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2009, Vol.62, No.

  • 1.

    Causality among Population, Total Jobs, and Jobs-by-Industry

    Youngsung Lee | 2009, 62() | pp.3~20 | number of Cited : 13
    Abstract PDF
    This research examines causality among population, total jobs and jobs-by-industry using metro cities and provinces data from 1996 to 2006 in Korea. Many people believe that population and jobs are in a mutual causal relation. Traditionally urban economic theories explain changes in spatial structure under the assumption that employment is a cause of population change. In regional economics there is a deep-rooted belief that the increase in production of an industry leads to the increase in other relating-industries' production and jobs. But these believes lack verified foundations. Estimating SUR equations, this research finds population increase is generally a cause of job increase, but not vice versa. In terms of jobs, inter-industry relations are weaker than expected. There are even cases that the increase in an industry's job leads to the decrease in other industries' job. Interestingly localization economy and large company are found important in creating jobs. Job creation by supporting small and medium enterprises and temporary employees will be more effective in a close network and cooperation with large companies.
  • 2.

    Analysis of Factors in Government Policy Restraining Private Investment in Land Development

    Lee Yong Kyu , 김중태 | 2009, 62() | pp.21~42 | number of Cited : 1
    Abstract PDF
    In the case of Korea, due to the public nature of land and price stabilization policy, the public sector has been deeply involved in land distribution. Since the role of the public sector is limited in the public goods market, the private sector has to play a primary role as a supplier of land. However, according to a recent survey, the current land-supply policy is negatively affecting the private sector; Furthermore, it is discouraging the private sector to invest in land development and home construction. Therefore, the land-supply plan of the Korean government could not be accomplished without a major change on land-supply policy. In this context, this study has analyzed the current land-supply policy from the view point of private land developers; It was found that a reformation in the ‘Price ceiling system’ and ‘Donation policy’ could increase the investment in land development by private sectors, utilizing structural equation method(SEM). In order to increase reliability of research result, another statistical method, Analytic Hierarchy Process(AHP), was also utilized.
  • 3.

    Impacts of Walking Activity in Daily Life on Individual Health Improvement

    Hyungun Sung | 2009, 62() | pp.43~63 | number of Cited : 15
    Abstract PDF
    This study conducted multiple regression analyses for such health-level indicators as EQ-5D, EQ-VAS, experiences of chronic diseases in like and obesity in order to identify impacts of the amount of walking activities, which was done in the last week, on them. The analysis data were obtained from the nation-wide survey data for health and nutrition examination in 2005. To identify the pure impacts of walking, the study controled other explanatory variables in the analysis models, which are known as risk factors for health, including individual and household characteristics such as sex, age, occupation, marriage, smoking, stress, etc. The results indicate that walking activity in daily life itself has significantly positive impacts on individual health status as much as or even more than other physical activities such as high-and middle-intensity exercises. In addition, individual adults who a little more walked in the last week are more contributed to increasing their health status than people conducting much more extensive walking, as compared to adults with no walking. However, as the term of walking activity more increases, probability to be obese tends to more decrease. The analysis results imply that walking is very an important factor in the field of transport planning in influencing public health as well as relieving social costs resulting from inordinate dependence of automobile on travel.
  • 4.

    The Impacts of Local Autonomy on the Planning Rationality: Rethinking Intergovernmental Conflicts

    김동완 | 2009, 62() | pp.65~83 | number of Cited : 3
    Abstract PDF
    This paper examines intergovernmental conflict in the regard of Weberian planning rationality, the foundation logic of modern national-state. Since studies on intergovernmental conflict have focused only on organizational relationship, those have limitation of understanding the conflicts simply as to the level of institutional fix or leadership. This paper proposes that intergovernmental conflict with elected officials is resulted by spatial differentiation in the state rationality, not by just the purely organizational relationship of government. In this paper, Weber's state theory and the notion of rationality are modified with the notion of state space and scale. Also, the meaning of local autonomy was examined by historical method, regarding the spatial differentiation of substantive rationality as the core concept of the analysis. The result is as the following. Firstly, South Korean developmental state had huge substantive rationality as “Fatherland modernization” in national scale. However, the local autonomy had based on the success of democratization and industrialization has leaded substantive rationality to spatially differentiate. Finally, the intergovernmental conflict can be the conflicts among the substantive rationalities.
  • 5.

    Evaluation of Value-for-Money for Real Estate Development Projects

    정광섭 , Koo, Ja-Hoon , 김상원 and 1 other persons | 2009, 62() | pp.85~105 | number of Cited : 19
    Abstract PDF
    The development of real estate includes many aspects to be considered before commencing the construction. In the public sector, it is required to supervise for the successful development by establishing the right policy, and at the same time, legal and administrative supports are needed. And in the private sector, the comprehensive evaluation procedure is required to evaluate the possibility of successful development. In this study, we selected Supyo-dong, Jung-gu, Seoul, which is near to a market boundary in its geography and scale, and evaluated the value of the investment with the consideration of the development plan, the condition of the location, and the potential of the site. In the theoretical approach for the evaluation, we compared the nearby area of the city spaces in the perspective of activation of synapse of Neuron Science. In terms of the methodology, we tried to decide using Analytic Network Process which can consider the relation between the evaluation items. In conclusion, the order of evaluation items is fund raising, development purpose, key tenant and marketing, respectively, and for the development plan and the condition of the location, the order of evaluation items is land utilization, surrounding environment, and traffic environment, and for the development potential, the order is marketability, identity, and historic character. The significance of the conclusion of this study is that it can be utilized in pre-evaluation in planning the real estate development.
  • 6.

    Applications and Improvements of Real Estate Transaction Volume Statistics

    김현아 , 허윤경 | 2009, 62() | pp.107~124 | number of Cited : 10
    Abstract PDF
    The trading volume of real estates has been emerged as an important index for understanding market trend bringing about the significance of the statistics of real estate. However, despite the fact that the current statistics has problems in terms of data-collection and system-division, there is no enough knowledge about this. The results of this research show following findings. First, the trading volume statistics, created by Onnara portal, as an approved statistics should not be understood the exact trading volume of existing property because it includes both new and old property. Second, estimation of trading volume compared to total stock provides meaningful figures that can reflect real estate market since large residential developments and demolitions for redevelopment substantially affect local property market. Finally, it is required to define the transaction and its range and to reorganize the frame considering applications for trading statistics of real estate. At first, it is critical to decide on what are adequate transactions that can be used to analyse property market.
  • 7.

    Spatial Integration of Corporate R&D and Mass Production Activities in High-tech Manufacturing: A Case Study of Samsung Electronics

    Kyung-Min Nam | 2009, 62() | pp.125~145 | number of Cited : 0
    Abstract PDF
    This paper argues that the high-tech manufacturing sector’s location pattern in favor of the Capital Region is a key variable that can explain both divergent local manufacturing performance and Korea’s monocentric economic geography. My major findings from the case study of Samsung Electronics (SEC) can be summarized as follows. First, high-tech firms have strong incentives to integrate their R&D and manufacturing divisions spatially, because this can encourage process innovation and save substantial time for problem solving in existing production lines. Second, high-quality human resources, essential for corporate management and R&D activities, are difficult to access outside the Capital Region. Thus, uneven geographical distribution of high-quality human resources, combined with the strong need for spatial integration between R&D and mass production divisions, caused the uneven distribution of the high-tech manufacturing sector. My findings in this paper suggest that (i) non-Capital-Region economies will be able to attract high-tech manufacturing jobs only after creating a sizable local pool of national talent, and (ii) people-targeting regional policies can be more effective than firm-targeting policies in creating the dynamics for interregional convergence.
  • 8.

    A Study on Non-market Benefit Assessment of the Urban Regeneration R&D

    Gicheol Jeong , SeogWon Hwang , Min-Kyu Lee | 2009, 62() | pp.147~167 | number of Cited : 4
    Abstract PDF
    The economic benefits of the urban regeneration R&D can be provided to consumers and producers, and the benefits of consumers imply the non-market benefits which city-dwellers will obtain from the R&D. This study implements conjoint analysis on the assumption that non-market benefits derived from the R&D should be measured as the amount of money which consumers will pay to have effects of the R&D. Non-market benefits of the R&D consist of health effects, social configuration, the incidence of crime, the proportion of resettlement, the system for inhabitant participation, and the control system of microclimate. This study estimates the utility function by applying mixed logit model to consumers' stated preference data obtained from Korean seven large city dwellers, and calculates marginal willingness to pay non-market benefits. According to analysis results, yearly non-market economic benefits of seven large city households are measured from 133.7 billion won to 1,366.3 billion won by scenarios. Given delphi survey results, yearly non-market economic benefits of the R&D are calculated to 431.3 billion won. Especially, this study can be used as appraisal of the R&D and decision of project procedures, and the analysis method can be applied to non-market benefit assessment of other R&Ds.
  • 9.

    The Disadvantage of Simple Additive Weighting for Decision Making of Urban Planning: Comparative Evaluation of SAW and PROMETHEE Focused on Weight Stability

    In-Shik Bong | 2009, 62() | pp.169~179 | number of Cited : 2
    Abstract PDF
    This study aims to reveal the disadvantage of SAW(simple additive weighting) comparing to PROMETHEE method, which is used frequently for decision making of urban planning, focused on weight stability. For this purpose, two indicators(ratio of ranking variation, weight stability interval), with which the robustness for weight can be measured, are used. The ratio of ranking variation of the SAW is higher than the PROMETHEE for all criteria. In the case of weight stability interval, the PROMETHEE is lager than the SAW. The SAW is more sensitive and vulnerable to the weighting variation that the PROMETHEE. Although the weight cannot be given without the subjective judgement, the principal result clear that the SAW is not advises for significant decision making and that the PROMETHEE should be an alternative method.
  • 10.

    Real Estate Funds: Performance and Size Effect

    Kim Eunjoo , Koh Sung Soo , 강원 | 2009, 62() | pp.181~197 | number of Cited : 4
    Abstract PDF
    Even though market size of domestic real estate fund is larger than domestic REITs market by over three times and the portion of domestic real estate fund in total fund market have been increased, there has been a lack of studies on the characteristic of domestic real estate fund currently. By differentiating this study with the one for the policy and the direction for development of real estate fund, the study on performance and size effect on real estate fund was demonstrated and analyzed first. The period of analysis is from June, 2004 to May, 2009 and total 314 cases of public and private real estate funds were used. This data was analyzed by dividing them into PF and buy-lease type according to operation method and public and private type according to financing method for this study. As a result of analysis, we found out that the performance of domestic real estate fund has negative relationship with the size of real estate fund. We thought that this study is very meaningful in development of domestic real estate fund by demonstrating and analyzing the relationship between the size and performance of domestic real estate fund for the first time in Korea. This study will also have good contributions in aspects of providing asset management companies with the guideline about real estate fund operation and investors with selection criteria for real estate fund investment.
  • 11.

    Study on Purchasing Behavior for Investment in Office Buildings by Domestic & Foreign Capita

    Kim Sangyong , Han Jesun , Seon-Jong Yoo | 2009, 62() | pp.199~222 | number of Cited : 9
    Abstract PDF
    This study focuses on the difference of investment behavior between domestic and foreign funds in the Seoul office building market by analysing transaction data for the past 11 years. To make story more distinctive, the periods were divided into two. The first step was from 1998 to 2004, the second step from 2005 to the first quarter of 2009. At first, we study on the difference of investment behavior in domestic fund, between domestic and foreign fund using by the result of technical analysis on data. Then we make a hypothesis and test the hypothesis by chi-square analysis, t-test, survival analysis. This study analyze the difference of behavior in domestic funds with time, the comparison between general domestic funds and that fund for only investment, the difference of investment behavior and holding period between domestic and foreign funds, the factors that affect holding period.
  • 12.

    The Rent Adjustment Mechanism in Seoul Office Market

    KIM, Kyung-MIn , Park Jungsoo | 2009, 62() | pp.223~233 | number of Cited : 23
    Abstract PDF
    Natural vacancy rate, defined as a vacancy rate at equilibrium, has explanatory power in rent adjustment process. The estimation of natural vacancy rate for Seoul office market, however, is not figured out yet. In this venue, the study aims to 1) estimate natural vacancy rate of Seoul office market and 2) find rent adjustment process with excess vacancy. Using quarterly dataset since 1994, major findings are summarized as follows. First, there is an intertemporal variation in the natural vacancy rate of Seoul office market. If planned mega projects and/or office buildings in Seoul metropolitan area are delivered on time, the natural vacancy rate of Seoul office market after 2014 will be quite different comparing with the current one. Second, excess vacancy and real rent show negative correlation, confirming the existence of rent adjustment process. The last but not least, rental adjustment parameter falls into a range of 0.22 to 0.25. It implies that 1%point increase in excess vacancy will lead to 0.22~0.25% decline in real rent quarterly.
  • 13.

    Analyzing the Impact Area of Land Development Project on Land Prices

    Choi Soo , Soon-Tak Suh , Park Jiyoung | 2009, 62() | pp.235~262 | number of Cited : 15
    Abstract PDF
    The main purpose of this study is to comprehend how land developments affect property values of surrounding areas and also to delimit their impact ranges. It is necessary to develop a policy program, both before and after land development, through which the Korean government can control the surrounding area of the land development site so as to restrict any speculative activities. Given that, the government designated special zones prone to speculative trading and established a permitting system for property trading. The premise of this program's success is, by the way, to have clear criteria for spatial designation. This study is designed to help creating a basis for future policy directions via identifying clearly the spatial range of impact area of land development, focusing on land price change. A major achievement of this study is the scientific identification of the spatial impact of land development projects via a hedonic price model. The essence of this model lies in containing a distance variable from/to a land development site, which model produces a coefficient representative of the distance factor. This coefficient, as well as land price information (such as average land prices both inside and outside the developmental project sites) and the distance information between the centroids of the sites and each surrounding region, is used to calculate and analyze the impact distance of the developmental project by region. The analysis findings indicate that the impact pattern on surrounding area of a land development projects would vary according to the current conditions of the area.
  • 14.

    The Effects of the Project Investment for Water Quality Improvement in the River Taehwa

    KIM, JAE-HONG | 2009, 62() | pp.263~279 | number of Cited : 2
    Abstract PDF
    The Ulsan Metropolitan City had been stigmatized as a pollution city with heavy industrialization since 1970’s. Recently, however, the city has made a model case in Korea in terms of the transformation from a pollution city to an eco-city. The water quality improvement of the River Taehwa, which is running midst of the city, is one of the dramatic environmental achievements. The river water quality in the downstream area has been improved from 11.7ppm in 1991 to 1.7ppm in 2007 in terms of BOD. This study analyzes the effects of the project investments on the river water quality improvement. The major findings from the estimation results using the TSCS and AR1 regression models with correction of autocorrelation show that the household soil pipe connection project with investment of 26.6 billion KRW has reduced 2.29ppm in BOD at the downstream of the River Taehwa during the period of January 1998 to September 2007 and that the project dredging sediments at the river bottom with investment of 16 billion KRW has resulted in the decrease of 1.31ppm in BOD at the same period.
  • 15.

    Economic Value Analysis of the Kwanghwamun Square Construction

    Yoo, Seung-Hoon , JooSuk Lee | 2009, 62() | pp.281~294 | number of Cited : 6
    Abstract PDF
    Seoul metropolitan government has constructed the Kwanghawmun square. As it is needed huge amount of investment, it is essential to examine the cost-benefit analysis. This paper applies the contingent valuation methode to measuring the benefit of the Kwanghwamun square and practices the cost-benefit analysis. According to estimating results, annually WTP per household of Seoul is 2,067 Korean Won. Consequently, the annual benefit of the Kwanghwamun square construction is about 7.2 billion Korean won and the total benefit is 1.68 times bigger than the cost. This paper contributes to complementing the existing valuation methods by estimating the economic benefits of the cultural facilities such as the Kwanghwamun square and providing policy-makers with useful methodological framework and quantitative information in the decision-making process related to the policy of cultural project.