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2015, Vol.25, No.1

  • 1.

    Examination of the Relationship Between the Types of Housing and Household Debts

    Daigyo Seo | Jin-tae Hwang | 2015, 25(1) | pp.5~20 | number of Cited : 10
    Abstract
    In this paper, we examine the relationship between household financial debt and the types of housing by using random-and fixed-effects tobit models with Korean Labor and Income Panel Survey. We find that the effects of leasing a house would be small on the household debt, relative to homeowners. In addition, the effects of living in an apartment or flats with shops in comparison to living in a detached house have been smaller on household debt over the period 2006-2010 than 1998-2005. Furthermore, we find that over the whole period 1998-2010, the financial debt gap between homeowners and leaseholders has been smaller in Seoul than in Busan or Daegu, and over the period 2006-2010 the financial debt gaps in Seoul and Busan have been both greater than before. Finally, it is noticeable that the effects of living in an apartment on household financial debt have been negligible during the same period. This empirical result may show, to some extent, the effects of the Debt-to-Income policy implemented by the Korean government in 2006.
  • 2.

    A Study on the Rent Characteristics of Retail Store at Garak Agricultural and Marine Products Wholesale Market in Seoul

    이경식 | Oh Dong Hoon | 2015, 25(1) | pp.21~34 | number of Cited : 3
    Abstract
    This study aims at analyzing the rent characteristics of Garak market which is the biggest domestic Agricultural & Marine Products Wholesale Market in Korea. The main methodology used in this study is a two stage method using Huff's probability model and multiple regression analysis. In general, the rent characteristics of retail stores in the Garak market differ from those in general markets around the Garak market. Therefore the two stage methodology enables to estimate and analyze the rents and the rent characteristics of retail stores in the Garak market. The main results are as follows. First, as expected, the basic rental rates based on market-share and actual rental rates showed a substantial correlation with the exception of some outliers. Second, coefficient of determination of both direct sales stores and convenient facilities in the Garak market were much higher than those of general stores around the Garak market. Since the functions of market share and market area affect rents of stores among building facilities, as a result of examining the dispersion of the rents among building facilities, it could be evaluated that their stores’ rents work according to market mechanism. However, the authors reconfirmed that rents in the individual store units were worked by the formal criteria of operating management corporation rather than by market oriented way based on both a supply and demand principle and each store’s competitiveness.
  • 3.

    Housing Wealth Effects of Homeowners by Age Cohorts

    LEE Hyunjeong | 유종선 | 2015, 25(1) | pp.35~50 | number of Cited : 9
    Abstract PDF
    The purpose of this study is to explore housing wealth effects of homeowners on household expenditure on non-durable products and services. The age cohorts are divided into four distinct groups – young(35-44), early middle-aged(45-54), late middle-aged(55-64) and older(65 and older), and their wealth effects are examined in accordance to region(Seoul Metropolitan Area, SMA vs. non-SMA), housing structure type(apartment vs. non-apartments), and household debt-to-asset ratio(less than 25% vs. more than 25%). Using the 15th Korean Labour and Income Panel Study(KLIPS), this research analyzes 1,612 home-owning households. The statistical results reveal that annual household income and non-durable consumption are the greatest in the early middle-aged group, and each amount of financial, housing and real estate assets is the largest in the late middle-aged group. Household debt-to-asset ratio is found to be disproportionate to age. Further, it’s statistically significant that housing wealth has much stronger effects on household spending than does financial asset or real estate asset. Indeed, the consumption elasticity is greater for households living outside SMA, residing in non-apartments and holding lower debt-to-asset ratio. In particular, the young group with less than 25% of debt-to-asset ratio living in apartment outside SMA is likely to actively tap into their housing windfalls. Thus, the empirical findings explicitly support that housing wealth effects vary with different age groups, and rising housing wealth enables households to reduce insurance against future contingencies.
  • 4.

    The Improvement of Contaminated Land Valuation Guidelines in Korea Focused on the Case of Japan

    권현진 | ByungRang Kim | 2015, 25(1) | pp.51~70 | number of Cited : 0
    Abstract
    This study aims to review the Appraisal Practice Standards and other related guidelines for the domestic contaminated land in reference to Japan’s valuation standards and regulations, similar to Korea’s policies, and to propose major improvement plans. In Japan, the items and contents related to the appraisal guidelines of contaminated land have been amended and enforced in accordance to the purpose of the individual regulations and guidelines. Furthermore, experts and appraisers from relevant organizations have gathered to evaluate and discuss about the contaminated land and enact appropriate standards and legislation guidelines. The domestic applications and improvement suggestions proposed from this study are outlined as follows:First, appraisers will need to consider the soil-contaminated land as an independent entry according to the Appraisal Practice Standards because it will expect an increased demand for the contaminated land valuation. Second, the Appraisal Standards Board and other professional committees will need to improve and develop recommended guidelines for the investigations of contaminated land and other related practices. Third, policies and regulations related to the valuation of contaminated properties will need to be modified in order to evaluate the real values of the properties in the current market with more accuracy.
  • 5.

    The Effects of Improving the Real Estate Agents' Professional Ethics on the Changes of Recognition on Real Estate Brokerage

    안민재 | Yoon, Dong gun | 2015, 25(1) | pp.71~88 | number of Cited : 5
    Abstract
    This study sees that improving licensed real estate agents’ ethics can influence the expertise and trust of real estate business and people. To verify this, the study formulates a study model and model hypotheses and analyzes causality. The basic data of a survey go through exploratory factor analysis and simple regression analysis with SPSS 12.0. According to the results, improving the employees’ ethics (t=12.718, t=11.877, p=.000), improving the ethics among licensed real estate agent members (t=12.185, t=11.263, p=.000), improving licensed real estate agents’ service ethics for the clients (t=13.131, t=11.801, p=.000), and constantly improving the ethics of licensed real estate agents for the people (t=13.766, t=14.882, p=.000) lead to the qualitative improvement of licensed real estate agents’ expertise and credibility. To present the results of the research as the suggestions, the current certified real estate brokers act and ethics charter of the Korea Association of Realtors (code of ethics) were established to four directions of employment ethics (employment of employees and observance and supervision of rules and code of ethics by the employees), organization ethics (prevention of excessive competition among real estate brokers, reflection of accurate price for real estate advertisement,, and respect of exclusive listing contract), service ethics (observance of legal brokerage, report of expectation from the clients and flaws found by checking and confirming the articles), and public ethics (fair attitude to consumers, service based on sound thinking, steady research and efforts to maintain the real estate agents' dignity and get knowledge related to brokerage) respect of exclusive listing contract), and these directions should be complemented.
  • 6.

    A Study on the Customized Benchmark Indices of Domestic SOC Investment

    Roh Sang Youn | 2015, 25(1) | pp.89~104 | number of Cited : 4
    Abstract
    The purpose of this study is on how to make the Customized Benchmark(CBM) Indices that is for use in evaluating the short-term, mid-term and long-term performance by the investors who are participating in the domestic SOC(Infrastructure) investment market. It suggests the four ways to create a kind of synthetic indices to reflect the properties of the holding portfolio of the investor. In addition, it shows that virtually calculate the CBM to reflect the characteristics of the MKIF’s portfolio and use them, I could evaluate the short-term, medium-term and long-term excess performance. The major findings of this study are as follows. First, the CBM should be make more reasonably to reflect the investor's investment strategy, vehicles and types. Second, the equity type BM should be determined by the equity risk premium reflected to the resonable beta of the equity and the market risk premium, at the same time, the loan type BM should be determined by the loan risk premium that is the sum of the credit risk and liquidity risk of the bond market. Third, we need the measures to reflect the characteristics of the alternative investment asset class, having a J-curve effects and long-term horizon, to evaluate the long-term investment perspective by calculating the BM, using a five-year moving average of the yield time series of stock and bond markets. The results of this study could be very useful when you need more rational benchmark for performance evaluation of SOC portfolio for the long-term investment-oriented funds or company such as pension funds, asset management companies, life insurance or whole life insurance company.
  • 7.

    Introduction of Smart League System on Capital Gain Tax of Real Estate

    손경숙 | Kim, Ji Hyun | 2015, 25(1) | pp.105~122 | number of Cited : 0
    Abstract
    Current tax system on gain from transfer of real estate has been bringing out the following problems: complexity of taxation, hindrance of horizontal and vertical impartiality on taxation, inefficient allocation of resources. Although there have been various preceeding researches in order to overcome the above mentioned problems, they have not suggested the specific policy means. Hereupon, we suggest ‘Smart League System’ as better capital gain tax system on transfer of real estate. Under the ‘Smart League System’, taxpayers are divided ‘Smart League’ where capital gain tax plans are decided according to predefined principle referring to the fluctuation of real estate market and ‘Social League’ where tax plans are decided according to social welfare system. In other words, the smart league follows market principle of capitalism where the role of government is just to take custody of fair rule which every participants can expect regardless of real estate market fluctuation and the participants plays based on self calculation and risk-taking. Whereas, the social league who needs the governmental protection and supports pursues residential stability rather than capital gains. The results of simulation analysis using virtual data set show that ‘Smart League System’ effectively solve the critical problems of current capital gain tax system including tax-free benefit for one house for one family and special deduction for long-term holding. Moreover, most of taxpayers are able to calculate their capital gain tax of real estate transforms thanks to simplify and clarity of predefined principles of Smart League System.