부동산 소득과 부동산 자산 간 선순환 구조에 관한 연구

Abstract

Although real estate accounts for the most household assets in Korea, only a few studies have been performed to identify the determinants of real estate assets, and in particular, few studies on income from real estate. Utilizing the SUR two-way fixed effect model, this study analyzed the relationship between assets and income from real estate. The empirical results present that the household head creates an income stream through real estate assets, and the income stream is invested in a virtuous cycle to accumulate real estate assets. However, the reciprocal relationship between real estate assets and income for the long-term virtuous cycle was about 0.2, which is not strong. This result may imply that the main purpose of Koreans buying real estate assets is for arbitrage transactions rather than cash flow. As this study is the first attempt to demonstrate the long-term correlation between real estate assets and income, further research needs to provide more in-depth discussion and policy implications.