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http://dx.doi.org/10.14400/JDC.2019.17.1.055

Analysis of the Relationship between House Price, Income Inequality and Macroeconomic Variables  

Kwon, Sun-Hee (Department of Global Economics, Daejin University)
Hyun, Seong-Min (Department of Global Economics, Daejin University)
Publication Information
Journal of Digital Convergence / v.17, no.1, 2019 , pp. 55-62 More about this Journal
Abstract
This study analyzed the relationship between housing price, purchase price, Gini coefficient, interest rate, and the employment, considering that the change in housing price was an important factor influencing macroeconomic variables and income inequality. The panel VAR model was constructed considering the panel data, and the Granger causality, Impulse response and Variance dispersion analysis were performed. As a result, when compared to before and after the global financial crisis, it was shown that the rent price had an effect on income inequality, but in the following period, both the rent price and the selling price affected the income inequality. And that it has a large impact on inequality. In addition, the causality between income inequality and employment rate, interest rate, and tax rate was confirmed. Therefore, it is expected that it will be a desirable policy to mitigate income inequality considering the influence of policy variables for economic activation including government real estate policy.
Keywords
Income inequality; Housing sales price; Rent price; Panel VAR model; Impulse response analysis;
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Times Cited By KSCI : 6  (Citation Analysis)
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