earticle

영어

This paper analyzes the convergence of housing prices in (united) Changwon City, which was merged with Masan City, Changwon City and Jinhae City on July 1, 2010. The analysis period was a total of 138 observation months from January 2004 to June 2015 when data could be obtained. Empirical results based on modified σ-convergence, Pairwise gaps tests and panel unit tests showed that there was no evidence of convergence among housing-prices in the sample period. When analyzed before and after the consolidation, there was no evidence of convergence before consolidation, but evidence of convergence after- consolidation. Specific results were found that show a submarket of two groups existed. There was evidence of convergence by both groups that were divided by housing-price levels.