Can government stabilize the housing market? The evidence from South Korea

被引：0
|
作者：
Jang, Hanwool [1 ]
Song, Yena [2 ]
Ahn, Kwangwon [3 ]
机构：
[1] Korea Adv Inst Sci & Technol, Grad Sch Future Strategy, Daejeon 34141, South Korea
[2] Chonnam Natl Univ, Dept Geog, Gwangju 61186, South Korea
[3] Yonsei Univ, Dept Ind Engn, Seoul 03722, South Korea
来源：
PHYSICA A-STATISTICAL MECHANICS AND ITS APPLICATIONS | 2020年 / 550卷
基金：
新加坡国家研究基金会;
关键词：
Housing policy; Bubble; Long-run equilibrium; Market efficiency; REAL-ESTATE BUBBLE; FINANCIAL BUBBLES; HURST EXPONENT; STOCK;
D O I：
10.1016/j.physa.2019.124114
中图分类号：
O4 [物理学];
学科分类号：
0702 ;
摘要：
This study aims to examine the effectiveness of government policies in stabilizing the housing market in South Korea. Analysis of condominium prices between 2012 and 2019 in conjunction with housing policy and regime changes reveals that: (1) housing policies effectively restrained the rapid increase of housing prices; (2) market efficiency was also improved; and (3) finally, housing prices approached close to long-run equilibrium. Our findings strongly indicate that government policies can be effective tools to stabilize housing prices, as well as improve market conditions. (C) 2019 Published by Elsevier B.V.
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