earticle

영어

This study analyzed the relationship condition between asset markets before and after the global financial crisis. As a result of the empirical analysis, there were differences in the market profit rate and decomposition between the stock market and real estate market in the syntonization verification, and accordingly, there was no appearance of syntonization phenomenon. Additionally, as a result of conducting the impulse response analysis, both the stock market and real estate market showed different responses about the shock of financial crisis before and after the occurrence. Moreover, as a result of conducting the variance decomposition, when the before and after conditions of the financial crisis were compared, it was displayed that the condition after the occurrence of the financial crisis caused one to be more influenced by other variables than oneself regarding the prediction error variance. Compared to how the real estate market responded through an 'L' shape regarding external shock before the global financial crisis, it responds with the shape of oblique line with low slope after the occurrence. Furthermore, even in case of the speed of response in consideration shown about the shock, it was much faster before the financial crisis. This phenomenon is assumed as a result of the learning effects displayed after the financial crisis in 1998.