| Title |
An Analysis of the Relationship between Financial Technology Market Variables and Housing Prices by Type of Housing Using VECM |
| Authors |
Sang, Jun ; Lee, Suk-Won ; Kim, Ju-Hyung ; Kim, Jae-Jun |
| Keywords |
Housing Price ; Financial Technology ; Granger Causality ; Vector Error Correction Model |
| Abstract |
The recent global financial crisis led to international downturn of real estate and housing market and Korean economy was no exception to phenomenon. Therefore, it is necessary to provide effective means of domestic housing policy for resolving this situation. And it is possible by performing structural diagnosis of the relationship between housing price and other investment asset variables. However, there is a lack of previous research on that subject, so this paper considered housing as an investment asset and analyzed the relationship between housing purchase price index, housing 'Jeonse' price index, and major investment assets in financial technology market by constructing a vector error correction model to compensate for that lack. Based on the analysis results the factors have been identified, and the results are as follows. Types, extent, and fluctuation of financial technology related variables affecting housing price were different by type of housing. And there was a difference in perception by type of housing as a asset growth way and an actual living space. In addition, there were some conflicting results with previous studies. It is considered that it reflects recent changes in housing market. |