매매, 전세, 월세 시장간 관계의 구조적 해석

초록

This study suggests a new interpretation of the Korean housing market based on a three-dimensional structure among sales, chonsei, and pure monthly rent markets. The paper develops theoretical model relating three sub-markets and performs empirical analysis using structural equation model. The theoretical analysis shows that chonsei is an intermediate market affected by both pure monthly rent and sales markets rather than a simple rental market. Empirical analysis informs that the pure monthly rent market shows rational responses on current market fundamentals including supply and demand factors. Although it does not show a clear picture, the sales market is affected by market fundamentals as well as expectation factors. As the focused market, chonsei market is strongly influenced by both monthly rent and sales markets.

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