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2009, Vol.61, No.

  • 1.

    Estimation of the Appropriate Social Discount Rate of Public Transportation Investment Projects

    Byung-Rok Song | Dong-Jin Kang | Jeong Hyun Rho | 2009, 61() | pp.3~23 | number of Cited : 5
    Abstract PDF
    This study is the following one of the Song's research(2001) and the purpose of this study is to estimate the social discount rate that can be used in the economic feasibility study of the public transportation investment projects, considering the latest change in Korean economic environments. This study investigated various theories and arguments regarding the social discount rate firstly, and estimated the Korean social discount rate using Burgess' model which had been used in Song's research(2001) to estimate the social discount rate of roads, railroads, ports, etc. Especially, Burgess' model is said that it can consider the characteristics of the public transportation investment projects having the supplementary relationship on the private sector's productivity. To estimate the social discount rate by applying Burgess' model, the various Korean macro-economic data during the period of 1981~2007 year was collected. But the sudden fall of the Korean real market interest rate during the period of 2001~2007 year distorted the result of applying Burgess' model. So in the case of the period of 2001~2007 year, the real market interest rate and the estimated one were considered together to apply Burgess' model. By appling these methods, the appropriate social discount rate of transportation investment projects in Korea was proposed in the range of 5.0%~5.5%(in real value).
  • 2.

    Financial Feasibility Analysis of Project Finance Considering Strategic Decision-making

    Jun Jae Bum | Kim, Sungil | 2009, 61() | pp.25~39 | number of Cited : 13
    Abstract PDF
    Many countries in the world have attracted private participation, in providing infrastructures, to overcome limited funds and reduce risks involved in those projects. And, project finance is considered effective to accomplish this public-private partnerships. In general, there exist lots of complicated uncertainties in project finance due to long-term concession and huge project size. Among these uncertainties, the strategic decision-making of investment time delay has been problematic, even if it seems to have an impact on project value, because traditional capital budgeting theory, NPV analysis, fails to assess its contingency. Therefore, the purpose of this paper is to provide a theoretical framework in evaluating this strategic decision-making in project finance. To understand the impact of time delay on project value, real option framework based on financial option pricing theory is applied. In turn, the quantitative value of time delay obtained by real option framework is compared and analyzed with that of NPV analysis. At last, because the value of strategic decision-making appears significant against project value, it needs to be taken into account when implementing financial feasibility analysis.
  • 3.

    Factors Affecting Housing Affordability in U.S. Local Government : Hierarchical Linear Modeling Regarding the Political Economy Perspective

    Sang-Chul Park | Se-Jin Lee | Kim TaeJin | 2009, 61() | pp.41~60 | number of Cited : 2
    Abstract PDF
    Affordable housing has been an important concern for local governments in the recent and has become a more pressing issue. Efforts to understand and explain how local governments influence housing affordability have been less than successful because they ignore the fact that cities and unincorporated areas are nested within county government. Empirical models, thus far have not been able to capture this nested structure. This paper extends the political economy of local policy-making to investigate how the configurations of county and sub-county governments shape local housing affordability. Multi-level analysis is applied by estimating a hierarchical linear model. The empirical findings generally confirm the predictors of the political market explanation and reveal county level decisions influence affordability at the local level and that the hierarchical structure is responsive to constituency demands. As predicted, political institution plays a mediating role with relations to constituencies’demand.
  • 4.

    The Influence of the Relaxation of the Green Belt on Urban Land Use Change : Case of Namyangju-si

    Park Sang Kyu | Kim Chang Seok | 2009, 61() | pp.61~80 | number of Cited : 13
    Abstract PDF
    The purpose of this study is to commit the empirical analysis on the change of the land use and official land price from 1996 to 2008 in the greenbelt area of Namyangju City and to present the planned management guideline of the greenbelt considering urban growth management. The analysis shows that the price of the relaxed from the greenbelt has risen 1.4 times more than the remaining one and the rate of this growth depends on the land use plan after relaxation. The noticeable change of land use along the roads in the greenbelt has been found. Especially, the absence of district unit planning has made land use conversion in and around the local villages out of control. Therefore the development of the relaxed and the management of its surrounding area should be carried out in the integrated context for the greenbelt could be filled the role of urban growth management tool. It will be more efficient to establish the Greenbelt Management Plan on the remaining area through the cooperation of the related local governments in the metropolitan area.
  • 5.

    The Tasks of Housing Policy for the Independent Living of Disabled People

    Seo JongGyun | 2009, 61() | pp.81~102 | number of Cited : 17
    Abstract PDF
    The idea of independent living makes it easier to understand what disabled people feel. It can also be power to confront present problems. With this point of view, this paper defines disabled people's housing problems and suggests some policy recommendations for the problems. Their housing problems defined in this paper are as follows; First, they are more often found in the most seriously poor housing conditions, like homelessness; Secondly, people living in institutions can not choose where to live but they are forced to live there; Thirdly, living independently in communities can give various opportunities to disabled people in the future, but they still have many difficulties to choose it because of the lack of support. Policy recommendations to deal with these matters are as follows; First, a variety of housing policies should be improved to secure independent living of disabled people. To define and evaluate their housing needs can be the starting point; Secondly, housing support services, which help disabled people to settle down in communities and to build their abilities to live independently, need to be introduced.
  • 6.

    A Study on Promotion of Confederacy Style Public-Private Partnership Project Financing Business : Focus on view of a Private Sector

    Lee Jong-Kyu | Lee,Joo-Hyung | 2009, 61() | pp.103~119 | number of Cited : 4
    Abstract PDF
    The latest construction industry status shows a downward trend. Private Sector is positively promoting public-private partnership project financing business(project financing of competition) to overcome the current situation. Public-private partnership project financing business is expected to obtain synergy effects by combining the experience of institutions from residential land development and the experience of private institutions from construction experience. However, there are some difficulties. Firstly, the public nature of public institutions are becoming more commercialized and secondly, there are no standardized confederacy basis in the process of selection a business proprietor, so every project offers different standards and conditions. Thirdly, when selecting a business proprietor the construction company that offers the highest land price is picked. Eventually, construction companies compete to pose higher price and it only results in rising land price. Other than that, various problems, such as increase in working expenses and qualification limit for participating enterprise according to public institutions, are being discovered. As a solution to these problems, there is a need to set a standardized selection base, and give more points to development course, development idea and such rather than land price so that even if their capital strenth is weak, small and middle businesses with good initiatives can participate more and also, we can present diversification of business models as a solution
  • 7.

    The Estimation of Transportation Energy Consumption Considering Gas Station Choice Probability and the Differential Effects of Urban Spatial Structure

    김승남 | Kun-Hyuck Ahn | 2009, 61() | pp.121~140 | number of Cited : 3
    Abstract PDF
    The purpose of this study is to examine the effects of urban spatial structure on transportation energy consumption. For this, gasoline consumption in each area was estimated by using Gas Station Choice Probability Function and Vehicle Km Traveled(VKT). And these data analyzed through spatial regression. The main results of this study are as follow. First, oil consumption probability is 80% in departure area, if the oil price is same between departure and destination area. Second, compactness policy is effective only on inner travel reduction. Third, higher density and higher job accessibility can reduce not only outflow consumption but also inflow consumption, so that can create synergy effects in surrounding areas. These results lead us to the conclusion that effects of urban spatial structure are different in spatially different area. Therefore, we need to change of existing urban spatial policy based on these results.
  • 8.

    The Role of the Public for the Publicity in Urban Regeneration Project

    Lee,Joo-Hyung | Seo Eui-Kweon | 2009, 61() | pp.141~159 | number of Cited : 14
    Abstract PDF
    The study aims to advise role-sharing between the public and the private and a role of the public to secure the publicity for successful urban regeneration projects through investigation about the problem and limitation of domestic urban regeneration projects. As a result, in foreign urban regeneration projects, the public is taking a role for a process simplification by an arrangement of the law and the system, infrastructure and service facility expansion, and an encouragement of private capital investment by financial support. In addition, the public is engaged in an environmental improvement of the citizen’s residence, a guideline for customized urban planning for each region, the publicity in the private projects through an incentive program, and a diversification of main body of the project through the private-public partnership, and the adjustment of interests between the bodies. Therefore, the public should share a role with the private properly to have the best effect of private capital and creativity and build diverse policy to make reasonable division of the profit for the successful urban regeneration projects with the publicity.
  • 9.

    An Experiment Approach for Evaluating Effects of River Restoration on Regional Economy

    Chongwon Kim | Han, Dong-Geun | 2009, 61() | pp.161~173 | number of Cited : 0
    Abstract PDF
    This paper offers a regional economic model that takes into account river restoration project. The model shows the mechanism in which amenity produced by restored river generates impacts on regional production, investment, and consumption. Our model connects amenity produced by restored river with production, investment, accumulation of capital stocks, and consumption in a way that dynamic movements of those variables can be traced. The amenity service has impacts on regional economy in two ways. Firstly, opportunities of leisure and outdoor activities created by water front stimulate consumption and investment. That is demand-side effect of river restoration. Secondly, amenity improves quality of environment, which in turn raises total factor productivity in regional production function. This paper suggests that the river restoration project could create much wider impact than generally thought to do, and improves regional economic growth rate as well as environmental quality.
  • 10.

    The Effects of REITs on Housing Markets in U.S

    Seokchin Kim | JoongGi Kim | Jongsik Hwang | 2009, 61() | pp.175~187 | number of Cited : 2
    Abstract PDF
    There are two paths which real estate investment trusts (hereafter REITs) affect housing markets. First, REITs enhance market liquidity through the securitization. Therefore, REITs help real estate to be priced in equilibrium. Second, REITs could be a speculative demand in housing markets since REITs should compensate higher benefits to investors through dividends. This study estimates bubbles in U.S. housing and REITs prices for the 1987-2008 periods with FMOLS method. We detect bubbles in both housing and REITs prices since 2004. Furthermore, both bubbles have a positive relationship. Bubbles in REITs prices granger­cause bubbles in housing markets. This result implies overheated REITs themselves become a speculative demand because of high dividend burden and contribute to bubbles in housing markets.
  • 11.

    A Study on Landuse Condition Analysis for Making a Official Map in Metropolitan Region: Gyeonggi Province

    장영호 | HongKoo Yuh | 2009, 61() | pp.189~210 | number of Cited : 1
    Abstract PDF
    This study reviews a variety of spatial effects and proposes an rational alternative of spatial policy by utilizing GIS program in Gyeonggi Metropolitan Region(GMR). The purpose of this study is to find out the regional and spatial characteristics for urban growth management in GMR. Also this study need to be realized harmonious plan between development and preservation. Before we analyze its, we must compile the database(a disital map and KLIS, land use regulations, urban planning map). Then we have been research spatial characteristics by the growth or development patten. In addition the metropolitan official map was selected by the principle and standard to make the policy guideline for reviewing and adjusting all kinds of condition. An analysis indicator make a choice of an individual characteristic. Next we can be analyzed into spatial data which estimated by ecological, physical and spatial, social, natural factors. Through all of the process, we can create the metropolitan official map, propose the policy guideline and then find out the point at issues in metropolitan land use. Finally, through this study, we can make an attempt to resolve a land use problem in aspects of metropolitan regional. For a rational policy of land use look forward to dissolving the imbalance of supply and demand of land and obviate the sprawled development in the metropolitan region.
  • 12.

    Construction of the Energy Consumption Model according to Urban Spatial Structure using System Dynamics

    Koo Hyeong Su | Lee Hee-Yeon | 2009, 61() | pp.211~233 | number of Cited : 11
    Abstract PDF
    In recent years there has been a growing concern about climate change and Korea will be under the compulsory reduction duty of greenhouse gas after 2013. Accordingly, more efforts to reduce energy consumption are required than ever before. In particular, it is necessary to implement energy saving urban spatial structure strategies. The purpose of this study is to develop a model which can simulate dynamic changes of energy consumption according to changes of the urban spatial structure. This study attempts to construct the conceptual model which shows the complex interaction among four sectors such as population‧economics, land use, transportation and energy consumption sector. To develop the energy consumption model, system dynamics approach was used. The model was applied to Seoul city to testify the operational validity and to compare the energy saving effects according to 3 different scenarios. The result of computer simulation shows that total energy consumption changes dynamically until 2020 according to the changes in land use and traffic volume which are caused by changes from the population and employment. Simulation result of three scenarios shows that high density development in the commercial zone and mixed use development in the residential zone can reduce energy consumption. In addition, the current regulations on greenbelt should be maintained to maximize energy saving effects of high density and mixed use development.
  • 13.

    Path Dependence in the Formation Process of Industrial Policy in Region : The Experiences of Daegu RIRM's Establishing Process

    PARK, JONG HWA | 2009, 61() | pp.235~254 | number of Cited : 10
    Abstract PDF
    The concept of path dependence has been promoted in recent years as a cornerstone for the researches of many disciplines. The notion of path dependence, or some variant of it, is now widely employed in the researches of industrial organization and industrial technology strategies, decision-making behaviour and practices, social governance, political institutions, leadership and management strategies, and so on. In the regional studies, the concept of path dependence is often applied to the researches of an evolutionary development of region and of an evolutionary RIS(Regional Innovation System). The tendency has been seemingly expanded. Given its essential characteristics in the analysis of regional growth mechanism, we find the necessity of the concept in the formation process of industrial policy in region. According to the results of the analysis, it seems to be clear that there are the obvious characteristics of path dependence in the establishing process of Daegu RIRM, whilst there are limited evidences in constructing the characteristics of path creation and adaptation.
  • 14.

    A Study on Survival Analysis of the Guaranteed Small and Medium Enterprises in Construction Industry by Support of Korea Technologies Guarantee Funds

    Kim Taehun | 2009, 61() | pp.255~273 | number of Cited : 22
    Abstract PDF
    The guarantee system has played an important role in small and medium businesses being invested from a capital market. This study has estimated survival rates of the guaranteed small and medium businesses in construction industry from the KIBO Technology Fund which is carried in the higher portion of the system and compared the survival rates among the groups(e.g., the detailed industries). Also, this study has investigated various factors that affect survival of firms under construction industry. The Kaplan-Meier analysis and Cox-Proportional hazards model are used to achieve research objectives. The results will be applied to support risk management of guarantee programs and the research method can be applied to the past studies and new studies concerning construction domain.
  • 15.

    Developing Domestic Travel Demand Model Based on Gravity Model Using SK T MAP Navigation Data

    Lee Gahyeon | SEOHO UM | 2009, 61() | pp.275~286 | number of Cited : 2
    Abstract PDF
    This study applies the conventional gravity model to develop domestic travel demand model and to identify determinants influencing spatial interaction using SK T Map Navigation Data. Physical distance from a origin to a destination was used as a constrained variable in the travel demand model. The trip-generating power of an origin was measured by both population size and the GRDP(Gross Regional Domestic Products) while the trip-attracting power was measured by the square meters of accommodation and restaurant space at a destination. Empirical Analysis identified that gravity model was very appropriate to describe special interactions showing .92 R square. The distance variable had a negative sign as expected theoretically. The elasticity of the distance variable shows -1.113 next to the square meters of accommodation and restaurant space(1.499), the most effective determinant variable in the domestic travel demand model.
  • 16.

    The Study on the Influences of Rental Housing to Busan Housing Market and Its Characteristics

    Hwang, Young-Woo | 강기철 | 2009, 61() | pp.287~299 | number of Cited : 4
    Abstract PDF
    The rental housing has its own characteristics in the view of societal problems. For example, the influences of rental housing is less than sale housing in aspect of economy, but the central and the local governments have to have the rental housing policies for the social welfare. This paper tries to find out the influences of rental housing to Busan housing market using cluster analysis statistical tool through SPSS 12.0, MS Office. As the results, the rental housing affects to housing price down of sale housing, and the rental housing construction of the public sector is needed for the social sustainability to the low levels. Therefore, the government's role of in field of housing market is very significant for the societal health, and private secotor's aggressive participation is also needed.