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2013, Vol.79, No.

  • 1.

    Economic Crisis and Regional Resilience in Korea

    Kim Won Bae | Shin, Hye-Won | 2013, 79() | pp.3~21 | number of Cited : 12
    Abstract PDF
    As economic globalization deepens, economic crises occur frequently and thus the internal and external environment surrounding regional economies constantly fluctuates. Regional strategies to guarantee the long-term development of a region with adaptability to crisis and change are more than necessary. This study makes a preliminary investigation on how regions have been affected by the two crises, what structural changes regions have gone through, and why regions have had different experiences. Borrowing the concept of regional resilience, this study attempts to classify regional types. According to the time periods set up around the two crises, regional changes are explained by regional value added and employment. Simple correlation test is performed to find out which factors are responsible for the differential results by region. Based on changes in regional value added and employment, regions are classified into four types: thriving, stagnant, transformative and faltering. Finally, preliminary policy implications are derived from the above results.
  • 2.

    Analysis on the Effect of Public Housing Complex’s Location Conditions on the Neighborhood Apartment Prices in Daegu

    Jung-Hoon Kim | 2013, 79() | pp.23~32 | number of Cited : 12
    Abstract PDF
    The purpose of this study is to analyze empirically the effect of public housing complex’s location conditions upon the neighborhood apartment prices in Daegu. The dependent variable is the price per 3.3m2 of Sales House, and for the independent variables this study identified the variable revealed by previous studies, with correlation analysis and selected it with household properties, complex properties, regional characteristics, and location characteristics. For research methods, this study used HPM (Hedonic Price Model) in statistical method to grasp the effect of public housing complex’s location conditions upon the neighborhood apartment prices from 25 public houses located in Daegu’s land development district. This study used statistical program of SPSS 18.0 for the empirical analysis by each model. The analysis resulted in that the normal public housing complex’s location conditions has the positive effect upon the neighborhood apartment prices. Just in the research result of this paper, it is judged to have a positive effect upon the surrounding condominium if traffic and education and culture and leisure facilities are built parallel for its surrounding to which would be referred when further buildings of public housing.
  • 3.

    Definition of Housepoor: Considering Alternative Repayment Scheme and Additional Household Wealth

    KIM, JUN HYUNG | 2013, 79() | pp.33~45 | number of Cited : 2
    Abstract PDF
    The current definition of housepoor is based on the DTI (debt-to-income) ratio, which fails to consider alternative repayment schemes, additional household wealth and practical difficulties in analyzing the purpose of borrowing. This study proposes a new definition with the standard payback period which can account for balloon payment and spare wealth. Extracting the housepoor with the new definition, the number of housepoor is about fifty thousand, which are 0.3% of total households in Korea and 1% of total housing mortgage loans. This fact can weaken the necessity of government intervention in housepoor problems. Including other purposes of borrowing doubles the size of beneficiaries, which implies government measures should account for the purpose of borrowing. The new definition also shows that Korean housepoors are concentrated in the elderly and low-income groups. The concentration provides solid foundation that housepoor policies should be coordinated with other policies for the elderly and low-income households.
  • 4.

    A Study on the Recognition of ‘Cash Settlement’ Issues for Redevelopment Projects and Politic Implications: Focusing on Housing Redevelopment Projects

    Kim Joojin | Kim, Ok-yeon | Jeong, Gyeong-Seok | 2013, 79() | pp.47~62 | number of Cited : 0
    Abstract PDF
    This study analyses the recognition of cash settlement issues for housing redevelopment projects (HRPs) and introduces political implications. Based on the depth interview with 3 groups, the main results are as follows ; First, group 1, who asserts the interest of redevelopment partnership (RP), underlines the restraint programs of cash settlement to facilitate HRPs. Second, group 2, who defends the rights of partnership members (PMs), emphasizes the protection programs for PMs who want cash settlement on account of unexpected additional expenses. It means there is a large gab between the recognitions of the two groups. Apart from the judgment which opinions are right and wrong, we can reason the difficulties of conflicts control related cash settlement increase. And the last, group 3, who are experts like a professor, a lawyer and an official etc, points up provision of the articles ruled the relation between ‘cash settlement’ and ‘deprivation of member’s qualification’ or ‘ownership transfer’ on the Act. After the amendment of the articles which range the rights and responsibilities of RP and PMs, the logical grounds for detailed cash settlement standards can be more clear.
  • 5.

    A Study on the Estimation Model of Contract and Receiving Rent Using Asking Rent of Office

    Seonghun Min | 2013, 79() | pp.63~76 | number of Cited : 9
    Abstract PDF
    This study analyzes the asking, contract and receiving rents using a set of panel data composed of 124 office buildings in Seoul. The empirical result suggests that ① There are significant differences among asking, contract and receiving rents. Asking rent tends to be larger than contract rent during weak market and receiving rent is smaller than others. ② Office stock and GDP are significant explanatory variables of the difference between asking and contract rent and using the variables an estimation model of contract rent using asking rent can be established. There is no significant difference between the estimated contract rent and real value. ③ An estimation model of receiving rent using contract rent can be established based on a distributed-lag model. There was no significant difference between the estimated receiving rent and real value. In sum the fact that contract and receiving rent can be estimated reliably with asking rent was found.
  • 6.

    A Study on the Possibility and Limits of Community Making at the Principles and Operations in Go-hyun Hyang-yak

    Hong-Joo Kim | 2013, 79() | pp.77~89 | number of Cited : 9
    Abstract PDF
    This study is to shed new light on Hyang-yak from community operation systems which had continued for 500 years in Go-hyun dong at Jungyoup. Recently, community movement and projects are very popular policies of central and local government. So central and local government have conducted lots of practice that activate to community value and economic business between dwellers. Therefore, Go-hyun Hyang-yak can give them many policy implications on community principle and operation. This study is going to review and analysis the principle and operation characters through with human resource, interrelation of community members, activities in the operation of Go-hyun Hyang-yak. In summary, Go-hyun Hyang-yak suggest that community have to start as value movement, making a shared-values in the first step, carried out on community scale, focusing on education, unanimity decision making system, self-reliance using common property, tolerance of a variety of human resource.
  • 7.

    House Price and Macro-Economy in Korea: Structural VECM Analysis

    Heegab Choi | 2013, 79() | pp.91~109 | number of Cited : 11
    Abstract PDF
    We identifies the dynamic relations between house price and macroconomic variables based on a vector error-correction model of a small open economy developed by Garratt et al.(2006). The dynamics of the short run are constrained only by adjustment to the long run equilibrium within a structural vector error-correction model and the long run equilibrium relation is derived from an dynamic optimization model. Using macroeconomic data over the period 1999 Q1~2013 Q1 in the Korean economy, we identify the long-run structure of the Korean economy and study the dynamic interrelations using the generalized impulse response functions. A long-run positive relation among house price, interest rate and output is identified significantly. Usual short-run relation among several macroeconomic variables and house price were able to be confirmed. However, the variance decomposition of forecast errors signified dominant influence of foreign variables on house price fluctuations.
  • 8.

    Measuring the Importance of Evaluation Factors and Its Application for Real Estate Development Project Assessment System

    Jaehwan Kim | 정희남 | 2013, 79() | pp.111~131 | number of Cited : 9
    Abstract PDF
    This study aims to propose an introduction of an assessment system and suggests assessment index for real estate development project financing, as an alternative to resolve the recently raised structural issues on project financing. The assessment system consists of four areas, that is, project feasibility, developer’s performance capability, basic assessment for the project site, and basic assessment for investor protection plans. The system contains 35 detailed assessment criteria applying for 12 assessment categories. The importance of each assessment area and criteria was drawn through questionnaire survey and AHP analysis. The study provides a set of criteria how to score the assessment fields and assessment items, and suggests how to use the results as decision-making standards in providing PF loan and investing to the development project. The assessment system proposed by the study will contribute in articulating development financing system, in which bank’s loan and financial investors’ investment would be carried out based on the feasibility of a development project instead of being provided based on the construction company’s repayment guarantee.
  • 9.

    Calibration of Optimal Size of Transportation Investments: An Application of CGE Model

    Kim, Euijune | 2013, 79() | pp.133~147 | number of Cited : 3
    Abstract PDF
    The purpose of this study is to estimate the optimal size of transportation investment subject to the economic growth rate and the price level of transportation services in Korea. The recursively dynamic Computable General Equilibrium model is developed with an emphasis on the transportation sectors. This study finds that the transportation investment could increase with the economic growth rates of Korean economy. The share of the investment to the GDP would be 2.939~2.944% under the zero economic growth rate, and the annual growth rate with 3% could lead to the increase of the share to 3.927~3.932%. In a sense that the demand for the transportation investments is completely derived from the profit maximization of the producer and the utility maximization of the household, so the social objectives such as the regionally balanced development, income distribution and regulation on the price inflation could generate quite different levels of the investments from the estimates of this study.