주택시장의 네트워크 구조 분석: 수도권 아파트 매매시장의 사례 = An Analysis of Network Structure in Housing Markets: the Case of Apartment Sales Markets in the Capital Region

다국어 초록 (Multilingual Abstract)

This paper analyzes the topological structure of housing market networks with an applicationof minimal spanning tree method into apartment sales markets in the Capital Region over the period2003.7-2014.3. The characteristics of topological network structure gained from this application to someextent share with those found in equity markets, although there are some differences in their intensitiesand degrees, involving a hierarchical structure in networks, an existence of communities or modules innetworks, a contagious diffusion of log-return rate across nodes over time, an existence of correlationbreakdown due to the time-dependent structure of networks and so on. These findings could be partiallyattributed to the facts that apartments as a quasi-financial asset have been strongly overwhelmed by speculativemotives over the period investigated and they can be regarded as a housing commodity with thehighest level of liquidity in Korea.

참고문헌 (Reference)

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