不動産価格の高騰要因に関する実証分析

Abstract

Since the late of 80's, Korea has been experienced rapid increases in land prices. For example, Korea's total land asset price reached to the amount which can purchase Canada more than twice at the end of 2008. Purpose of this study is to find how Korean land price will be stabilized and what exact reason of rise is. As the first step, in this paper, I tried to compare Japanese real estate bubble period and Korea's sudden rise period through the use of time series analysis techniques （Such as the Granger causality test） with macroeconomic variables of each country. Then I try to consider whether Korean real estate price follows Japanese bubble period. At the result, price, real economy and stock price of each country give same effect to the land price of Japan and Korea in the period of land price rise. However, interest rate and money supply show different effect which is caused by different economical back ground of Japan and Korea.