Pub Date : 2023-02-28DOI: 10.24957/hsr.2023.31.1.5
Jiyoung Oh, W. Seo
This study empirically analyzed the effect on housing prices according to the academic achievement of general high schools and the regional mediating effect using the spatial hedonic model. The main empirical analysis results are as follows. First, accessibility to general high schools had a positive effect on local apartment prices regardless of the type. It was found that the preferred high school type, which had the highest college entrance rate, had a greater influence. Second, a prestigious high school was more preferred when it comes to the type of high school closest to the apartment. This result seems to be due to the recognition that consumers in the local housing market place high value on the status of local prestigious high schools, and that there are many students with excellent grades in prestigious high schools. Consequently, there may be less incidence of juvenile delinquency, creating a positive effect on the residential environment around the school. Third, it was found that in an area where the regional effect on housing price is high, the closer an apartment is to a prestigious high school, the higher the apartment price can get. Through these results, this study confirmed that the characteristics of general high school academic achievement have a clear influence on apartment prices and that these influences appear differentially by region.
{"title":"Influencing Academic Achievement and Regional Mediating Effects of General High Schools on Local Apartment Prices Based on Spatial Hedonic Price Model","authors":"Jiyoung Oh, W. Seo","doi":"10.24957/hsr.2023.31.1.5","DOIUrl":"https://doi.org/10.24957/hsr.2023.31.1.5","url":null,"abstract":"This study empirically analyzed the effect on housing prices according to the academic achievement of general high schools and the regional mediating effect using the spatial hedonic model. The main empirical analysis results are as follows. First, accessibility to general high schools had a positive effect on local apartment prices regardless of the type. It was found that the preferred high school type, which had the highest college entrance rate, had a greater influence. Second, a prestigious high school was more preferred when it comes to the type of high school closest to the apartment. This result seems to be due to the recognition that consumers in the local housing market place high value on the status of local prestigious high schools, and that there are many students with excellent grades in prestigious high schools. Consequently, there may be less incidence of juvenile delinquency, creating a positive effect on the residential environment around the school. Third, it was found that in an area where the regional effect on housing price is high, the closer an apartment is to a prestigious high school, the higher the apartment price can get. Through these results, this study confirmed that the characteristics of general high school academic achievement have a clear influence on apartment prices and that these influences appear differentially by region.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130255834","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 : 2023-02-28DOI: 10.24957/hsr.2023.31.1.101
H. Jang, Byeng Kuk Kim
This study analyzed the interrelationship and lead-lag relationship between price changes by housing type with the TVP-VARX model and Wavelet Phase Difference. As a result of the empirical analysis, the price of all housing types has a strong tendency to decrease after 2020 due to rising interest rates. The interrelationship between price changes by housing type is time-varying, and the impact of increase in apartment price on the price of detached and row houses increases over time. On the other hand, the impact of increase in detached house prices on prices of other housing types increases and then decreases sharply after August 2020. The impact of increase in row house price on prices of other types of housing generally remains constant, but temporarily increases around August 2020. At this time, in the interrelationship between prices by housing type, the impact of increase in apartment price on the price of other housing types is the largest on average. Next, it is confirmed that the impact of increase in the price of detached and row houses has a large impact on other housing types. The lead-lag relationship between price changes by housing type, which is detached → row → apartment, clearly has made after 2019. However, the interrelationship, influence, and lead-lag relationship between price changes by housing type by region are different. Accordingly, this study suggests that it is necessary to discriminately select housing types and policies to be supplied for price stabilization in the housing market according to the time and region.
{"title":"Analysis of the Ripple Effect Between Price Changes by Housing Type","authors":"H. Jang, Byeng Kuk Kim","doi":"10.24957/hsr.2023.31.1.101","DOIUrl":"https://doi.org/10.24957/hsr.2023.31.1.101","url":null,"abstract":"This study analyzed the interrelationship and lead-lag relationship between price changes by housing type with the TVP-VARX model and Wavelet Phase Difference. As a result of the empirical analysis, the price of all housing types has a strong tendency to decrease after 2020 due to rising interest rates. The interrelationship between price changes by housing type is time-varying, and the impact of increase in apartment price on the price of detached and row houses increases over time. On the other hand, the impact of increase in detached house prices on prices of other housing types increases and then decreases sharply after August 2020. The impact of increase in row house price on prices of other types of housing generally remains constant, but temporarily increases around August 2020. At this time, in the interrelationship between prices by housing type, the impact of increase in apartment price on the price of other housing types is the largest on average. Next, it is confirmed that the impact of increase in the price of detached and row houses has a large impact on other housing types. The lead-lag relationship between price changes by housing type, which is detached → row → apartment, clearly has made after 2019. However, the interrelationship, influence, and lead-lag relationship between price changes by housing type by region are different. Accordingly, this study suggests that it is necessary to discriminately select housing types and policies to be supplied for price stabilization in the housing market according to the time and region.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"97 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121821346","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 : 2023-02-28DOI: 10.24957/hsr.2023.31.1.25
Youn-Kyung Oh, S. Yoo
Public rental housing types have been integrated recently and housing benefit support has been expanded as part of a housing stabilization support policy. Against this background, it is necessary to reinterpret the number and type of households living in public rental housing for sustainable public rental housing. This study focused on household type and used the 2016-2019 public rental housing panel data of the SH Urban Research&Insight. Based on the result of clustering according to household characteristics using the Gaussian Mixture Model (GMM) and analyzing the cluster type predictive factors using multinomial logistic regression, the characteristics of each cluster, which were categorized into four clusters, showed differences in the income type of the householder. Each cluster was named ‘earned income households’, ‘government transfer income households’, ‘social insurance income households’, and ‘general public households’. A study on the clustering according to household characteristics concluded that appropriate support should be provided for households that need customized benefit support. There is also a need for a rental type that allows elderly households with no income to live stably for a long time without the burden of monthly rent. In addition, it was derived that financial support measures should be prepared for practical housing stability specifically for those considered financially vulnerable.
{"title":"A Study on the Clustering of Household Characteristics for Sustainable Public Rental Housing","authors":"Youn-Kyung Oh, S. Yoo","doi":"10.24957/hsr.2023.31.1.25","DOIUrl":"https://doi.org/10.24957/hsr.2023.31.1.25","url":null,"abstract":"Public rental housing types have been integrated recently and housing benefit support has been expanded as part of a housing stabilization support policy. Against this background, it is necessary to reinterpret the number and type of households living in public rental housing for sustainable public rental housing. This study focused on household type and used the 2016-2019 public rental housing panel data of the SH Urban Research&Insight. Based on the result of clustering according to household characteristics using the Gaussian Mixture Model (GMM) and analyzing the cluster type predictive factors using multinomial logistic regression, the characteristics of each cluster, which were categorized into four clusters, showed differences in the income type of the householder. Each cluster was named ‘earned income households’, ‘government transfer income households’, ‘social insurance income households’, and ‘general public households’. A study on the clustering according to household characteristics concluded that appropriate support should be provided for households that need customized benefit support. There is also a need for a rental type that allows elderly households with no income to live stably for a long time without the burden of monthly rent. In addition, it was derived that financial support measures should be prepared for practical housing stability specifically for those considered financially vulnerable.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127601532","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 : 2023-02-28DOI: 10.24957/hsr.2023.31.1.51
Hee-Jung Kim, Jun-hyung Kim
The rising cost of housing in Gangnam has been the main focus of housing policy in Korea. The concentration of local housing demand is attributed to this increase, which is believed to be driven by better educational infrastructure and job accessibility. This suggests that elderly households, who do not require quality education for their grown-up children or accessible jobs due to their retirement, can provide crucial insights into the market—whether Gangnam is a ‘stopover’ during the growing period or the ‘final destination’ for the entire housing career. The in-depth interviews with middle-aged or elderly households who own apartments in Gangnam and have grown-up children reveal that Gangnam housing is the final destination, not a stopover. The primary reason is their high level of residential satisfaction, which is largely attributed to the quality infrastructure. The satisfaction stems from the presence of high-income and highly educated residents in Gangnam. The fact that it is difficult to build affluent neighborhoods in Korea has strengthened their belief in future price appreciation. Additionally, their strong desire to transfer their convenient lifestyle, the perception of higher social standing, and the potential for capital gain to their children is also a significant factor.
{"title":"Is the Gangnam Housing Market a Stopover or the Final Destination?: A Decision on Residential Mobility Among Elderly Homeowners","authors":"Hee-Jung Kim, Jun-hyung Kim","doi":"10.24957/hsr.2023.31.1.51","DOIUrl":"https://doi.org/10.24957/hsr.2023.31.1.51","url":null,"abstract":"The rising cost of housing in Gangnam has been the main focus of housing policy in Korea. The concentration of local housing demand is attributed to this increase, which is believed to be driven by better educational infrastructure and job accessibility. This suggests that elderly households, who do not require quality education for their grown-up children or accessible jobs due to their retirement, can provide crucial insights into the market—whether Gangnam is a ‘stopover’ during the growing period or the ‘final destination’ for the entire housing career. The in-depth interviews with middle-aged or elderly households who own apartments in Gangnam and have grown-up children reveal that Gangnam housing is the final destination, not a stopover. The primary reason is their high level of residential satisfaction, which is largely attributed to the quality infrastructure. The satisfaction stems from the presence of high-income and highly educated residents in Gangnam. The fact that it is difficult to build affluent neighborhoods in Korea has strengthened their belief in future price appreciation. Additionally, their strong desire to transfer their convenient lifestyle, the perception of higher social standing, and the potential for capital gain to their children is also a significant factor.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"41 16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131145414","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 : 2023-02-28DOI: 10.24957/hsr.2023.31.1.79
Song Yu, Jae Hee Kim, Y. Song, Chang-Moo Lee
In the domestic apartment market, the quality enhancement and differentiated strategies of construction companies have been implemented since the 2000s. In many ways, the quality characteristics of apartment buildings that have been improved continuously provided a variety of choices in the criteria for housing buyers to purchase. This study empirically analyzed the effect of improving the quality characteristics of apartments by period among the determinants of housing prices on apartments in Gangnam-gu, Seoul through the Hedonic price model. The analysis showed that all the variables of qualitative characteristics, which are the core variables of this study, had a positive effect on apartment prices. It was confirmed that some of the variables corresponding to the qualitative characteristic factors showed higher estimation coefficient values than other variables, which had a greater impact on apartment price formation. In addition, it can be seen that a significant portion of the price effect due to aging, which has been measured as a quadratic function in many previous studies, is the result of overlapping effects due to the improvement of the qualitative characteristics of apartments.
{"title":"Price Effect Analysis by Improving the Qualitative Characteristics of Apartment Buildings by Period in Gangnam-gu","authors":"Song Yu, Jae Hee Kim, Y. Song, Chang-Moo Lee","doi":"10.24957/hsr.2023.31.1.79","DOIUrl":"https://doi.org/10.24957/hsr.2023.31.1.79","url":null,"abstract":"In the domestic apartment market, the quality enhancement and differentiated strategies of construction companies have been implemented since the 2000s. In many ways, the quality characteristics of apartment buildings that have been improved continuously provided a variety of choices in the criteria for housing buyers to purchase. This study empirically analyzed the effect of improving the quality characteristics of apartments by period among the determinants of housing prices on apartments in Gangnam-gu, Seoul through the Hedonic price model. The analysis showed that all the variables of qualitative characteristics, which are the core variables of this study, had a positive effect on apartment prices. It was confirmed that some of the variables corresponding to the qualitative characteristic factors showed higher estimation coefficient values than other variables, which had a greater impact on apartment price formation. In addition, it can be seen that a significant portion of the price effect due to aging, which has been measured as a quadratic function in many previous studies, is the result of overlapping effects due to the improvement of the qualitative characteristics of apartments.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125217841","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 : 2022-11-30DOI: 10.24957/hsr.2022.30.4.141
Soo-Hyun Kim
Since the end of the World War II, many advanced countries have developed public rental housing not only as a residential safety net but also as an active welfare policy. However, after 30-40 years of expansion, most of the advanced countries have reduced or retreated from public rental housing policies due to the development of the private housing market and financial constraints. On the other hand, Korea started its public rental housing policy late compared to the advanced countries and is still expanding it. Korea's public rental housing policy differs from the advanced countries in that housing market instability and the mass supply of housing to resolve it are the most important policy drivers. This paper tried to consider Korea's position, characteristics, and policy tasks in light of the changes in public rental housing policy in the advanced countries. Considering the experiences of the advanced countries, it is reasonable to assume that the quantitative target of our public rental housing policy is 10% of all households, and it is necessary to maintain the Korean characteristic of diversifying the number of tenants. The relationship between housing benefits and public rental housing needs to be established urgently. In addition, pointing out that hasty expectations are reflected in the current public rental housing statistics in Korea, this paper proposed to classify Jeonse public rental as one of the rental subsidy systems.
{"title":"The Experiences of Public Rental Housing Policy of the Advanced Countries and Korea’s Policy Direction","authors":"Soo-Hyun Kim","doi":"10.24957/hsr.2022.30.4.141","DOIUrl":"https://doi.org/10.24957/hsr.2022.30.4.141","url":null,"abstract":"Since the end of the World War II, many advanced countries have developed public rental housing not only as a residential safety net but also as an active welfare policy. However, after 30-40 years of expansion, most of the advanced countries have reduced or retreated from public rental housing policies due to the development of the private housing market and financial constraints. On the other hand, Korea started its public rental housing policy late compared to the advanced countries and is still expanding it. Korea's public rental housing policy differs from the advanced countries in that housing market instability and the mass supply of housing to resolve it are the most important policy drivers. This paper tried to consider Korea's position, characteristics, and policy tasks in light of the changes in public rental housing policy in the advanced countries. Considering the experiences of the advanced countries, it is reasonable to assume that the quantitative target of our public rental housing policy is 10% of all households, and it is necessary to maintain the Korean characteristic of diversifying the number of tenants. The relationship between housing benefits and public rental housing needs to be established urgently. In addition, pointing out that hasty expectations are reflected in the current public rental housing statistics in Korea, this paper proposed to classify Jeonse public rental as one of the rental subsidy systems.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"262 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":"127544088","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 : 2022-11-30DOI: 10.24957/hsr.2022.30.4.113
J. Park, J. Sung
The government implemented a real estate policy regulating Finsens in units of each region by designating overheated speculation districts and areas to be adjusted according to the rise in housing prices. These regulated areas include consumer restraint policies. The purpose of this study was to examine the real estate policies related to the characteristics of pre-sale of apartments over a period of 6 years from January 2016 to December 2021, and to examine how these policies affected apartment sale prices by region. For the research method, the Hausmann fixed effect was used to examine the factors that have influence as well the changes according to the characteristics of real estate, macroeconomic characteristics, policy characteristics, and resale characteristics of real estate based on on nationwide and metropolitan area models, specifically the Daegu/Gyeongbuk, Booulgyeong, Chungcheong/Daejeon, and Gwangju/Jeonla models. For the statistical analysis, the model was assessed using the STATA17 version. Results showed it was possible to examine the policies affecting housing price stabilization among various government real estate policies, and to further examine the policies that manifested different results by region. These results should consider detailed customized policies for regions where the real estate market is overheated or where speculation is a concern.
{"title":"A Study on the Effect of Resale Characteristics of Apartment Presale Rights on Apartment Sales Price","authors":"J. Park, J. Sung","doi":"10.24957/hsr.2022.30.4.113","DOIUrl":"https://doi.org/10.24957/hsr.2022.30.4.113","url":null,"abstract":"The government implemented a real estate policy regulating Finsens in units of each region by designating overheated speculation districts and areas to be adjusted according to the rise in housing prices. These regulated areas include consumer restraint policies. The purpose of this study was to examine the real estate policies related to the characteristics of pre-sale of apartments over a period of 6 years from January 2016 to December 2021, and to examine how these policies affected apartment sale prices by region. For the research method, the Hausmann fixed effect was used to examine the factors that have influence as well the changes according to the characteristics of real estate, macroeconomic characteristics, policy characteristics, and resale characteristics of real estate based on on nationwide and metropolitan area models, specifically the Daegu/Gyeongbuk, Booulgyeong, Chungcheong/Daejeon, and Gwangju/Jeonla models. For the statistical analysis, the model was assessed using the STATA17 version. Results showed it was possible to examine the policies affecting housing price stabilization among various government real estate policies, and to further examine the policies that manifested different results by region. These results should consider detailed customized policies for regions where the real estate market is overheated or where speculation is a concern.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"16 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":"114970871","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 : 2022-11-30DOI: 10.24957/hsr.2022.30.4.5
Jiny Y. Kim
This study examines how student loans affect housing behaviors of millennials. Using the 2014-2020 Youth Panel data provided by the Korea Employment Information Service, regression analysis reveals that the experience of student loans and the loan amount itself do not have significant effects on independence from parents, but loan repayment burden and delay seem to have negative effects on independence from parents. As the amount of student loans increases, millennials tend to choose cheonsei and monthly rent, instead of homeownership when they leave from their parents. This trend was more pronounced when experiencing the burden of loan repayment. Also, as the amount of student loans increases, millennials tend to choose row houses, villas, and multi-family homes, instead of single family housing or apartment. This trend was more evident when experiencing the burden of repaying loans. In conclusion, it was found that millennials have difficulties in leaving from their parents and achieving homeownership when experiencing the financial burden for student loans. This study presents policy implications for the housing issue of millennials.
{"title":"Student Loans and Housing Behaviors: Focused on Korean Millennials","authors":"Jiny Y. Kim","doi":"10.24957/hsr.2022.30.4.5","DOIUrl":"https://doi.org/10.24957/hsr.2022.30.4.5","url":null,"abstract":"This study examines how student loans affect housing behaviors of millennials. Using the 2014-2020 Youth Panel data provided by the Korea Employment Information Service, regression analysis reveals that the experience of student loans and the loan amount itself do not have significant effects on independence from parents, but loan repayment burden and delay seem to have negative effects on independence from parents. As the amount of student loans increases, millennials tend to choose cheonsei and monthly rent, instead of homeownership when they leave from their parents. This trend was more pronounced when experiencing the burden of loan repayment. Also, as the amount of student loans increases, millennials tend to choose row houses, villas, and multi-family homes, instead of single family housing or apartment. This trend was more evident when experiencing the burden of repaying loans. In conclusion, it was found that millennials have difficulties in leaving from their parents and achieving homeownership when experiencing the financial burden for student loans. This study presents policy implications for the housing issue of millennials.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"32 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":"116553859","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 : 2022-11-30DOI: 10.24957/hsr.2022.30.4.57
Ho-il Lee, Seunghan Ro
The purpose of this study is to analyze the dynamic interrelationship between household overdue rate of the banking and the non-banking financial companies, the factors of the household’s ability to pay, and the factors of household’s equity capital. We set up the model based on the solvency hypothesis and the equity capital hypothesis to analyze the effect of household overdue rate in banking and non-banking sectors. We identified the dynamic effects between related variables through impulse response analysis and variance decomposition analysis using the VAR model. The result of the analysis is as following. First, the household overdue rate in the banking sector was affected only by the previous one. Because the rate remains very low, the household default risk in the banking sector is very low. Second, the household overdue rate in the non-banking sector was more affected by household consumption than household income. Third, the household overdue rate in the non-banking sector was more affected by changes in house prices in metropolitan area than non-metropolitan area. Forth, the household overdue rate in the non-banking sector was more affected by changes in house prices in single-family house than apartment and multi-units house. According to these research results, it is necessary to stabilize the price control and reduce the burden of the financially vulnerable in terms of managing the risk of household overdue rate of non-banking companies. Furthermore, the government should strengthen integrative financial regulations of non-banking financial companies to manage potential household default risks.
{"title":"A Study on the Determinant of Household Overdue rate in Non-Banking Financial Companies: Focus on the comparison with banking Financial Companies","authors":"Ho-il Lee, Seunghan Ro","doi":"10.24957/hsr.2022.30.4.57","DOIUrl":"https://doi.org/10.24957/hsr.2022.30.4.57","url":null,"abstract":"The purpose of this study is to analyze the dynamic interrelationship between household overdue rate of the banking and the non-banking financial companies, the factors of the household’s ability to pay, and the factors of household’s equity capital. We set up the model based on the solvency hypothesis and the equity capital hypothesis to analyze the effect of household overdue rate in banking and non-banking sectors. We identified the dynamic effects between related variables through impulse response analysis and variance decomposition analysis using the VAR model. The result of the analysis is as following. First, the household overdue rate in the banking sector was affected only by the previous one. Because the rate remains very low, the household default risk in the banking sector is very low. Second, the household overdue rate in the non-banking sector was more affected by household consumption than household income. Third, the household overdue rate in the non-banking sector was more affected by changes in house prices in metropolitan area than non-metropolitan area. Forth, the household overdue rate in the non-banking sector was more affected by changes in house prices in single-family house than apartment and multi-units house. According to these research results, it is necessary to stabilize the price control and reduce the burden of the financially vulnerable in terms of managing the risk of household overdue rate of non-banking companies. Furthermore, the government should strengthen integrative financial regulations of non-banking financial companies to manage potential household default risks.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"21 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":"115982012","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 : 2022-11-30DOI: 10.24957/hsr.2022.30.4.31
Jung-Hye Lee, Heejong Kwag
This study empirically analyzed the factors affecting youth householders’ move-in into public rental housing assuming its cause of low occupancy as an imbalance between the demand and the government’s supply policies. The result shows the move-in intention into public rental housing by youth householders and household characteristics, housing by region, and public rental housing were significant. For the housing, the house size, household income, and housing expenses were significant. For the housing by region, the housing rate of houses less than 40㎡ and the comprehensive Jeonse price index were significant. The public rental houses, the size of houses, rental fees, and residence period were also significant. In particular, the characteristics of public rental houses were highly significant, which were not fully examined in the previous studies. The study's implications are as follows. First, for the policy to effectively expand income standards for young households, the quality of housing must be improved as well. Second, a preliminary inspection of the number of small private houses and the increase in Jeonse prices are needed when supplying public rental housing to each region. Third, there should be affirmative actions to improve housing policies related to housing space, residence period, and standards for conversion into rental housing. In particular, minimum housing standards should be improved, but the burden of housing fees should be alleviated. Lastly, the supply of urban houses needs to be revitalized.
{"title":"A Study on Factors Influencing Move-in of Youth Householders into Public Rental Housing","authors":"Jung-Hye Lee, Heejong Kwag","doi":"10.24957/hsr.2022.30.4.31","DOIUrl":"https://doi.org/10.24957/hsr.2022.30.4.31","url":null,"abstract":"This study empirically analyzed the factors affecting youth householders’ move-in into public rental housing assuming its cause of low occupancy as an imbalance between the demand and the government’s supply policies. The result shows the move-in intention into public rental housing by youth householders and household characteristics, housing by region, and public rental housing were significant. For the housing, the house size, household income, and housing expenses were significant. For the housing by region, the housing rate of houses less than 40㎡ and the comprehensive Jeonse price index were significant. The public rental houses, the size of houses, rental fees, and residence period were also significant. In particular, the characteristics of public rental houses were highly significant, which were not fully examined in the previous studies. The study's implications are as follows. First, for the policy to effectively expand income standards for young households, the quality of housing must be improved as well. Second, a preliminary inspection of the number of small private houses and the increase in Jeonse prices are needed when supplying public rental housing to each region. Third, there should be affirmative actions to improve housing policies related to housing space, residence period, and standards for conversion into rental housing. In particular, minimum housing standards should be improved, but the burden of housing fees should be alleviated. Lastly, the supply of urban houses needs to be revitalized.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"5 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":"125503418","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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