Abstract
This chapter studies the dynamics of house prices between the two Korean housing submarkets, a premium market of Kangnam area in Seoul and other provincial markets, and addresses the correlation between house prices, bank lending, and other macroeconomic factors such as income and interest rate during the study period (1999–2011). Unlike the previous literature, this study focuses on the exact effect of bank lending on the dynamics of the apartment house prices in the long- and short-run analysis by considering the seasonal adjustment for the dependent and independent variables both.
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