Abstract
This paper investigates the network topology of the Korean housing market using the connectedness methodology. The basic finding is that, among various combinations of regional housing markets, Seoul has been the most influential market in Korea. We also present evidence that other metropolitan cities affect only the neighboring regions. As for the results from the rolling-sample analysis, the net directional connectedness of Seoul appears to have declined over the sample period. Although Seoul still remains the center of the Korean housing market, neighboring regions have become increasingly more influential in affecting other regional markets. These findings suggest that the policy for balanced national development might have changed the transmission mechanisms in the Korean housing market.
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