| 초록 |
This study performs Granger casuality tests of farmland price, rent, rice income and debt-property ratio based on a farmland price determination model developed by the authors. Unlike previous studies, we examine potential differences among these factors by location; 'suburb location' va. 'plain location'. Specifically, this study analyzes causal relationships among farmland price, rent, rice income, debt-property ratio, per capital GDP, and interest rate by utilizing Granger Causality test procedure in a VAR framework. The main findings of this study are summarized as follows. First, in suburb and plain locations, it seems that rice income Granger causes farmland price. Second, the relationship between farmland price and rent is found to be different in two location. In suburb location, farmland price Granger causes rent. However, in plain location, rent is found to Granger cause farmland price. Third, in plain location, the causal relationship between debt-porperty ratio and farmland price is found to be reciprocal. However, in suburb location, only farmland price Granger causes debt-property ratio.
|
