This empirical article examines the issue of whether movements in sales explain subsequent movement in price or the converse in housing market in Korea. This paper analyzes the housing markets in 14 metropolitan in Korea from Jan 2006 to Sep 2010, with GARCH model and VAR model on panel data of prices and volume, and several exogenous variables(consumer price index, household loan market, bond market, stock market). This empirical results reveal that (i) housing trading volume Granger cause housing price, and vice versa. This result support some part of the theory that price has impact on volume in tight market. (ii) the effect of volume variation of current and previous periods on price variation is statistically significant, but there was no evidence of leverage effect and asymmetry. (iii) The increase of volume always causes the subsequent price higher, and the increase of price always causes the subsequent volume higher. These results is because of the mutual Granger causality. (iv) The relation of price and volume is affected with the conditions of CPI, loan market, bond market, and stock market. This paper, however, has a limitation that data are collected largely from increasing periods of trading volume and sales prices.
This study aims to suggest better ways to apply land use-transportation integrated model to identify and address the issues and problems that have emerged and been pended in the urban planning world. We were to construct a new model using G-LUM, a spatial interaction model developed and widely used recent days, and variables that complements the spatial interaction mode. Then we created indexes based on the results of the pre-described model evaluation to evaluate the consistency among the established urban plans. According to the evaluation results, the adopted population by Metropolitan City-Region Planning has the highest level of consistency. The integrated model developed through this study is able to be utilized as a tool to evaluate the planning consistency in urban planning processes, a means to support planning decision making processes and even a methodology to handle the environmental changes such as carbon emission. This study suggested an integrated model by connecting diverse variables and applied the model to an urban area. It is meaningful as this study suggested ways to diagnose the consistency among plans based on the cases and ways to apply the model to real-world urban planning processes.
This study purposed to examine the trend in the operability of sub-centers those are centripetal points forming the urban multi-nuclei structure. For this purpose, we analyzed the temporal and spatial patterns of change in population centripetal force by applying the population potential function to five sub-centers of Busan during from 1970 to 2010. According to the results of the analysis, all of the five sub-centers had influenced as the center of the area, but as a whole, the stage of deconcentration in the urban development process was observed, suggesting a trend evolving toward an inefficient spatial structure. In the results of analysis by sub-center, the Hadan area had maintained its influence continuously, but Dongrae and Gupo had been losing their influence steadily. In addition, the influence of the Sasang area was below the average. In case of Haeundae, its influence kept decreasing until 2000 and rebounded from that time on. In the current situation, Busan needs reurbanization for establishing an efficient urban spatial structure, and for this, it is necessary to make management plans for the functions of the downtowns and adjoining areas in order to strengthen the population centripetal force of the sub-centers.
The concept of social capital has recently grown significantly and it is now common for cities and regions to assess and improve their competitive advantages. Yet it remains rather unclear just whether it has negative aspects distinct from the positive effects of social capital on the performances of regional innovation system. The blurring of the characteristics of social capital when applied to regional innovation system also complicates matters. In contrast to the typical approach to using social capital as a hidden innovative ingredient, what is required is thus a more comprehensive approach that also analyzes the negative impact of social capital in regional innovation system. To support this argument, the paper firstly tries to examine the relationships between social capital and regional innovation system, to analyze the dysfunctional aspects of social capital in regional innovation system, and then to explore the policy implications. More specifically, analysis indicates that social capital may have negative impacts on regional innovation system due to network closure, group think and overconformity. The paper also presents a discussion of how the dysfunctionality of social capital may be overcomed by suggesting the structural, relational and cognitive dimensions of regional innovation system as policy implications.
As urban population accounts for more than half of world population in 2010, UN declared “Urban Millennium.” Most urbanization occurs in developing world. The competition among firms and nations for the world urban development market is intense. The purpose of this study is to analyze barriers and policies for advancing world urban development. Analysis finds that the critical barrier 3 to the developers is the condition of oversea countries because the risk of oversea urban development is high and the risk can be even higher depending on the oversea country’s condition. Therefore, lowering the risk in oversea countries is the most important to policy agenda. Specifically, policies need to aim to build socio-economic cooperation between countries and to lessen financial risk. Reduction in financial risk can be done linked with official development assistance (ODA), fund raising such as infra-fund targeting infrastructure building, credit support, and so forth. The government needs to do general support including diplomatic relationship, funding support, information provision, human resource development, and so forth. Besides, public-private partnership can be a useful vehicle for the oversea urban development.
This study organized the areas of evaluation that reflected the intentions of both the owner and the participants in the selection process of a contractor for private-public partnership development project, identified the items and elements for each area of evaluation, and came up with the following researches on a set of rational criteria for the selection of a contractor.
The research limited the subjects to the owners, developed three evaluation models(the general evaluation classification system, the evaluation classification system for home sites and central commercial districts, and the evaluation classification system for mix-used developments in the ready-made town) for seven areas of evaluation based on the findings from the earlier analysis of the areas of evaluation and the current areas of evaluation to select a contractor, and analyzed 22 evaluation items and 74 evaluation elements for importance. As a result, the highest in public good, which was newly added, in the seven areas of evaluation and offered the ripple effects on the local economy in cost-benefit analysis. When the analysis results of each model were restricted to development and construction plans, the development plans of classification systems recorded high importance in overall development conception of the evaluation items and differentiation(creativity) of development ideas of the evaluation items.
This research investigates the significant question regarding which local contextual factors influence the construction of On-Site Sewage Treatment and Disposal System(OSTDS). Within the context of natural of water(common pool resources) and decentralized OSTDS, transaction cost theory is employed as a theoretical foundation. Based on theoretical and empirical evidences, the administrative profession, regional demographic status, local politics and number of service providers are positively associated with increasing the OSTDS construction. The importance of governmental policy support, citizen participation and voluntary action provide a credibility of the OSTDS operation and successfully promote economical and environmental outcome by the OSTDS. Furthermore, the local governments need to expand their efforts such as sewer policy flexibilities and interaction with citizen for increasing citizen commitment and reducing regional conflicts, resulting in well organized site selection or types of sewer facilities. Lastly, this research provides advance literature about the OSTDS in terms of social science approach with transaction cost theory.
In the last dozen years, loss aversion, a key component of prospect theory, has been rigorously applied to understanding seller behavior in housing market and have met with no small success. However, those studies have all assumed the original purchase price as the reference point for what would constitute a loss. This may be debatable; given that many houses are owned for long periods of time, other, more recent, reference points may be come into play.
Based on an analysis of Korean homeowners from the KLIPS dataset, our study demonstrates that among Korean homeowners, recent prices are the primary reference point of loss. The odds ratio for loss calculated with a recent price reference point is 0.02, which is quite lower than that for loss calculated with a purchasing price reference point.
This means that households experiencing loss in house value are reluctant to sell them. In addition, we also find that loss averse behavior among Korean homeowners increases if they live in apartment housing, are in debt or have other housing.
The existence of an alternative reference point may amplify the effect of loss aversion in Korea when housing prices decrease. Further light should be shed on this possibility by new studies based on housing transaction data.
This study focuses on extracting ex ante allocation criterion of site to make economically self sufficient new towns in Korea. For this purpose, land use and employment status of existing self sufficient cities in Korea are analysed, and based on this result, proper land use criteria for new towns are suggested. And finally, with this criteria, self sufficiency of developed and under-developing new towns in capital areas are estimated. By comparing ex ante self sufficiency of this study and ex post evaluation value of developed new towns, usefulness of this study is proved.
Policy implications of this study are as follows. Firstly, clear definition of economic self sufficiency of new town and detailed site allocation criterion to attain this goal should be addressed by related acts and regulations. Secondly, standard procedure and guideline for land use plan to make self sufficient new towns should be prepared to assess the appropriateness of prepared land use plan. Thirdly, more wide and deep industry related statistics should be collected and analysed on the government level.
In 2009, a new “Output-Output(OO) model” and table were originally developed by the author to solve the consecutive connection and overestimation problems naturally together through the circulation system of production derived from the interdependent relationship between final demand, total output, and final output.
On the basis of the latest research findings in the literature of Output-Output model, the specific objectives of this paper are summarized as follows. (1) We verify the characteristics and economic interpretations of a new circulation system of production between input-output(IO), output-output(OO), and final demand-final output(FF) models. (2) We establish the various frames of economic analysis, based on the concepts of intermediate and final outputs, through the newly developed Output-Output model. (3) We perform an empirical analysis using the computed values of total and final outputs through the 2007 Output-Output Table of Korea constructed by the author.