공간 패널 모형을 이용한 인터넷 정보 검색과 서울시 아파트 매매 및 전세가격 간 관계 분석 = Spatial Panel Analyses on the Relationship between Internet Information Searching and Apartment Sale and Chonsei Prices in Seoul

다국어 초록 (Multilingual Abstract)

This study explored the relationship between Internet information searches and apartment sale price and Chonsei prices in Seoul. Naver Trend data was collected using the keywords XXX-gu apartment and XXX-gu Chonsei targeting 25 autonomous districts in Seoul and for which relevant apartment sale price and Chonsei price indices were obtained. Because the data set possesses geographical attributes, it was possible to examine Moran``s-I of error terms for ordinary panel data regression results. The study verified that the panel SAR model was appropriate for reducing the spatial correlation in all models. It can be concluded from the estimation results that Internet information searches about apartments have a positive effect on apartment sale prices but that information searches about Chonsei have a negative effect on apartment sale prices although Chonsei prices seem unaffected. The relationship between district-specific Internet information searches and apartment sale prices can be described by the spatial spillover effect. Analysis of this effect reveals that the sign of the indirect (spillover) effect differs from that of the direct effect which suggests that the apartment market between districts is a competitive market. The indirect effect of Internet information searches is larger than the direct effect on apartment prices. In conclusion, this study suggests that Internet information searches related to apartments and Chonsei have little relation to Chonsei prices, however, it has a significant effect on apartment sale prices.

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