Korea Real Estate Review 2021 KCI Impact Factor : 0.75

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pISSN : 2092-5395 / eISSN : 2733-8339

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2018, Vol.28, No.3

  • 1.

    Effects of Parents' Homeownership on the Economic Performance of its Offspring

    Kim Ju Young , Jin Kim | 2018, 28(3) | pp.7~19 | number of Cited : 3
    Abstract PDF
    Prior studies concerning the analysis of parents’ homeownership on its offspring usually focus on the transmission of tenure between two generations. This study adopted a more comprehensive approach on this topic so the effects of parents’ homeownership were analyzed through the economic performance of their sons. Korean labor panel data were used to test hypotheses on intergenerational transmission of parents’ homeownership. The period covered years 2000 to 2014, consisting of about 862 samples, while many socioeconomic variables were selected through a filtering process. The results of the three hypotheses showed the following consequences. First, parents’ homeownership was a meaningful factor in determining their son’s housing tenure. Second, parents who are homeowners tended to have more educated sons. Third, parents’ homeownership did not affect their son’s annual income. This study showed more extensive effects of homeownership, and government strategy must consider this additional benefit in homeownership policies.
  • 2.

    A Systematic Analysis on Default Risk Based on Delinquency Probability

    김경선 , Seungwoo Shin | 2018, 28(3) | pp.21~35 | number of Cited : 1
    Abstract
    The recent performance of residential mortgages demonstrated how default risk operated separately from prepayment risk. In this study, we investigated the determinants of the borrowers’ decisions pertaining to early termination through default from the mortgage performance data released by Freddie Mac, involving securitized mortgage loans from January 2011 to September 2013. We estimated a Cox-type, proportional hazard model with a single risk on fundamental factors associated with default options for individual mortgages. We proposed a mortgage default model that included two specifications of delinquency: one using a delinquency binary variable, while the other using a delinquency probability. We also compared the results obtained from two specifications with respect to goodness-of-fit proposed in the spirit of Vuong (1989) in both overlapping and nested models’ cases. We found that a model with our proposed delinquency probability variable showed a statistically significant advantage compared to a benchmark model with delinquency dummy variables. We performed a default prediction power test based on the method proposed in Shumway (2001), and found a much stronger performance from the proposed model.
  • 3.

    Analysis on the Relative Efficiency of Industrial Complexes by Type Based on the DEA Model

    Choi, Myoungsub , Seungil Jang , Park Hwan-Yong | 2018, 28(3) | pp.37~52 | number of Cited : 8
    Abstract
    This paper analyzed the relative efficiency of industrial complexes by type based on the DEA Model. In this analysis, the output and exports of 287 industrial complexes in 2017 were used as output variables, while the industrial land area and the number of employees in the same year were used as input variables. The results of the relative efficiency of industrial complexes by type were as follows: The relative efficiency of industrial complexes was affected mainly by type and the operating period of industrial complexes. In the types of industrial complexes, the most efficient industrial complex was the Urban, high-tech industrial complex, followed by the National industrial complex and the General industrial complex. Therefore, high-tech innovation and government support for industrial complexes would be necessary to increase the efficiency of industrial complexes. In the operation period of industrial complexes, relative efficiencies increased with longer operation periods. To maximize the regeneration effect of the old industrial complex, efficiency must be kept as a priority item of the old industrial complex regeneration project.
  • 4.

    The Impact of Real Estate Value Changes on Retirement Preparation : Focusing on Private Pensions

    KIM DAEHWAN , 이동현 | 2018, 28(3) | pp.53~64 | number of Cited : 0
    Abstract
    OECD countries have been stimulating private pensions instead of public pensions because the financial stability of public pensions has been threatened by the aging population. Korea, which has the fastest aging population in the world, has been following the recommended policies of major countries. Unlike major economies, however, most of Korea’s household assets are composed of real estate assets. Due to the economic and social importance of real estate assets in Korea, the wealth effect of real estate has been used as a major tool in macroeconomic policy. This study analyzed the effect of real estate value changes on the contribution of private pensions (personal pension + retirement pension). Utilizing a two-way, fixed effect model with the balanced panel data of the National Survey of Tax and Benefit, empirical results presented that the private pension contribution increased by 0.171% when the value of real estate increased by 1%. Thus, real estate value changes were analyzed as positive for retirement preparation through private pension. These results suggested that if the real estate market would shrink in the future, consumption would decrease, and the degree of preparation for retirement might be smaller.
  • 5.

    Effects of the Educational Environment on Studio Apartment Prices : Focusing on Deposit and Monthly Rental Rates in Seoul

    Lee Jaewon , Sang-Young Bae , Sangyoub Lee | 2018, 28(3) | pp.65~77 | number of Cited : 9
    Abstract
    The purpose of this study is to analyze the effect of the educational environment on the prices of studio apartments, known as officetels, in Korea. Since the revision of relevant laws in 2010, they have served as substitutes for residential purposes in areas suffering from housing shortage, especially where the educational environment is a significant factor. To assess the relation between the educational environment and rental rates, the hedonic price model and artificial neural networks were implemented. The national assessment of the academic performance of middle and high schools that were closest to each officetel, and the ratio of students going to special-purpose schools and private high schools were considered as independent variables. Research findings indicated that the positive effect of the dependent variable increased as the value of educational environment-related variables increased. This result could be utilized as a functional index for housing providers after considering educational environments.
  • 6.

    Analyzing the Residential Mobility Factors of Low-Income Households

    Kang, Mi , Lee Jae Woo | 2018, 28(3) | pp.79~94 | number of Cited : 3
    Abstract
    This study analyzed the factors associated with residential mobility based on the data from the 11th to the 19th wave of the Korean Labor & Income Panel Study (KLIPS). After grouping low-income households within the first to the fourth income bracket into households that exhibited no income bracket change and those with income bracket changes during the research period, this study examined the effects of the income situation of each group on residential mobility. According to the results of the analysis, in the group of households that showed no low-income bracket change, significant effects were found only in the age of the head of the household, housing cost, and rental deposit (Jeonse) and monthly rental of the household. In the group of households that showed low-income bracket changes, findings were generally in line with those of the whole household, where total income and the number of full-time employees in the household were the same as those of the whole household, indicating that it would be necessary to improve the employment stability of low-income households. Based on the findings of this study, housing inequality is intensifying within low-income households, and, thus, housing policies, based on continuing surveys, must be implemented to enhance income opportunities and stabilize the housing needs of low-income households.