콕스비례위험모형을 이용한 부동산 금융규제정책의 효과성 결정요인 분석

초록

This study aims at analyzing the determinants that affect the effectiveness of real estate financial regulation policies using the cox proportional hazard model. As a result, it is found that the higher price protection effect against the real estate financial regulation policy is based on the characteristics that have generally favorable by the residents as well as the accessibilities to conveneint and comfortable amenities. Macroeconomic characteristics are found to be an important factor in the effectiveness of real estate financial regulatory policy. Specifically, it is concluded that the real estate financial regulation policy, which is applied when the general economy is stable, may be more effective in achieving its goal. Additionally, in Seoul, it is found that price declines due to the financial regulation is discriminatory, depending on where the apartment is located. In the case of Southeast region, which includes four districts of Gangnam, the price protection effect is higher than all other regions. In conclusion, this study suggests that exit strategy is needed to resolve the stagnation of the real estate market in order for the goal to be achieved through the real estate financial regulation policy. This can be achieved by increasing the possibility of alternative investment of financial capital. In addition, in order to strengthen the effectiveness of current real estate policy, it is confirmed that microscopic tweezers regulation by region strongly needs.

키워드