Pub Date : 2022-11-30DOI: 10.54091/krepa.2022.23.3.4
Myeonghwan Cho, Jaewoong Won, J. Jun
The purpose of this paper is to identify and study impact factors on the default risk likely to happen in MBS. So, MBS data given from the Korea Housing Finance Corporation and some factors, which are selected based on literature review, seeming relevant to default in MBS are applied to a VAR model. As a result, apartment price and new loan interest rate turn out to be statistically significant for default risk.
{"title":"Study of Factors Impacting on Default in MBS with VAR Model","authors":"Myeonghwan Cho, Jaewoong Won, J. Jun","doi":"10.54091/krepa.2022.23.3.4","DOIUrl":"https://doi.org/10.54091/krepa.2022.23.3.4","url":null,"abstract":"The purpose of this paper is to identify and study impact factors on the default risk likely to happen in MBS. So, MBS data given from the Korea Housing Finance Corporation and some factors, which are selected based on literature review, seeming relevant to default in MBS are applied to a VAR model. As a result, apartment price and new loan interest rate turn out to be statistically significant for default risk.","PeriodicalId":193300,"journal":{"name":"Korea Real Estate Policy Association","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121940346","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-09-30DOI: 10.54091/krepa.2022.23.2.4
Hyeon-Seok Kang, Choongik Choi
This study attempted to explore the factors affecting the change in the national balanced development policy based on Kingdon's MSF model and suggest a plan for effective balanced development policy in the future. Methodologically, big data analysis was used along with literature analysis. The analysis results show that the factors affecting the change in the national balanced development policy were influenced by policy problems and policy alternatives at the time, but the most affected was the flow of politics. It should be noted that during the MB Administration and Moon Jae-in Administration, the policy window opened in accordance with the big political trend of "regime change," and the name, degree of implementation, and content of the national balanced development policy changed accordingly. It also supports that the policy output would be influenced by the president's national philosophy following the launch of the new government.
{"title":"Policy Change Analysis on Balanced National Development in Terms of Multiple Streams Framework and Its Implications","authors":"Hyeon-Seok Kang, Choongik Choi","doi":"10.54091/krepa.2022.23.2.4","DOIUrl":"https://doi.org/10.54091/krepa.2022.23.2.4","url":null,"abstract":"This study attempted to explore the factors affecting the change in the national balanced development policy based on Kingdon's MSF model and suggest a plan for effective balanced development policy in the future. Methodologically, big data analysis was used along with literature analysis. The analysis results show that the factors affecting the change in the national balanced development policy were influenced by policy problems and policy alternatives at the time, but the most affected was the flow of politics. It should be noted that during the MB Administration and Moon Jae-in Administration, the policy window opened in accordance with the big political trend of \"regime change,\" and the name, degree of implementation, and content of the national balanced development policy changed accordingly. It also supports that the policy output would be influenced by the president's national philosophy following the launch of the new government.","PeriodicalId":193300,"journal":{"name":"Korea Real Estate Policy Association","volume":"112 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124219053","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-09-30DOI: 10.54091/krepa.2022.23.2.1
Jin-Kyung Lee
Metaverse, Digital Twin, XR will put the Korea at the forefront of future industry. This paper proposes a Public Investment Management Simulation Platform(PIMSP) using the Digital Twin GEO to decrease an efficiency gap and manage effectively public investment assessment. The PIMSP unifies 6 separate systems as data sources and shares data based on location and real time through the entire system. There are technical functions such as collection, transfer, storage, service, application and management, 3D modelling, virtualization, connectivity, analysis, simulation, visualization, AI, ML, and DL. PIMP can simulate collaboration of various projects each agency in the same platform; optimization of the overall design and implementation; showcase of the interdependencies, possibilities, benefits and barriers including terrain attributes; and efficiencies and the optimal timing of investment. A open lab of PIMP can be used and shared for virtual testbed or experimentation by the public, private, people and research sectors. The Korean Digital New Deal will support the development of PIMSP within Metaverse technical environment.
{"title":"Public Investment Management Simulation Platform Using the National Digital Twin","authors":"Jin-Kyung Lee","doi":"10.54091/krepa.2022.23.2.1","DOIUrl":"https://doi.org/10.54091/krepa.2022.23.2.1","url":null,"abstract":"Metaverse, Digital Twin, XR will put the Korea at the forefront of future industry. This paper proposes a Public Investment Management Simulation Platform(PIMSP) using the Digital Twin GEO to decrease an efficiency gap and manage effectively public investment assessment. The PIMSP unifies 6 separate systems as data sources and shares data based on location and real time through the entire system. There are technical functions such as collection, transfer, storage, service, application and management, 3D modelling, virtualization, connectivity, analysis, simulation, visualization, AI, ML, and DL. PIMP can simulate collaboration of various projects each agency in the same platform; optimization of the overall design and implementation; showcase of the interdependencies, possibilities, benefits and barriers including terrain attributes; and efficiencies and the optimal timing of investment. A open lab of PIMP can be used and shared for virtual testbed or experimentation by the public, private, people and research sectors. The Korean Digital New Deal will support the development of PIMSP within Metaverse technical environment.","PeriodicalId":193300,"journal":{"name":"Korea Real Estate Policy Association","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123645543","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-09-30DOI: 10.54091/krepa.2022.23.2.3
S. Kang, J. Jun
This study aims to reset the effective base return through the analysis of the return on investment by asset group of investment institutions centered on the Fiscal Mutual Aid Association. Since the benchmark return is the basis for the performance evaluation of the asset management results of investment institutions, proper benchmark setting has the effect of maximizing the asset management return. In order to find out whether the benchmark setting of these investment institutions is set to be effective, we can compare the resultsof the benchmark before the change with the results of the standard return analysis after the change. In conclusion, it was analyzed that the pension investment pool MMF was more effective than the MMI operating return as a benchmark for short-term funds, and the weighted average (operating weight) was more effective than the KOSPI and MSCI ACWI weighted average (target ratio).
{"title":"A Study on the Establishment of the Appropriate Base Return of Institutional Investors: Focusing on the Korea Local Finance Association","authors":"S. Kang, J. Jun","doi":"10.54091/krepa.2022.23.2.3","DOIUrl":"https://doi.org/10.54091/krepa.2022.23.2.3","url":null,"abstract":"This study aims to reset the effective base return through the analysis of the return on investment by asset group of investment institutions centered on the Fiscal Mutual Aid Association. Since the benchmark return is the basis for the performance evaluation of the asset management results of investment institutions, proper benchmark setting has the effect of maximizing the asset management return. In order to find out whether the benchmark setting of these investment institutions is set to be effective, we can compare the resultsof the benchmark before the change with the results of the standard return analysis after the change. In conclusion, it was analyzed that the pension investment pool MMF was more effective than the MMI operating return as a benchmark for short-term funds, and the weighted average (operating weight) was more effective than the KOSPI and MSCI ACWI weighted average (target ratio).","PeriodicalId":193300,"journal":{"name":"Korea Real Estate Policy Association","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115271587","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-09-30DOI: 10.54091/krepa.2022.23.2.2
Eunsong Kang, Hwayoung Kim
Areas densely populated with old wooden buildings are vulnerable to fire as there is a risk of combustion diffusion among various buildings, and there is a risk of secondary damage from the outside after evacuation inside the building. According to the current domestic system, only facilities that provide relief services to temporary evacuees such as ‘temporary housing facilities’ are designated, so specific preparations and countermeasures are required. Therefore, this study tried to devise a methodology and physical standards for the application of ‘Fire Assembly Point’ in a fire evacuation situation. For this purpose, assuming that a large-scale fire in an old wooden building, it was attempted to determine suitability by checking the heat effect and CO·CO₂ concentration of the relevant area in case of a fire and checking the required safe egress time(RSET) through Pathfinder evacuation program.
{"title":"Development of Evacuation Safety Verification Evaluation Model for Designation of Fire Assembly Point in the District Unit of Old Wooden Buildings","authors":"Eunsong Kang, Hwayoung Kim","doi":"10.54091/krepa.2022.23.2.2","DOIUrl":"https://doi.org/10.54091/krepa.2022.23.2.2","url":null,"abstract":"Areas densely populated with old wooden buildings are vulnerable to fire as there is a risk of combustion diffusion among various buildings, and there is a risk of secondary damage from the outside after evacuation inside the building. According to the current domestic system, only facilities that provide relief services to temporary evacuees such as ‘temporary housing facilities’ are designated, so specific preparations and countermeasures are required. Therefore, this study tried to devise a methodology and physical standards for the application of ‘Fire Assembly Point’ in a fire evacuation situation. For this purpose, assuming that a large-scale fire in an old wooden building, it was attempted to determine suitability by checking the heat effect and CO·CO₂ concentration of the relevant area in case of a fire and checking the required safe egress time(RSET) through Pathfinder evacuation program.","PeriodicalId":193300,"journal":{"name":"Korea Real Estate Policy Association","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129441182","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-30DOI: 10.54091/krepa.2022.23.1.1
Chasoon Choi
the Markov regime switching model. As a result of the analysis, it could be captured that variables significantly affect on real estate prices in each regime. First, it was found that during the boom, the policy to strengthen real estate regulations did not have an effective influence on stabilizing the housing sales market. Second, it was found that deregulation and strengthening policies had an effective effect on each market during the recession and boom of the jeonse market. Third, ρ11 and ρ22, which are the probabilities of the transition, show a phase of recession and boom, respectively, and the real estate market is all more likely to maintain the recession. Third, ρ11 and ρ22, which are the probabilities of the transition, represent the phase of recession and boom, respectively. ρ11 is larger than ρ22, so the housing sales, jeonse, and land markets are more likely to maintain the recession. This shows the characteristics of asymmetry and phase persistence of real estate price volatility. Therefore, there is a need to closely monitor the effectiveness of each policy means for each phase, develop and apply a prediction and evaluation simulation model.
{"title":"An Empirical Study on the Effect of Real Estate Policy on Housing Price Using a Regime Switching Regression Model","authors":"Chasoon Choi","doi":"10.54091/krepa.2022.23.1.1","DOIUrl":"https://doi.org/10.54091/krepa.2022.23.1.1","url":null,"abstract":"the Markov regime switching model. As a result of the analysis, it could be captured that variables significantly affect on real estate prices in each regime. \u0000First, it was found that during the boom, the policy to strengthen real estate regulations did not have an effective influence on stabilizing the housing sales market. Second, it was found that deregulation and strengthening policies had an effective effect on each market during the recession and boom of the jeonse market. Third, ρ11 and ρ22, which are the probabilities of the transition, show a phase of recession and boom, respectively, and the real estate market is all more likely to maintain the recession. Third, ρ11 and ρ22, which are the probabilities of the transition, represent the phase of recession and boom, respectively. ρ11 is larger than ρ22, so the housing sales, jeonse, and land markets are more likely to maintain the recession. This shows the characteristics of asymmetry and phase persistence of real estate price volatility. Therefore, there is a need to closely monitor the effectiveness of each policy means for each phase, develop and apply a prediction and evaluation simulation model.","PeriodicalId":193300,"journal":{"name":"Korea Real Estate Policy Association","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116090809","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-30DOI: 10.54091/krepa.2022.23.1.3
Hyunwoo Lee, Dong-Wong Park, Jaewoong Won
This study aims to analyze the effects of the characteristics and utilization of real estate service platforms on changes in user perception and real estate-related activities. This study builds a path model by dividing the characteristics of the real estate service platform into informativity, systematic, and usability in order to identify the direct and indirect effects. As a result, it is confirmed that how useful the information of the real estate app is indirectly affects the change in user perception through the degree of utilization. It is also confirmed that the usability of the real estate service platform directly and significantly affects the change in user perception. On the other hand, it is confirmed that the system stability do not significantly affect the degree of utilization and changes in user perception. This study is meaningful in that it is necessary to develop in the direction of improving real estate understanding and accessibility rather than increasing the degree of use of real estate apps.
{"title":"The Effects of Real Estate Service Platforms on Changes in User Perception and Real Estate Related Activity","authors":"Hyunwoo Lee, Dong-Wong Park, Jaewoong Won","doi":"10.54091/krepa.2022.23.1.3","DOIUrl":"https://doi.org/10.54091/krepa.2022.23.1.3","url":null,"abstract":"This study aims to analyze the effects of the characteristics and utilization of real estate service platforms on changes in user perception and real estate-related activities. This study builds a path model by dividing the characteristics of the real estate service platform into informativity, systematic, and usability in order to identify the direct and indirect effects. \u0000As a result, it is confirmed that how useful the information of the real estate app is indirectly affects the change in user perception through the degree of utilization. It is also confirmed that the usability of the real estate service platform directly and significantly affects the change in user perception. \u0000On the other hand, it is confirmed that the system stability do not significantly affect the degree of utilization and changes in user perception. This study is meaningful in that it is necessary to develop in the direction of improving real estate understanding and accessibility rather than increasing the degree of use of real estate apps.","PeriodicalId":193300,"journal":{"name":"Korea Real Estate Policy Association","volume":"144 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114524784","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-30DOI: 10.54091/krepa.2022.23.1.2
Myeonghwan Cho, J. Jun
This study empirically analyzed whether real estate policies have a significant effect on housing sales, jeonse prices, and land sales prices using MBS is not active in Korea due to difficulties in evaluation. In the appraisal of MBS, the default risk is a cost that someone has to bear even if the government agency removes it through relevant guarantees. In this study, five CMOs data are evaluated and analyzed through the financial model developed based on traditional capital budgeting theory, option pricing theory, and Cho & Jun(2019)’s model recognizing that housing price fluctuation is an important factor affecting the default risk in MBS. Finally, the results drawn from this study help provide a theoretical framework for the valuation of MBS and show relevant implications for rational decision-making to MBS-related entities.
{"title":"Appraisal of CMOs(Collateralized-Mortgage Obligations): Focused on Default Risk","authors":"Myeonghwan Cho, J. Jun","doi":"10.54091/krepa.2022.23.1.2","DOIUrl":"https://doi.org/10.54091/krepa.2022.23.1.2","url":null,"abstract":"This study empirically analyzed whether real estate policies have a significant effect on housing sales, jeonse prices, and land sales prices using MBS is not active in Korea due to difficulties in evaluation. In the appraisal of MBS, the default risk is a cost that someone has to bear even if the government agency removes it through relevant guarantees. In this study, five CMOs data are evaluated and analyzed through the financial model developed based on traditional capital budgeting theory, option pricing theory, and Cho & Jun(2019)’s model recognizing that housing price fluctuation is an important factor affecting the default risk in MBS. Finally, the results drawn from this study help provide a theoretical framework for the valuation of MBS and show relevant implications for rational decision-making to MBS-related entities.","PeriodicalId":193300,"journal":{"name":"Korea Real Estate Policy Association","volume":"14 5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126019721","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-30DOI: 10.54091/krepa.2022.23.1.4
Hye Min Sim, Eun Jung Kim
The purpose of this study is to identify the relationship between pedestrian satisfaction and the factors constituting the Walk Score, and to suggest the development direction of the Walk Score. The area of the study is Seoul, and pedestrian satisfaction was used as a dependent variable. As independent variables, 11 factors included in the Walk Score such as amenities accessibility and pedestrian friendliness factors were used. Moreover, PM2.5, NDVI, and the slope were used as the additional individual factors. As a result of the analysis, the closer the distance to the shopping mall, the higher the pedestrian satisfaction. However, it was found that most amenities accessibility factors were not significant. In the case of additional factors, the lower the concentration of PM2.5 and the higher the NDVI, the higher the pedestrian satisfaction. For the development of Walk Score, it is necessary to focus on factors affecting pedestrian satisfaction.
{"title":"Improvement of Walk Score through the Analysis of Association between Walk Score and Pedestrian Satisfaction","authors":"Hye Min Sim, Eun Jung Kim","doi":"10.54091/krepa.2022.23.1.4","DOIUrl":"https://doi.org/10.54091/krepa.2022.23.1.4","url":null,"abstract":"The purpose of this study is to identify the relationship between pedestrian satisfaction and the factors constituting the Walk Score, and to suggest the development direction of the Walk Score. The area of the study is Seoul, and pedestrian satisfaction was used as a dependent variable. As independent variables, 11 factors included in the Walk Score such as amenities accessibility and pedestrian friendliness factors were used. Moreover, PM2.5, NDVI, and the slope were used as the additional individual factors. As a result of the analysis, the closer the distance to the shopping mall, the higher the pedestrian satisfaction. However, it was found that most amenities accessibility factors were not significant. In the case of additional factors, the lower the concentration of PM2.5 and the higher the NDVI, the higher the pedestrian satisfaction. For the development of Walk Score, it is necessary to focus on factors affecting pedestrian satisfaction.","PeriodicalId":193300,"journal":{"name":"Korea Real Estate Policy Association","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131387166","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-12-31DOI: 10.54091/krepa.2021.22.3.3
Chasoon Choi
{"title":"An Analysis of the Relationship Between Housing Prices and Business Survey Index","authors":"Chasoon Choi","doi":"10.54091/krepa.2021.22.3.3","DOIUrl":"https://doi.org/10.54091/krepa.2021.22.3.3","url":null,"abstract":"","PeriodicalId":193300,"journal":{"name":"Korea Real Estate Policy Association","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128392994","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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