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2010, Vol.67, No.

  • 1.

    A Study on the Development and Application of Indicators for Identifying Housing Demand

    Jin Mee Youn | Kim Kyeongseon | 2010, 67() | pp.3~23 | number of Cited : 4
    Abstract PDF
    The aim of this paper is to develop indicators for identifying housing demand and to apply ongoing housing development sites. In this analysis, the results implies applicability of housing demand evaluation indicators as policy tool. Twelve housing demand evaluation indicators composed of three aspects with demand triggering factor such as the number of new household, population movement, the ratio of households without homeowner, housing stock conditions factor such as housing supply ratio, unsolded housing units, the number of transaction, affordable housing units, and housing purchasing power factor. The result of empirical analysis on 232 local level administratively showed that 117 local units is not sufficient in housing demand. Specifically, housing demand condition can be divided five grades. First grade is highest housing demand condition. In nationwide, housing demand condition reveals third demand grades among fifth demand grades. For more use as housing policy tool it should be equipped systematical evaluation method, workable operating process, housing statistical data base. Although it is limited in availability, reliability, and accessibility of relevant data, MLTM and KRHIS's biennial Housing Survey can be utilized for building of data.
  • 2.

    Analyzing the Characteristics of Residential Environments Related to the New-town Adjacent Developments

    서원석 | Tae-Sun An | 2010, 67() | pp.25~40 | number of Cited : 3
    Abstract PDF
    The purpose of this study is to analyze the characteristics of residential environments according to different patterns of new-town adjacent development. With this purpose, this study finds that ① rent, apartment and complex features, and accessibility apparently distinguish the residential environments related to the types of adjacent developments, ② private development has higher horizontal density, while public development has higher vertical density, ③ each development pattern has different spatial dependency with Boondang and Kangnam areas, respectively, and ④ each development pattern has different accessibilities to public and private transportation, respectively. The results of this study suggest several policy implications as follows. First, it needs to come into force the adjacent development management policy, particularly within the new large development areas. Second, it also needs to charge the development costs for developers to reduce overcrowding. Lastly, it is necessary to perform the public management system for sustainable residential environments.
  • 3.

    Trends of Determinants of Housing Price in Seoul, Korea: A Quantile Regression Analysis

    임재만 | 2010, 67() | pp.41~56 | number of Cited : 10
    Abstract PDF
    This article is written from idea that determinants of house prices are different across distribution of house prices. Ordinary least squares method, which estimates conditional mean function, and quantile regression method, estimated for each quantile of conditional distribution of house prices, are used to estimate hedonic price model. The results show that buyers of higher-priced homes value certain housing characteristics differently from customers of lower-priced homes. For Example, the age of house is negative to house prices below 50% quantiles, however positive above 60% quantiles of house price distribution. Hedonic price models are estimated on the data from year 2000 to year 2009 of apartment sales prices in Seoul, Korea, the magnitude and importance of regression coefficients vary with the cycles of general and housing business. Trends of coefficients of two estimation methods show some similarities and differences, especially redevelopment and residential-commercial complex are differ across quantiles of house prices.
  • 4.

    Rent/Price Ratio, Rent, and Housing Price: Case of Seoul, Daejeon, and Daegu

    Han, Dong-Geun | 2010, 67() | pp.57~71 | number of Cited : 10
    Abstract PDF
    The paper identifies factors affecting rent/price ratio (thereafter, R/P ratio) in Korean housing market, and investigates if the R/P ratio could be a predictor on rent and house price movements in the near future. We use monthly data from 1998 to 2009 in Seoul, Daejeon, and Daegu metropolitan city. Results are as follows. Firstly, the R/P ratio is positively related with interest rate and negatively with expected capital gains, which is supported by a traditional asset-price theory. Secondly, the R/P ratio predicts rent movements, but does not predicts changes in housing price well. Thirdly, the impact of the R/P on the rent gets smaller as the location gets distanced further from Seoul. Lastly, interest rate influences housing price but not rent. With all the results combined, we may say that the changes in housing price are largely influenced by interest rates and expected capital gains, but not by rents. Rents, however, are affected by the changes of housing price. Our results imply that stabilization of housing price is necessary to stabilize rents, and not vice versa.
  • 5.

    An Introduction to PROMETHEE Technique for Highway Investment Priority Decision

    Junghwa Kim | Keechoo Choi | 2010, 67() | pp.73~86 | number of Cited : 3
    Abstract PDF
    The current road maintenance master plan by municipalities, which is established every five years, includes evaluation procedures on road investment priority for the SOC financing plan; however, there is no guideline objective, distinctive criteria. In this study, in order to establish efficient and objective financing plans involving massive SOC investments, the current methodologies for road investment priority evaluation were examined, and improved methodologies were proposed. Also the possibility of mutual complementation of the AHP technique and the PROMETHEE technique was examined. As a result, AHP was only applied to weighting of evaluation variables, and PROMETHEE was applied to investment priority of alternatives as basic technique since the technique had the strength of reflecting the characteristics of evaluation variables as more objective and efficient, and preferred functions. The proposed methodologies were applied in evaluating investment priority of eight alternatives for the future road network plans of Chuncheon City, Gangwon Province, in a bid to verify their validity.
  • 6.

    An Exploration of Residential Property Development and Management in the Macau Special Administrative Region

    LEE Hyunjeong | 윤정득 | 2010, 67() | pp.87~103 | number of Cited : 0
    Abstract PDF
    The main goal of this research is to examine the development and management of residential properties in the Macau Special Administrative Region. Based on in-depth interviews and site visits, this research finds that the housing policy in Macau centers on not just housing production but its property management. It's noted that the roles of the government are specified in the housing mechanism: it plays a regulatory role in the supply of private housing while it does a facilitatory role in the production of public housing. Further, the government is responsible to provide lower-income households with public housing in the form of either ownership or rental while private housing is available for those who can afford without any support from the public sector. There were two primary reasons to emphasize residential property management. The high populace forced the city to choose high-density residential properties as a solution to meet the high demand for housing. The other reason is to address public sanitation affected by poor and inadequate upkeep and deterioration in the aging process of residential properties. In midst of economic growth, the proliferation of housing production addresses professionalism in residential property management. The research implies that the housing policy in Korea deals with the importance of both housing production and property management, and the institutional supports in doing so are essential.
  • 7.

    Fiscal Accounting for PPPs in Korea

    Oak Dong-Suk | 2010, 67() | pp.105~121 | number of Cited : 1
    Abstract PDF
    A fiscal accounting and reporting standard has not yet been developed for PPPs In Korea. International statistical and accounting guidelines, e.g., SNA(System of National Accounts), GFSM(Manual on Government Finance Statistics), MGDD(Manual on Government Deficit and Debt), tend to allocate the ownership of the PPP assets to either the public or the private partner, depending on a determination of how risks are apportioned between the two sectors. MGDD is the most specific guidelines for a fiscal accounting for PPPs, saying a private partner will be assumed to bear the balance of PPP risk if it bears most construction/performance risk or demand risk. This paper applies Eurostat's MGDD to Korean PPPs, analyzing PPP risks in terms of the model contracts presented by PIMAC, Korean agency responsible for enhancing fiscal productivity through efficient and transparent public and private infrastructure investment management.
  • 8.

    An Analysis of the Migration Flow Using Hierarchical Linear Model

    Lee Hee-Yeon | Seung-Chul Noh | 2010, 67() | pp.123~142 | number of Cited : 18
    Abstract PDF
    Migration is an individual or household behavior in order to live a better residential environment, but the results of the population movement have considerable impacts on population, social and economic aspects in the origin and destination. The purpose of this paper is to develop the model of migration flows among 82 cities, to identify the determinants of migration flows. This paper is composed of two parts. First, the migration pattern and migration flows among regions in Korea was analyzed in terms of the personal characteristic and the spatial perspective. Second, the migration flow was analyzed using hierarchical linear model decomposing determinants of migration flow at the different levels. According to the estimation results of HLM, 66% of the total variance of the migration flow among 82 cities(the dependent variable)was explained by 1-level determinants such as perceived distance, population of the origin, and intra-migration and the remaining 34% was explained by 2-level determinants such as employment opportunities, new housing opportunities, and regional attraction. In the light of the high correlation coefficient between predicted inmigrants and actual inmigrants of each city, hierarchical linear model could be explained more precisely the migration flow in Korea.