주택시장 뉴스, 소비심리, 가격, 거래량의 관계

다국어 초록 (Multilingual Abstract)

In this paper, we use the vector autoregressive model (PVAR) for panel data composed of Seoul, Gyeonggi, Busan, Incheon and Daegu regions from July 2008 to December 2016, to examine the relationship among news coverage, consumers’ sentiment and housing market trends (fluctuations in price and volume). Existing studies show that the relationship between news coverage, consumers’ sentiment, and housing market trend has a cyclical effect. There
are also mixed results between the news stories and the sentiment, either in a bidirectional or a one-way causal relationship. As a result of the analysis, we conclude that sentiment influences on the news report, and also affects the trading volume, instead of the media frame effect that the news report affects the sentiment. Consumer sentiment interacts with price, and price affects trading volume. Consumer sentiment showed a decline in trading
volume shocks and an uptrend in price and news shocks. The news coverage showed a downward reaction to volume shocks, a rise in consumer sentiment and price shocks. The news index showed 5% of the sentiment, 5% of the price, and 3% of the trading volume.
Consumer sentiment index accounts for 8% of the news reading index change, 10% of the price change, and 14% of the trading volume change respectively.

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