부산대학교 도서관

This study analyzed the effectiveness of monetary policy from the perspective of the stabilization of housing markets using a quantile regression model combined with the concept of difference in differences. Monetary policy was assessed based on interest rate fluctuations over a period of 4 quarters or more, both during both periods of rate increases and decreases, for apartments per square meter in Seoul, the capital area, and the 5 major metropolitan cities in the local regions. The analysis covered a total of 3 periods with 12-month and 18-month lag analyses. Aa a result, first, apartments in local metropolitan cities showed a consistent upward trend regardless of the changes in policy interest rates, with a particularly high rate of increase observed for high-priced apartments (5th quintile). Second, the rate of increase for high-priced apartments (5th quintile) in local metropolitan cities varied between 5.4% and 10.9% during different policy analysis periods, which was higher than the rate of increase for medium to high-priced apartments (3rd to 4th quintile) in Seoul and the capital region. This study suggests that fluctuations of interest rates do not have a significant impact on suppressing the price increase of apartments in local metropolitan cities. These results indicate that the application of housing policy is challenging to implement consistently across different regions and price levels.