263
Views
6
CrossRef citations to date
0
Altmetric
Articles

A study on the impact of changes in consumer sentiment on the housing market in Korea

Pages 129-146 | Received 25 Feb 2016, Accepted 13 Sep 2016, Published online: 14 Oct 2016

References

  • Arellano, M., & Boverb, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29–51. doi: 10.1016/0304-4076(94)01642-D
  • The Bank of Korea. (2015). Retrieved from http://ecos.bok.or.kr/2015.5.1.
  • Caliman, T. (2009). The risk of falling house prices in Italy. International Review of Economics, 56, 401–423. doi: 10.1007/s12232-009-0068-7
  • Camerer, C. F. (2005). Behavioral Economics. Paper presented at World Congress of the Econometric Society, London.
  • Capozza, D. R., Hendershott, P. H., & Mack, C. (2004). An anatomy of price dynamics in illiquid markets: Analysis and evidence from local housing markets. Real Estate Economics, 32(1), 1–32. doi: 10.1111/j.1080-8620.2004.00082.x
  • Capozza, D. R., & Schwann, M. S. (1989). The asset approach to pricing urban land: empirical evidence. AREUEA Journal, 17(2), 161–174. doi: 10.1111/1540-6229.00481
  • Carroll, C. D., Jeffrey, C. F., & David, W. W. (1994). Does consumer sentiment forecast household spending? If so, why? The American Economic Review, 84(5), 1397–1408.
  • Case, K. E., & Shiller, R. J. (1990). Forecasting prices and excess returns in the housing market. Real Estate Economics, 18(3), 253–273. doi: 10.1111/1540-6229.00521
  • Chung, E. C. (2010). Consumer sentiment and housing market activities: impact on sales price of housing. Journal of the Korea Real Estate Analysts Association, 16(3), 5–20.
  • Chun, H. J. (2015). A study on the dynamic characteristics of the housing price using spatial econometrics model. Korea Real Estate Academy Review, 61, 5–15.
  • Chun, H. J., & Park, H. S. (2012). A study on dynamic correlations between the housing market and factors of macroeconomic variables. Housing Studies Review, 20(2), 125–147.
  • DiPasqale, D., & Wheaton, W. C. (1992). The markets for real estate assets and space: A conceptual framework. Journal of the American Real Estate and Urban Economics Association, 20(2), 181–198. doi: 10.1111/1540-6229.00579
  • Dua, P., & Smyth, D. J. (1995). Forecasting US home sales using BVAR models and survey data on households’ buying attitudes for homes. Journal of Forecasting, 14, 217–227. doi: 10.1002/for.3980140306
  • Goodman, J. L. (1994). Using attitude data to forecast housing activity. Journal of Real Estate Research, 9(4), 445–453.
  • Johnson, M. A. (2010). Studying how changes in consumer sentiment impact the stock markets and the housing markets (Theses and dissertations). University of New Orleans.
  • Jung, K. I. (2006). Asset prices and monetary liquidity in Korea. Association of Korean Economic Studies, 17, 257–287.
  • Kamakura, W., & Gessener, G. (1986). Consumer sentiment and buying intentions revisited: a comparison of predictive usefulness. Journal of Economic Psychology, 7, 197–220. doi: 10.1016/0167-4870(86)90004-8
  • Katona, G. (1968). Consumer behavior: Theory and findings on expectations and aspirations. The American Economic Review, 58(2), 19–30.
  • Kim, D. W., & Yu, J. S. (2013). An analysis on how psychological attitudes on the house price affect the trading volume. Housing Studies Review, 21(2), 73–92.
  • Kim, S. W., & Kim, E. M. (2009). Credit to households’ effect on housing market: Comparison before and after financial crisis. Journal of the Korean Regional Science Association, 25(4), 123–147.
  • Kim, Y. Y. (2013). Is there a stochastic non-fundamental trend in Korean housing price? inference under error correction model. KYONG JE HAK YON GU , 6(4), 117–148.
  • Korea Appraisal Board. (2015). Retrieved from http://www.kab.co.kr/2015.5.1.
  • Korea Research Institute for Human Settlements. (2015). Retrieved from http://www.krihs.re.kr/2015.5.1.
  • Kwon, H. J., & Yu, J. S. (2013). The interrelationship between land price and housing price by panel simultaneous equations model in the metropolitan area. Korea Real Estate Review, 23(3), 73–92.
  • Lambertini, L., Mendicino, C., & Punzi, M. T. (2013).  Expectation-driven cycles in the housing market: Evidence from survey data. Journal of Financial Stability, 9(4), 518–529. doi: 10.1016/j.jfs.2013.07.006
  • Lastrapes, W. D. (2002). The real price housing and money supply shocks: Time series evidence and theoretical simulations. Journal of Housing Economics, 11, 40–74. doi: 10.1006/jhec.2002.0309
  • Lee, Y. S. (2008). Housing price and macro economy in Korea: SVAR analysis. Journal of the Korea Real Estate Analysts Association, 14(3), 129–147.
  • Leung, A. Y. T., Xu, J., & Tsui, W. S. (2009). A heterogeneous boundedly rational expectation model for housing market. Applied Mathematics and Mechanics, 30, 1305–1316. doi: 10.1007/s10483-009-1010-1
  • Love, I., & Zicchino, L. (2006). Financial development and dynamic investment behavior: Evidence from panel VAR. The Quarterly Review of Economics and Finance, 46(2), 190–210. doi: 10.1016/j.qref.2005.11.007
  • Malpezzi, S. (1996). Housing prices, externalities, and regulation in U.S. metropolitan areas. Journal of Housing Research, 7(2), 209–241.
  • McCarthy, J., & Peach, W. P. (May 2002). Monetary policy transmission to residential investment. FRBNY Economic Policy Review, 2002, 139–158.
  • Ministry of Land, Infrastructure and Transport. (2015) Retrieved from http://rt.molit.go.kr/2015.5.1.
  • Mullainathan, S., & Thaler, H. T. (2000). Behavioral Economics (NBER Working paper No.7948). Cambridge, MA: MIT Press.
  • Park, H. S., & Yoo, E. Y. (2014). A study on the dynamic patterns and determinants of metropolitan house prices in Korea by using spatial panel data model. Journal of the Korean Regional Science Association, 30(1), 3–18.
  • Poterba, J. M. (1984). Tax subsidies to owner-occupied housing: An asset market approach. Quarterly Journal of Economics, 98(4), 731–752.
  • Ritter, J. R. (2003). Behavioral finance. Pacific-Basin Finance Journal, 11(4), 429–437. doi: 10.1016/S0927-538X(03)00048-9
  • Ryu, H. W., & Koh, S. S. (2012). An empirical study on the relationship between price change and trading volume – Evidence from Seoul housing market. Journal of the Korea Real Estate Analysts Association, 18(3), 23–36.
  • Weber, W., & Devaney, D. (1996). Can consumer sentiment surveys forecast housing starts? The Appraisal Journal, 4, 343–350.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.