부동산정책이 아파트시장에 미치는 영향에 관한 연구

Korea has a tendency to solve the housing problem which is interconnected with residing stability of a citizen with the political matter than an economic principle. That policy is being repeated the regulation and the deregulation along the business cycle or the political power. However, it is shown the limit to the analysis that the response of market for the real estate and the flow of the market have correspondence to the political intention along the political regulation. The reason is following; it is difficult to make numerically the regulation of the policy for real estate or the level of deregulation. In this research, I estimate the level of the policy monthly investigating the policy for real estate since 1986 and use them as a policy variable adding the number of policy enforcement. ‘Model VAR’ is set with the policy variable and the rate of price fluctuations for the apartment market. Also, I analyzed the response of the market of each apartments by the policy for real estate with the impulse response function and the variance decomposition analysis. I conclude that the response of the market of apartment coincides with the intention of the policy for real estate and that it has different response with the local market or housing scale through the analysis.