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http://dx.doi.org/10.14400/JDC.2020.18.11.043

Analysis of the Effect of Expected Housing Prices and Liquidity on the Housing Market  

Jeon, Hyeonjin (Department of Economics, Kyungnam University)
Kwon, Sunhee (Department of Global Economics, Daejin University)
Publication Information
Journal of Digital Convergence / v.18, no.11, 2020 , pp. 43-49 More about this Journal
Abstract
The purpose of this study was to analyze factors affecting the housing market by setting household loans and M2, which are liquidity indicators, and the industrial production index reflecting economic fluctuations, as variables, and to determine the effect of expected housing prices. An empirical analysis was conducted based on the data from January 2005 to May 2020, and the HP filter was applied to the real house price as the expected house price variable. As a result of the analysis, it was found that real household loans, real M2, and so on, had an effect on house prices, and expectations for past house prices and house prices increased the house prices in the present period. These results show that even though the liquidity expansion is aimed at revitalizing the economy, it can affect housing prices as well.
Keywords
Housing Price; Asset price; Monetary Liquidity; M2; Household loan;
Citations & Related Records
Times Cited By KSCI : 4  (Citation Analysis)
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