KJC Korea
Journal Central

This study investigates the price index for collateral portfolios held by the Korea Housing Finance Corporation (HF). When individual homes in HF JooTaekYeonKeum collateral portfolios are sold repeatedly, we can construct a repeat-sales price index for such transactions. However, once an individual home is sold, the associated reverse mortgage contract must be terminated immediately. We therefore have to inflate and deflate the value of that individual home using an available price index with respect to location and property type. We calculate an HF portfolio price index from October 2007 to October 2010 using the Ministry of Land, Transport, and Maritime Affairs (MLTM) index and then analyze it by fitting it to a GARCH specification. This study finds that this HF index is a bit more volatile than either the MLTM or the KB indexes, even though both a correlation coefficient between the HF index and the MLTM index and a correlation coefficient between the HF index and KB index are statistically significant. However, we fail to provide statistically significant support for the adverse selection hypothesis. This paper provides a quantitative measure for risk management in JooTaekYeonKeum.

By the new law, new zone code will replace postcode which has been used for postal automation in Korea. Also, this new code might be forced to substitute to denote different administration areas such as zones for police jurisdiction, weather forecast, emergency medical facility, social welfare institution, firefighting, election districts, school districts, courier and delivery business, and etc. In postal business, assigning and managing postcode is important for overall efficiency and many postal processes have dependency on it. Therefore, replacing postcode with new zone code might affect on postal business. To lessen the impact of change, we introduce a web-based GIS system which is designed and developed for assigning the new zone code. Through proposed system, different organizations can construct their own business area so that these all information can be considered when assigning new zone code. We show how we collected delivery area of postmen and assigned new zone code considering it through proposed system. We believe this web-based system can be expanded as a collaboration one among different organizations for assigning new zone code more effectively.

The paper analyzes travel characteristics of elderly people aged 65 or older using the data of the 2010 Household Travel Diary Survey in Seoul Metropolitan Area and compares its results with those of the 2006 survey. We first analyze travel pattern changes with respect to travel characteristics (such as trip frequency, trip purpose, trip mode, travel time and distance) and temporal/geographical distribution (such as departure time and trip purpose), and then develop regression models for the total number of trips for both elderly and non-elderly groups, considering household and personal attributes and land use factors, in order to identify key factors influencing on travel of the elderly and compare the model results of the two. It is found that commute trips and short-distance trips of the elderly increase due to their active social participation. Interestingly, in addition to household (such as income and household size) and personal attributes (such as age, gender, and occupation), land use variables (such as population density and floor area ratio of commercial buildings) significantly affect the elderly travel.

The applicability of style analysis on the office market in Seoul was tested by logistic regression using Core, Value-added and Opportunistic styles as dependent variable which were classified by cluster analysis using the risk of real estate portfolios measured through the standard deviation of returns. The empirical result suggests that 1) the significance and goodness-of-fit of logistic regression model was satisfactory, 2) among explanatory variables, the sum of capital value as financial factor, the number of properties as diversity factor, and the width of adjacent road, the age of building, the average capital value (or average GFA) and the region (GBD) were significant, and 3) the overall percentage of correct prediction was over 60%. This result shows the applicability of style analysis in this market. PBSA requires a lot of market data for building logistic regression equation, but it analyses style without any time series information about the target portfolio. This character could be an advantage in Korean market which doesn’t have long history of real estate fund.

Since the 2000s, a number of large parks have constructed in Korea. These large parks work like infrastructure in urban field. Then, how to design the large parks? As part of the answer to this question, this study proceeds that the following discussion. First, this study derives the three concepts as design issues of a large park: publicity, ecology, aesthetics. Through the large parks design, designers intend to restore and expand the value of the publicity of the park. And they intend to integrate the city and ecosystems. Besides, they overcome the limits of traditional aesthetics of the park. If so, how these design directions appear in the actual design? In order to do this, this study analyzes the design competition winners for the leading three large parks that occurred in Korea. These competitions are as following: Ttukseom Forest Park Design Competition(2003), International Design Competition for Central Open Space in Multi- functional Administrative City(2007), and International Competition for Master Plan of the Yongsan Park(2012). As a result, large parks suggest a new role to the space of parks. The large parks designs transformed a park to an operated and organic space. However some problems have found in designs, so designers should review it. In addition, due to a new strategy of large parks, the intrinsic function of the park is overlooked. So recovering the intrinsic function of the park is required.

This study analyzed how will the population influx and efflux affect regional industry after understand the characteristics of population influx and efflux focused on Gyeonggi-do where population is growing. As a result of the characteristics of the population influx and efflux, the population influx to Gyeonggi-do is decreasing annually, the population efflux to Gangwon, Chungbuk, Chungnam are more than the population influx to Gyeonggi-do. Also, the range of movement of population influx and efflux between city and district is getting big, we knew that the patten of population movement is changed from city-province to city-district. As a result of analysis how the population influx and efflux affects regional industry, the industries that called the population of influx and efflux is affected by ‘Manufacturing’, ‘Business activities’, ‘Education’, ‘Recreational, cultural and sporting activities’ before 2005. And then the industries that called one after 2006 are influenced by ‘Manufacturing’, ‘Construction’, ‘Wholesale and retail trade’, ‘Public administration, compulsory social security’, ‘Education’.

As a one of the dominant policy alternatives to solve the social exclusion, enhancing bridging social capital of the socioeconomically disadvantaged through social mixing has been suggested. Against this backdrop, this study examines the relationship between level of social-mixing of neighborhood and residents` social capital and experience of receiving help. The results suggest that the people who live in the more mixed neighborhood are more likely to have higher social capital than who live in the less mixed neighborhood. Hence, social-mixing policies such as housing type mixing, housing size mixing, and tenure mixing positively contribute to formulation of social capital. However, the impact of social-mixing is more effective on bonding social capital rather than on bridging social capital and experience of receiving help. Therefore, it is not clear whether the social-mixing policies have potential to enhance bridging social capital and mitigate social exclusion of ‘the socioeconomically disadvantaged’. Thus, future research need to explore the relationship between social-mixing and bridging social capital using a stratified analysis by income group.

Asset market and Spatial market illustrate how residential property market works representatively. There had been close relationship between those two markets in South Korea before Global crisis in 2009. However, after the event, residential property market has not been able to trace rental market because of structural changes. In order to observe structural changes of the relationship, calculating investment psychology (Real Expected House Price Appreciation: REHPA) was conducted first. REHPA includes price-rent ratio, open interest rate and expected inflation. Furthermore we employed Chow’s break point test for determining breakpoint of residential property market, unit root test for time-series validity, Granger causality test for finding which series lead another. Finally, cointegration test to analyze the long-run equilibrium relationship between investment psychology and house prices. Through those test, we conclude that REHPA has leaded residential property market with stable long-run equilibrium only after the Global Crisis unlike before.

This paper aims to analyze the impacts of street network on land-use density in Seoul, 2010. After reviewing previous study and obtaining related data, this study isolates how street network changes population, household, and employment density over Seoul city. This study confirms that higher control and connectivity increase population density while greater global integration, mean depth, and total depth decrease the density in population density models. In household density models, household density has positive association with control while the density does negative connection with global integration, mean depth, and total depth. Employment density increases with higher control, global and local integration, and connectivity in the models. Further, multiple regression models with Likelihood Ratio Test reveal that road and street networks as well as location variables have statistical significance in explaining the spatial variation of population, household, and employment density.

This study tried to re-examine the relevance of management authority for major road and nation river, which have been regarded as representative areas to be transferred to local government, from more empirical perspective than theoretic and normative viewpoint. As a result, main features of major road and national river are revealed as semi-pure public goods, network type, non-consistence with local administration jurisdiction and thus it is suggested that more unified management is necessary. According to this analysis, a question arises whether it is suitable to transfer management authority from administrative field agency of central government to local government who is in charge of only in limited jurisdictional area instead of whole area of influence. The reason of continual failure of transferring the management authority to local government may be attributed to such inappropriateness rather than simple lack of driving force or other environmental factors. Pushing ahead such transferring policy regardless of management capacity or willingness of local government as seeing it as a given desirable goal is another problem to be re-examined. In future, we need to examine the particular features of policy targets in detail before making a decision of transferring the management authority.