Pub Date : 2022-11-30DOI: 10.24957/hsr.2022.30.4.93
Sangbae Kim, Seung-A Lee
The purpose of this study is to examine the nonlinear relationship between apartment jeonse price index and volatilities of apartment housing prices in Korea. We adopt a logistic smooth transition autoregressive(LSTAR) model and use apartment housing price volatility as a transition variable. To do this, we utilize the apartment jeonse price index and apartment housing price index, while the sample period ranges from May 1995 to March 2022. In this paper, the EGARCH model is used to estimate apartment housing prices volatility due to the asymmetry of volatility. We find from the estimation results of nonlinearity that nonlinear models are more appropriate than linear models to capture the dynamic properties of apartment jeonse price index. In addition, the empirical result of the nonlinear LSTAR model shows that the apartment jeonse prices increase in a situation where apartment housing price uncertainty is high. In addition, when we examine the effect of the changes in interest rate on the jeonse prices, we found that the effect of interest rate is statistically insignificant in the LSTAR model, while the changes in interest rate affects the jeonse prices negatively in the linear model. Overall, our result suggests that for the stability of the apartment jeonse prices, it is necessary to minimize uncertainties in apartment housing prices.
{"title":"Nonlinear Influence of Apartment Housing Prices Uncertainty on Apartment Jeonse Prices","authors":"Sangbae Kim, Seung-A Lee","doi":"10.24957/hsr.2022.30.4.93","DOIUrl":"https://doi.org/10.24957/hsr.2022.30.4.93","url":null,"abstract":"The purpose of this study is to examine the nonlinear relationship between apartment jeonse price index and volatilities of apartment housing prices in Korea. We adopt a logistic smooth transition autoregressive(LSTAR) model and use apartment housing price volatility as a transition variable. To do this, we utilize the apartment jeonse price index and apartment housing price index, while the sample period ranges from May 1995 to March 2022. In this paper, the EGARCH model is used to estimate apartment housing prices volatility due to the asymmetry of volatility. We find from the estimation results of nonlinearity that nonlinear models are more appropriate than linear models to capture the dynamic properties of apartment jeonse price index. In addition, the empirical result of the nonlinear LSTAR model shows that the apartment jeonse prices increase in a situation where apartment housing price uncertainty is high. In addition, when we examine the effect of the changes in interest rate on the jeonse prices, we found that the effect of interest rate is statistically insignificant in the LSTAR model, while the changes in interest rate affects the jeonse prices negatively in the linear model. Overall, our result suggests that for the stability of the apartment jeonse prices, it is necessary to minimize uncertainties in apartment housing prices.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"192 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":"114922851","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 : 2022-08-31DOI: 10.24957/hsr.2022.30.3.141
Mee-Youn Jin, Kyung-Ae Lee, Kyeongsu Kim
This article explores the middle class segment of the population in terms of housing status. The middle class is defined as those living in households with incomes ranging between 75% and 200% of the national median presented by the OECD (2019). The housing status is operationally defined by compounding three factors: housing tenure types, housing-related debt, and real estate assets. Microdata from the Household Welfare Financial Survey (2012~2021) of the National Statistical Office were used in the analysis. The main results of identifying the role of housing in maintaining and reproducing the middle class over the past decade are as follows. First, although the proportion of middle-class population has somewhat increased recently, this does not mean that the economic contributions of the middle class has increased. Consequently, it is necessary to develop new indicators that can represent a society with a sizable middle class. Second, housing polarization, which is being differentiated within the middle class, was clearly revealed. Addressing the missing middle issues or marginalized middle class, it is necessary to identify the policy needs and prepare preemptive measures such as expanding affordable housing and alleviating the housing cost burden. Third, in the recent global discourse on housing, South Korea was no exception. The middle class with housing loans become richer compared to middle class without housing loans. Those in the middle class with real estate assets become richer than those without. On the other hand, for the middle class without home ownership but who took out housing loans for rent, the house only represents a debt to be paid back and an object to be struggled with.
{"title":"How has the Housing Status of the Middle-Income Class Changed over the Past Decade?","authors":"Mee-Youn Jin, Kyung-Ae Lee, Kyeongsu Kim","doi":"10.24957/hsr.2022.30.3.141","DOIUrl":"https://doi.org/10.24957/hsr.2022.30.3.141","url":null,"abstract":"This article explores the middle class segment of the population in terms of housing status. \u0000The middle class is defined as those living in households with incomes ranging between 75% and 200% of the national median presented by the OECD (2019). The housing status is operationally defined by compounding three factors: housing tenure types, housing-related debt, and real estate assets. Microdata from the Household Welfare Financial Survey (2012~2021) of the National Statistical Office were used in the analysis. \u0000The main results of identifying the role of housing in maintaining and reproducing the middle class over the past decade are as follows. First, although the proportion of middle-class population has somewhat increased recently, this does not mean that the economic contributions of the middle class has increased. Consequently, it is necessary to develop new indicators that can represent a society with a sizable middle class. Second, housing polarization, which is being differentiated within the middle class, was clearly revealed. \u0000Addressing the missing middle issues or marginalized middle class, it is necessary to identify the policy needs and prepare preemptive measures such as expanding affordable housing and alleviating the housing cost burden. Third, in the recent global discourse on housing, South Korea was no exception. The middle class with housing loans become richer compared to middle class without housing loans. Those in the middle class with real estate assets become richer than those without. On the other hand, for the middle class without home ownership but who took out housing loans for rent, the house only represents a debt to be paid back and an object to be struggled with.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114396584","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 : 2022-08-31DOI: 10.24957/hsr.2022.30.3.179
Soon Mahn Park, Ho Jin Lee, (Eun Sang Jung, S. You, Yeong Woo Nam, K. Ji
We analyze the research trend of the Housing Research Review over the period of 1993 to 2021. In particular, adopting text-mining methodologies: word frequency analysis, wordcloud technique, N-gram, and Topic Modeling, we analyze titles and keywords of all the papers on the journal. Based on those analyses, we find that words that the papers on the journal most frequently used over the past 30 years are ‘housing’ and ‘research’, which are followed by ‘price’, ‘househhold’ and ‘income’. Our word proximity analsyis shows the most-related keywords; housing prices, housing markets, fluctuations, and trading volume in terms of market and price structure; housing occupancy and household changes in terms of housing demand. Our analysis of Latent Dirichlet Allocation reveals six categories; ‘the ownership and apartments’, ‘price and space’, ‘real estate policy and regulation’, ‘household’s decision in housing market’, ‘regional characteristics evaluation’, and ‘residency and rental housing’. The most interested topics are related to ‘price’, and we confirm that the topics of interest has been changed over the decades; from ‘development and management’ and ‘rental housing and real estate’ to ‘public housing’. In addition, our analysis confirms that housing research on Housing Studies Review is comprehensive and includes a variety of housing topics.
{"title":"The Thirty Years of the Housing Studies Review : A Text-Mining Approach","authors":"Soon Mahn Park, Ho Jin Lee, (Eun Sang Jung, S. You, Yeong Woo Nam, K. Ji","doi":"10.24957/hsr.2022.30.3.179","DOIUrl":"https://doi.org/10.24957/hsr.2022.30.3.179","url":null,"abstract":"We analyze the research trend of the Housing Research Review over the period of 1993 to 2021. In particular, adopting text-mining methodologies: word frequency analysis, wordcloud technique, N-gram, and Topic Modeling, we analyze titles and keywords of all the papers on the journal. Based on those analyses, we find that words that the papers on the journal most frequently used over the past 30 years are ‘housing’ and ‘research’, which are followed by ‘price’, ‘househhold’ and ‘income’. Our word proximity analsyis shows the most-related keywords; housing prices, housing markets, fluctuations, and trading volume in terms of market and price structure; housing occupancy and household changes in terms of housing demand. \u0000Our analysis of Latent Dirichlet Allocation reveals six categories; ‘the ownership and apartments’, ‘price and space’, ‘real estate policy and regulation’, ‘household’s decision in housing market’, ‘regional characteristics evaluation’, and ‘residency and rental housing’. The most interested topics are related to ‘price’, and we confirm that the topics of interest has been changed over the decades; from ‘development and management’ and ‘rental housing and real estate’ to ‘public housing’. In addition, our analysis confirms that housing research on Housing Studies Review is comprehensive and includes a variety of housing topics.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126604517","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 : 2022-08-31DOI: 10.24957/hsr.2022.30.3.5
Hee-Jin Yang, Jun-hyung Kim, Do-Yeun Park, Nahyun Kim
Since housing is a location-fixed property, the causes and solutions for housing problems in each region are inevitably different. Accordingly, since the 1990s, when the local autonomy system began, there has been continued discussions on the necessity of localizing housing policies. However, the central government still plays a leading role in the planning and implementation of housing policies, and the local governments play a supportive role. While focusing on the public rental housing policies, this paper aims to identify the obstacles deterring the localization of housing policies and to suggest practical implications for expanding the role of local governments in public housing policies. Through in-depth interviews with major stakeholders such as local governments and local public enterprises, this paper argues that the local government’s comprehensive housing plan should be strengthened in terms of its status and role. In the proposed new system, local governments establish public rental housing policies in consideration of individual local conditions. The central government should present budget allocation standards so that local governments can reduce the financial burden of the supply and management of public rental housing.
{"title":"Rethinking the Role of Local Governments in Housing Policy: Focused on Public Rental Housing","authors":"Hee-Jin Yang, Jun-hyung Kim, Do-Yeun Park, Nahyun Kim","doi":"10.24957/hsr.2022.30.3.5","DOIUrl":"https://doi.org/10.24957/hsr.2022.30.3.5","url":null,"abstract":"Since housing is a location-fixed property, the causes and solutions for housing problems in each region are inevitably different. Accordingly, since the 1990s, when the local autonomy system began, there has been continued discussions on the necessity of localizing housing policies. However, the central government still plays a leading role in the planning and implementation of housing policies, and the local governments play a supportive role. While focusing on the public rental housing policies, this paper aims to identify the obstacles deterring the localization of housing policies and to suggest practical implications for expanding the role of local governments in public housing policies. Through in-depth interviews with major stakeholders such as local governments and local public enterprises, this paper argues that the local government’s comprehensive housing plan should be strengthened in terms of its status and role. In the proposed new system, local governments establish public rental housing policies in consideration of individual local conditions. The central government should present budget allocation standards so that local governments can reduce the financial burden of the supply and management of public rental housing.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128306608","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 : 2022-08-31DOI: 10.24957/hsr.2022.30.3.43
Kyung-Ae Lee, Yong-Soon Kim, Kiseong Jeong, S. Won
Happy housing to promote housing stability for young people has recently faced the problem of a surge in long-term public prices. Given that happy housing is a residential welfare program in which large-scale government finances are administered, it is an important issue that the number of homes that have been vacant for a long time is increasing significantly. There are various causes for Gong-ga. This study analyzed the relationship between the residential environment in terms of location and the occurrence of public housing using GIS. According to the calculation of the integrated location accessibility index by geographical analysis of 4 places with 20% or more and 5% of the total number of houses, the location of happy housing complexes in Uijeongbu, Gimpo, and Dangjin in Gyeonggi Province was relatively poor. Based on these results, this study argued that it is necessary to closely examine the analysis of the residential environment using accurate geographic information data when establishing a future public rental housing supply plan.
{"title":"Is the Decision to Move into a Public Rental House Related to the Residential Environment? : An Empirical Analysis of Happiness Housing","authors":"Kyung-Ae Lee, Yong-Soon Kim, Kiseong Jeong, S. Won","doi":"10.24957/hsr.2022.30.3.43","DOIUrl":"https://doi.org/10.24957/hsr.2022.30.3.43","url":null,"abstract":"Happy housing to promote housing stability for young people has recently faced the problem of a surge in long-term public prices. Given that happy housing is a residential welfare program in which large-scale government finances are administered, it is an important issue that the number of homes that have been vacant for a long time is increasing significantly. \u0000There are various causes for Gong-ga. This study analyzed the relationship between the residential environment in terms of location and the occurrence of public housing using GIS. \u0000According to the calculation of the integrated location accessibility index by geographical analysis of 4 places with 20% or more and 5% of the total number of houses, the location of happy housing complexes in Uijeongbu, Gimpo, and Dangjin in Gyeonggi Province was relatively poor. Based on these results, this study argued that it is necessary to closely examine the analysis of the residential environment using accurate geographic information data when establishing a future public rental housing supply plan.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130681201","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 : 2022-08-31DOI: 10.24957/hsr.2022.30.2.113
Yun-Hong Lee
As a result of analyzing the influence of variables related to the demographic structure, it was found that the price of apartments traded at a time when the total fertility rate was high, the lower the price. In the case of acetic age, the price of apartments traded at a time when the acetic age was higher was found to be lower. It was found that the ratio of single-person households had a negative effect on apartment transaction prices, and the ratio of double-person households had a positive effect on apartment transaction prices. These results suggest that transaction prices tend to fall as apartments traded at a time when the number of single-person households composed of unmarried or students increases. On the contrary, it was found that apartments traded at a time when more double-person households move in are more likely to rise in price. The elderly ratio was found to have no significant effect on apartment transaction prices, but the higher the price of apartments traded at a time when more people in their 60s moved in. In addition, it was found that the high proportion of people in their 60s moved in and apartment prices rose during the period when their transactions were concentrated, mainly in high-priced apartment complexes. These results suggest that changes in fertility rates and demographic structure have a significant impact on apartment prices in new cities. Therefore, it seems important to predict changes in the fertility rate and demographic structure of the region when deciding on apartment supply policies to prevent soaring apartment prices.
{"title":"Effect of Changes in Fertility Rate and Demographic Structure on Housing Prices: Centering on Dongtan New Town","authors":"Yun-Hong Lee","doi":"10.24957/hsr.2022.30.2.113","DOIUrl":"https://doi.org/10.24957/hsr.2022.30.2.113","url":null,"abstract":"As a result of analyzing the influence of variables related to the demographic structure, it was found that the price of apartments traded at a time when the total fertility rate was high, the lower the price. In the case of acetic age, the price of apartments traded at a time when the acetic age was higher was found to be lower. It was found that the ratio of single-person households had a negative effect on apartment transaction prices, and the ratio of double-person households had a positive effect on apartment transaction prices. \u0000These results suggest that transaction prices tend to fall as apartments traded at a time when the number of single-person households composed of unmarried or students increases. \u0000On the contrary, it was found that apartments traded at a time when more double-person households move in are more likely to rise in price. The elderly ratio was found to have no significant effect on apartment transaction prices, but the higher the price of apartments traded at a time when more people in their 60s moved in. In addition, it was found that the high proportion of people in their 60s moved in and apartment prices rose during the period when their transactions were concentrated, mainly in high-priced apartment complexes. These results suggest that changes in fertility rates and demographic structure have a significant impact on apartment prices in new cities. Therefore, it seems important to predict changes in the fertility rate and demographic structure of the region when deciding on apartment supply policies to prevent soaring apartment prices.","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115014393","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 : 2022-05-31DOI: 10.24957/hsr.2022.30.2.5
Seryoong Ahn
The right to renew house lease contracts, introduced with the amendment of the Housing Lease Protection Act in July 2020, refers to the right to renew the lease contract only if the lessee wishes to do so upon expiration of the initial lease contract. This study presents Korea’s first model that can directly evaluate the appropriate value of this right to renew house lease contracts. Specifically, this study presents a pricing model using the Black-Scholes model focusing on the characteristics of the renewal right as a call option. Unlike general stock options, these renewal rights are not traded separately in the market, so a model in which the value of renewal contract is included in the chonsei price is also presented. Subsequently, this model is expanded and examined wherein the chonsei price can be increased at a certain rate when the contract is renewed. In addition, the numerical results are presented by applying the baseline parameter values, although they largely depend on the volatility of the chonsei price.
{"title":"Pricing the Right to Renew House Lease Contracts Using the Black-Scholes Option Pricing Model","authors":"Seryoong Ahn","doi":"10.24957/hsr.2022.30.2.5","DOIUrl":"https://doi.org/10.24957/hsr.2022.30.2.5","url":null,"abstract":"The right to renew house lease contracts, introduced with the amendment of the Housing Lease Protection Act in July 2020, refers to the right to renew the lease contract only if the lessee wishes to do so upon expiration of the initial lease contract. This study presents Korea’s first model that can directly evaluate the appropriate value of this right to renew house lease contracts. Specifically, this study presents a pricing model using the Black-Scholes model focusing on the characteristics of the renewal right as a call option. Unlike general stock options, these renewal rights are not traded separately in the market, so a model in which the value of renewal contract is included in the chonsei price is also presented. Subsequently, this model is expanded and examined wherein the chonsei price can be increased at a certain rate when the contract is renewed. In addition, the numerical results are presented by applying the baseline parameter values, although they largely depend on the volatility of the chonsei price.\u0000","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130480861","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 : 2022-05-31DOI: 10.24957/hsr.2022.30.2.141
K. Kim, K. Ji, S. Choi, Choi Chang Gyu
This study analyzed the factors affecting the actual residence period of tenants using limited data, based on the recognition that the supply of private rental housing can play an important role in establishing housing stability for the middle-income class. The most important result confirmed by the empirical analysis is that the larger the amount of Jeonse-Deposit, which can be understood as the size of total housing services, the longer the period of residence becomes in the private rental housing markets. From the perspective of private rental housing management, it is understood that an increase in the total rental fee (Jeonse-Deposit) will help bring stability to management because it means an increase in sales volume as far as other conditions are the same. On the other hand, among the same size of total rental fee (Jeonse-Deposit), the higher the proportion of the monthly rent is, the shorter the residence period becomes. The size of the deposit and monthly rent are both related to the creditworthiness of the lessor and the lessee, so it is very important to properly adjust the proportion of monthly rent and deposit. Results of the empirical analysis also show that corporate tenants have longer tenancy than individual tenants, and that as the size of private rental housing increases, the tenancy period decreases.
{"title":"A Study on the Management Stability in Private Rental Housing Market","authors":"K. Kim, K. Ji, S. Choi, Choi Chang Gyu","doi":"10.24957/hsr.2022.30.2.141","DOIUrl":"https://doi.org/10.24957/hsr.2022.30.2.141","url":null,"abstract":"This study analyzed the factors affecting the actual residence period of tenants using limited data, based on the recognition that the supply of private rental housing can play an important role in establishing housing stability for the middle-income class. The most important result confirmed by the empirical analysis is that the larger the amount of Jeonse-Deposit, which can be understood as the size of total housing services, the longer the period of residence becomes in the private rental housing markets. From the perspective of private rental housing management, it is understood that an increase in the total rental fee (Jeonse-Deposit) will help bring stability to management because it means an increase in sales volume as far as other conditions are the same. On the other hand, among the same size of total rental fee (Jeonse-Deposit), the higher the proportion of the monthly rent is, the shorter the residence period becomes. The size of the deposit and monthly rent are both related to the creditworthiness of the lessor and the lessee, so it is very important to properly adjust the proportion of monthly rent and deposit. Results of the empirical analysis also show that corporate tenants have longer tenancy than individual tenants, and that as the size of private rental housing increases, the tenancy period decreases.\u0000","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128543390","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 : 2022-05-31DOI: 10.24957/hsr.2022.30.2.161
Kim Soo-hyun
One of the major topics in the world housing academia recently is ‘financialization of housing’. This discussion, which appeared in academia before and after the 2008 global financial crisis, has become one of the mainstream discourses in housing research from around 2015. The recent discussion on financialization of housing has expanded its scope from the issue of risk loans and household debt to the discussion on the concept of housing and capital circulation, the increase of private rents and the problem of multi-homeowners, and the alternative and practical tasks of financialization. This paper introduces the discussion of financialization of housing in the global housing academia, and explores how to understand and apply it in the context of Korea. While studies on housing finance are active in Korea, discussions on financialization of housing, which can be said to be more macroscopic and structural, are very rare. Therefore, along with an in-depth analysis of Korea's housing finance, this paper proposes researches on the relationship between asset disparity and inequality, and discussing asset-based welfare.
{"title":"How do we understand and apply the unfamiliar ‘financialization of housing’ discussion in Korean context?","authors":"Kim Soo-hyun","doi":"10.24957/hsr.2022.30.2.161","DOIUrl":"https://doi.org/10.24957/hsr.2022.30.2.161","url":null,"abstract":"One of the major topics in the world housing academia recently is ‘financialization of housing’. This discussion, which appeared in academia before and after the 2008 global financial crisis, has become one of the mainstream discourses in housing research from around 2015. The recent discussion on financialization of housing has expanded its scope from the issue of risk loans and household debt to the discussion on the concept of housing and capital circulation, the increase of private rents and the problem of multi-homeowners, and the alternative and practical tasks of financialization.\u0000This paper introduces the discussion of financialization of housing in the global housing academia, and explores how to understand and apply it in the context of Korea. While studies on housing finance are active in Korea, discussions on financialization of housing, which can be said to be more macroscopic and structural, are very rare. Therefore, along with an in-depth analysis of Korea's housing finance, this paper proposes researches on the relationship between asset disparity and inequality, and discussing asset-based welfare.\u0000","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114325342","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 : 2022-05-31DOI: 10.24957/hsr.2022.30.2.29
Geun-Joon Kim, Ro Seung-Han
The speculation of agricultural land by non-farmers in the recent LH Corporation scandal has raised a huge social issue and caused quite a stir. As the price of agricultural land is rising, it is used as a means of increasing property for a capital gain instead of farming, which is clearly confirmed in the percentage of outsiders purchasing agricultural land. Specifying these issues, this study investigates the characteristics of outsiders making a successful bid in agricultural land auctions and checks factors influencing their successful bids in the procedure of a real estate auction as one of the important ways to acquire land. As for methodology, the investigator examined 1,606 items of agricultural land (fields and paddies) that were auctioned off in court in five major areas around the nation between 2013~2017, dividing them according to outsiders and local people based on the addresses of successful bidders and conducting binary logistic regression analysis. The analysis results demonstrate that the percentage of outsiders in the successful bids of agricultural land was very high in real estate auctions and identified characteristic factors (waterfront areas, stake items, and so on) that had impacts on the successful bids of agricultural land by outsiders.
{"title":"A Study on the Characteristics and Determinants of Successful Bids on Agricultural Land by Outsiders in Real Estate Auctions","authors":"Geun-Joon Kim, Ro Seung-Han","doi":"10.24957/hsr.2022.30.2.29","DOIUrl":"https://doi.org/10.24957/hsr.2022.30.2.29","url":null,"abstract":"The speculation of agricultural land by non-farmers in the recent LH Corporation scandal has raised a huge social issue and caused quite a stir. As the price of agricultural land is rising, it is used as a means of increasing property for a capital gain instead of farming, which is clearly confirmed in the percentage of outsiders purchasing agricultural land.\u0000Specifying these issues, this study investigates the characteristics of outsiders making a successful bid in agricultural land auctions and checks factors influencing their successful bids in the procedure of a real estate auction as one of the important ways to acquire land. As for methodology, the investigator examined 1,606 items of agricultural land (fields and paddies) that were auctioned off in court in five major areas around the nation between 2013~2017, dividing them according to outsiders and local people based on the addresses of successful bidders and conducting binary logistic regression analysis. The analysis results demonstrate that the percentage of outsiders in the successful bids of agricultural land was very high in real estate auctions and identified characteristic factors (waterfront areas, stake items, and so on) that had impacts on the successful bids of agricultural land by outsiders.\u0000","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134156639","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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