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Structural changes in the Korean housing market before and after macroeconomic fluctuations

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  • Structural changes in the Korean housing market before and after macroeconomic fluctuations
  • Kim, Sanghyun; Kim, Juhyung; Kim, Jaejun
  • Multidisciplinary Digital Publishing Institute


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Title Structural changes in the Korean housing market before and after macroeconomic fluctuations
Similar Titles
Material Type Articles
Author(English)

Kim, Sanghyun; Kim, Juhyung; Kim, Jaejun

Publisher

[Basel, Switzerland]:Multidisciplinary Digital Publishing Institute

Date 2016-04
Journal Title; Vol./Issue Sustainability:vol. 8(no. 5)
Pages 20
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Conditions
Economy < Economic Administration
Holding MDPI

Abstract

The purpose of this paper is to identify structural changes in the Korean housing market for evaluating the sustainability of the Korean housing market and to derive important implications to seek housing business strategies and public policies. Two time periods were analyzed: April 2001–December 2007 and January 2008–December 2014 to identify the impact after the global financial crisis of 2008. The market was divided into transaction, chonsei, and monthly rent. The correlations were analyzed using a vector error correction model (VECM). A key result was that during the economic depression, demand for chonsei did not flow to the transaction market; this phenomenon affected the overall recovery of the housing market. The supply of chonsei today is rapidly decreasing with the depression in the transaction. (The rest omitted)