This paper tests the dynamics implied by a supplied-constrained view of the relationship between market fundamentals and house prices in the case of Seoul's housing market. The view is that supply constraints have led to serious shortages in certain submarkets, and that these shortages have led...

This paper is a study of the dynamic relationship between residential land values and house prices. Little agreement exists regarding the direction of causality between house prices and residential land values. One could argue that causality is unidirectional, running from house prices to...