High-End Symposium on Northeast Asia International and Regional Studies- "Structural Vector Autoregression: An Application to the Korean Housing Market" Successfully Held
On December 9th, 2022, the lecture "Structural Vector Autoregression: An Application to the Korean Housing Market " of the High-End Symposium on Northeast Asia International and Regional Studies was successfully held at Jilin University. The lecture was jointly organized by the Northeast Asian Research Center of Jilin University, the Northeast Asian Studies College of Jilin University, and the Special Committee for Northeast Asian Regional Studies, Academic Association for International Cultural Exchange. The Northeast Asian Studies College of Jilin University invited Professor Park Cheol Beom from the Department of Economics of Korea University to deliver the lecture. Associate Professor Xuan Chunji of the Northeast Asian Studies College of Jilin University hosted the lecture.
Professor Park Cheol Beom is a former professor at the National University of Singapore and currently a professor at the Department of Economics, Korea University. His main research interests include macroeconomics, financial markets, and the Korean housing market.
In the first part of the lecture, Prof. Park introduced in detail the structural vector autoregression (SVAR) model, the SVAR model under short-term restrictions, the SVAR model under long-term restrictions, the SVAR model under sign restrictions, and the SVAR model under shock-based restrictions. In the second part of the lecture, Prof. Park introduced the Korean power tax system and its impact on the Korean real estate market. In the third part of the lecture, Professor Park introduced the process of empirical research and analysis of the Korean real estate market using the SVAR model. Finally, Professor Park explained the recent development of the Korean real estate market in terms of supply shocks, real demand and speculative demand based on the results of the study.
During the question and answer session, all the students who attended the lecture spoke and asked questions. Professor Park was very responsive to the students' questions and had an active discussion with the faculty and students, and the atmosphere was lively. At the end of the event, Associate Professor Xuan Chunji said that Professor Park's lecture and his research on the topic were of great value, which helped the students and faculty of the Northeast Asian Studies College of Jilin University to clarify their research ideas and discover new research perspectives.
