation rate during 2001 to 2006. With the observations, this study examines how the exchange rates and housing market are related each other. Specifically, is the correlation between housing price and exchange rate
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Full Text
Title Exchange rates and housing market(환율과 주택시장)
Similar Titles
Sub Title

Korean case(한국의 경험)

Material Type Reports
Author(English)

Han, Dong-Geun

Publisher

Korea Research Institute for Human Settlements

Date 2007-09
Journal Title; Vol./Issue 국토연구:54
Pages 18
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Economic Conditions
Economy < Economic System