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The objective of this study is to examine the effect of the LTV and the DTI, the political regulations for housing market stabilization, on the housing price. The data on LTV and DTI were empirically analyzed with the event study approach. The average abnormal return (AR) for the month of the study was not statistically significant for relaxation and strengthening of the LTV and the DTI regulations. The cumulative abnormal return (CAR) increased for two consecutive months after the relaxation of the LTV and the DTI regulations at the 1% significance level. However, it was found to be insignificant after the third month. When the regulations were strengthened, the CAR continuously decreased after the second month, and it was significant at the 5% significance level. On the other hand, the factor that affected the housing price when the regulations were strengthened was the dummy variable. And a 10% increase in regulation strengthening had an effect of decreasing the AR by 3.8%. Such analysis shows that strengthening of the regulations has a more continuous effect on the housing price than the relaxation of the regulations. Excessive control of the housing market sends negative signals, which could lead to an economic decline. Therefore, it is Received(July 8, 2019), Review Result(July 29, 2019) Accepted(September 9, 2019), Published(September 30, 2019) Associate Professor, Dept. of Real Estate Studies, Namseoul Univ., 91 Daehakro, Seonghwan-eup, Seobuk-gu, Cheonan-si, Chungnam, Korea, 331-707. E-mail: chasoon59@nsu.ac.kr A Study on the Relationship Between House Price and Housing Regulation Policy Copyright c 2019 HSST 1032 necessary to establish a policy on supply expansion rather than artificial regulation

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