주택시장의 국제적 네트워크 연계성 분석

다국어 초록 (Multilingual Abstract)

This study investigates international linkage among housing markets in G7 countries, using the network connectedness developed in Diebold and Yilmaz (2014, 2016). We first estimate the connectedness measures among the G7 housing markets, and derive the underlying network topology. In order to examine dynamic pattern of the network connectedness around the global financial crisis, we also discuss the rolling-sample analysis.
The basic findings are as follows. First, the network connectedness across housing markets seems rather weak. Second, the rolling-sample analysis shows that the total connectedness has increased gradually through time, with cyclical variations over the business cycle. Third, the US housing market has been most influential in generating network effect on other markets during the global financial crisis.

참고문헌 (Reference)

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