Browse > Article
http://dx.doi.org/10.14400/JDC.2014.12.5.89

Analysis of KOSPI·Apartment Prices in Seoul·HPPCI·CLI's Correlation and Precedence  

Choi, Jeong-Il (Dept. of Business, Sung Kyul University)
Lee, Ok-Dong (Dept. of Real Estate, Sung Kyul University)
Publication Information
Journal of Digital Convergence / v.12, no.5, 2014 , pp. 89-99 More about this Journal
Abstract
Correlation of KOSPI from stock market and Apartment Prices in Seoul HPPCI from real estate market has been found from this research. Furthermore, from the comparison of those indicators' flows, certain precedence was found as well. The purpose of this research is to analyze correlation and precedence among KOSPI, Apartment price in Seoul, HPPCI and CLI. As for predicting KOSPI of stock market and real estate market, it is necessary to find out preceding indices and analyzing their progresses first. For 27 years from the January 1987 to December 2013, KOSPI has been grown by 687%, while CLI showed 443%, Apartment of Seoul showed 391%, HPPCI showed 263% of growth rate in order. As the result of correlation analysis among Apartment of Seoul, CLI, KOSPI and HPPCI, KOSPI and HPPCI showed high correlation coefficient of 0.877, and Apartment of Seoul and CLI showed that of 0.956 which is even higher. Result from the analysis, CLI shows high correlation with stock and real estate market, it is a good option to watch how CLI flows to predict stock and real estate market.
Keywords
KOSPI; Composite Leading Indicator; the Price of Apart in Seoul; HPPCI; Correlation;
Citations & Related Records
연도 인용수 순위
  • Reference
1 K. S, Song⋅M. O, Jeong⋅S. Y, Lee, "A Study on the Relationship between Housing Purchase Price Composite Index and Korea Stock Price Index & Industry Group Indices on the Stock Market," School Paper, Vol 48, Korea Real Estate Academy, 2012, pp.77-93.
2 M. K. Song⋅J. A. Yoon, "Relationship of Stock Market, Bond Market and Real estate Market," Capital Market Forum, Vol 3, No 1, KSRI, pp.152-162, 2006.
3 B. J, Yim․S. Y, Han, "The Empirical Study of the Relationship and compares with the Time Series Properties of The Stock Market and Real Estate Market Index," Journal of Industrial Economics and Business, Vol 22, No 4, Korea Industrial Economic Association, 2009, pp.2055-2081.
4 C. H. Chung⋅D. H. Kim, "The Economic Fundamentals and Time-Varyng Comovements of Asian Stock Markets to US Market," Financial Engineering, Vol 8, No 1, KAFE, 2009, pp.75-108.
5 G. C, Um, "A Study on the Effect of Macroeconomic Factors to Housing Price Index : Comparison with KOSPI & Construction Stock Index," Journal of the graduate school, Vol 33, Kyeong-gi Graduate School, 2004, pp.123-135.
6 H. J, Chi, "Circulative Relation of Stock, Bond, Real Estate Markets to Business Cycle," Korean Management Review, Vol 27, No 5, The Korean Academic Society of Business Admini., 1999, pp.1277-1296.
7 H. J, Chi, "Relationship of KOSPI with Housing and Housing Lease Prices," Housing Financial, Vol 34, No 2, Korea Housing Bank, 2001, pp.1-26.
8 J. H. Cho, Reality Principles, Publishing of KunKook Univ., p.7, 2002.
9 J. H. Hong⋅K. H. Moon, "A Study on the Interdependence among Real Estate, Stock, Bond and FX Markets in Korea," Financial Engineering, Vol 8, No 2, KAFE, 2009, pp.97-125.