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한국개발연구. Vol. 10, No. 3, November 1988, pp. 51-63
https://doi.org/10.23895/kdijep.1988.10.3.51
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An Empirical Test of the Efficiency of the Housing Market: A Case Study of Kangnam Apartment Market of Seoul, Korea (Written in Korean)
Abstract
본 연구의 목적은 주식시장이론에서 개발된 시장의 중강효율가설(semi-strong from of the efficient market hypothesis)을 적용, 서울 강남지역 137개 유형의 아파트에 대한 1983년부터 1988년까지의 분기별 매매가격자료를 사용하여 주택매매시장의 효율성을 실증분석하고자 함에 있다. 본 연구의 실증분석결과에 의하면 주택투자자들이 정부정책의 변화나 아파트 가격에 영향을 주는 공공정보들을 빠른 시일내에 자본화(capitalize)하지 못함으로써 주택매매시장은 재정이윤(arbitrage profit)이 상당기간 존재하는 비효율성을 갖고 있는 것으로 나타났다. 이는 주택이라는 재화의 특수성에도 원인이 있지만 더 중요한 원인으로는 만성적인 주택수급 불균형과 공공정보에 대한 투자자들의 이질적 기대(heterogeneous expecta-tion)를 들 수 있다.
JEL Code
H31
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Other articles from this issue
- The Logic and Morality of Market Mechanism : Towards an Ideological Interpretation of Deregulation (Written in Korean)
- Savings, Investment, and the External Debt in Korea (Written in Korean)
- An Empirical Test of the Efficiency of the Housing Market: A Case Study of Kangnam Apartment Market of Seoul, Korea (Written in Korean)
- An Empirical Analysis on the International Linkage of Korea's Industrial Organization (Written in Korean)
- The Choice of a Market Structure Index and Its Policy Relevance (Written in Korean)
- An Evaluation of the Regulation Policy on the Korean Alcoholic Drinks Industry (Written in Korean)
- A Study on the Financing Methods and Medium-term Financial Projection (1988~1992) of the National Pension Scheme (Written in Korean)
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