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전수민,권선희 아시아.유럽미래학회 2017 유라시아연구 Vol.14 No.4
This study analyzes the short - term and long - term effects of home sale price and lease price on household consumption using quarterly data from 1990 to 2016. In particular, we analyzed the effect of housing prices on household consumption by dividing the households into two groups of households with more than two employees, as well as households with workers, self-employed households, and income groups (low-income, middle-income and high-income families). The main results of the empirical analysis are summarized as follows: Household consumption is affected by the change of home sale price and charter price in the long term compared to the short term. In households, compared to the self-employed households. In addition, households’ consumption of home prices (-0.44%) was much higher than that of households (+0.13%). It is highly probable that the steep rise in home sales prices and the surge in rental prices after the global financial crisis have been a stumbling block to household consumption and delayed economic recovery. Accordingly, it is necessary to make policy efforts to revitalize housing market transactions and stabilize rental prices.