earticle

영어

The purpose of this study is to examine the effects of housing policy and monetary policy implemented to the change rate of housing price by four housing types. Based on monthly data from January 2005 to December 2015, empirical results show that inclining key interest rates and the restrictive housing policy tend to accelerate the change rate of housing price unlike stated by the theory. In particular, the effect of the key interest rates reflected in housing types differently. In the case of single housing, the monetary policy occured the opposite effects unlike total housing. Housing policy shows significant results in all types of housing. The apartment housing and the villa housing were reacting to changes in supply policy of housing unlike single housing. No wonder that apartment housing with 60.4 percent of total housing units are preferred as policy measures. However, single housing and villa housing should also be taken into consideration in housing policy measures because other types except apartment housing are occupied by a total of 43.5 percent of the population, and the price of housing on the personal properties can be regarded as the whole asset of every household.