국제사회 ; 한국의 도시별 집세의 수렴화 현상에 대한 연구 = International Society ; A Study On the Convergence of Housing Rent Indices among Korean Cities

다국어 초록 (Multilingual Abstract)

This study is to investigate the long run convergence behavior of the housing rent of Korean 21 cities, by using the Phillips and Sul (2007)`s newly developed panel convergence test method. The empirical result shows that the 21 Korean cities nationwide converge in four different groups according to the level of convergence. The 1st group is composed of 3 Seoul metropolitan cities, the 2nd group is composed of Bucheon, the 3rd group is composed of 10 cities such as Busan, Daegu, etc, and the 4th group is composed of 7 cities including Jeonju and Mokpo etc. About the speed of convergence among the member cities within the group, the 1st group has the highest speed and next the 4th group, followed by the 2nd group, and finally the 3rd group. The fact that the member cities of the 1st group with the highest rent level and the 4th group with the lowest rent level converges rapidly means the polarization of rent between the two groups. Finally, this paper suggests policy implications to relax the widening gap of individual income between the higher and the lower rent convergent groups.