KJC Korea
Journal Central

The importance of forest functions has been increasing due to climate change, but current forest management system is limited to reflect it. Particularly, identical amounts of ‘Expenses Incurred in Creating Forest Replacement Resources’ are charged to every single forests regardless of its forest functions. This study suggests ‘Forest Conservation Charge’ applying a concept of ‘complete restoration’ of forest functions. The charge is calculated by using ‘public benefit magnification table’ and ‘location coefficient’ which are derived from characteristics of forest physiognomy and location. A case study shows that different amounts of the charge are imposed on every single forests according to its characteristics. For instance, the charge for complete restoration would be incurred in a forest with the highest public function three times more than with the lowest.

In this study, the characteristic analysis of geomancy and terrain for forty mountains named of Oknyeobong using digital elevation model is conducted to examine the geomantic meaning in a modern point of view. According to the pandect of place names, shape type of Oknyeobong is categorized as Sanbal, Danjang, Danjwa, Tangeum, Jikgeum, and Geumban. As terrain analysis results, types of Sanbal, Danjang and Danjwa showed high elevation and large scale which are related to the shape of dressing up whereas types of Tangeum, Jikgeum, and Geumban showed low elevation and small scale which are related to the shape of everyday life. After analyze the shapes based on the four animal theory, the principle points are located in the middle of Oknyeobongs and mountains facing to them have smaller scale than the principle peaks which means that the existing geomancy theory has numerically significant. Mountains in position of right and left side of principle point which are called as blue dragon and white tiger points in the four animal theory showed shape of protecting the principle point from winds with slightly higher elevation than the principle point. Oknyeobong’s peaks showed slightly steep and bilaterally symmetric shape. As results of average elevation angle, Oknyeobong showed visually stable shape.

Chonsei has been treated as unique tenure type of Korea. However, a few literatures argue that some countries, India and Bolivia, have similar contract type in their housing market. This study reviewed the previous studies on origin and history of Chonsei and Antichresis, worldwide version of Chonsei. The results show that Chonsei is not unique contract type of Korean housing rental market. India also has Indian version of Chonsei, girvi in Surat and bogey in Bangalore. In Bolivia, Anticretico is popular across the country. The Anticretico has some different characteristics from Korean Chonsei while it is same contract type in terms of lump sum deposit without monthly rent. The deposit to price ratio is about 25% to 40% in Anticretico wheres Chonsei deposit is about 60% to 80% of sales price. Anticretico contract should be registered in Real Estate Office. Anticretico is minor rental contract type, 3.5% share in 2012, compare to monthly rent, 15.9%. The tenants of Anticretico should pay tax include VAT and registration tax while Chonsei tenants are tax free related to the contract. The results imply that Chonsei has longer history and more popular than was believed in Korea. Therefore, usefulness of Chonsei should be reconsidered for low-income tenants’ residential stability especially in developing countries.

The recent global financial crisis has hampered economic activities in many ways; however, the impact on the real estate market has been particularly huge. In Korea, falling real estate prices has meant many construction companies going bankrupt because of the vast number of unsold apartments. To alleviate this problem, construction companies have begun to provide potential apartment buyers with free options such as the withdrawal guarantee option, principal guarantee option, premium guarantee option, and buy-back option. In this study, we attempt to analyze the real value and the market risk of these options which has no market value yet. To price the options, we used GARCH option pricing model and Esscher transform. As the result, the price of the withdrawal guarantee option was significantly higher than the other options, and this fact implies that this option may be attractive to the investor in terms of marketing, while the construction firms as issuer may pay the costs. In addition, we applied the DD(Default to Distance) of two companies and VaR of the options in order to manage the risk caused by the options. As the result, according to the analysis of the DD, the issue of the options seems to be helpful to the company immediately. According to the VaR analysis, the principal guarantee option is the most risky option among the options by falling the value of the asset and the value of the option in depressing markets.

This study aims to analyze institutional change for land development from the perspective of New Institutionalism. In other words, it analyzes the mechanism starting 1980, which sustained existing institutions by then and brought about new institutional change thereafter. For the purpose, this study analyzes institutional contexts that sustained and changed systems of each regime by using institutional change processes and theoretical approaches, which are recent major issues of new institutionalism, and investigated if each regime maintained existing pattern or sought for new pattern. As a result, it was analyzed that according to different institutional contexts that are composed of environmental and behavioral variables at the time of each regime, different result was induced, that is maintaining existing pattern or seeking for a new pattern. Through the results, it was found that the core factors of institutional continuity and institutional change are environmental variable and behavioral variable, in terms of an institutional structure. These two variables bring about institutional change through operation and choice of two variables and interactions between the variables. Therefore, institution of the future will be restricted by environmental variables, which corresponds to the plan to abolish Housing Site Development Promotion Act in 2014. Land development system in the future as well will seek for institutional change in the mechanism of current institutional context.

This study is to investigate the relationship between migration and regional economic growth in our country using empirical analysis. Specifically, we use state and county-level panel data from 2000 to 2013 and from 2000 to 2011 respectively and make use of fixed and random effects estimation methods and system GMM, to find out what kind of effects migration has on regional economic growth. State level analyses show that intra-state migration increases each state’s per capita income and that it generates divergence of per capita income for each state. County level analyses show that inter county migration for the same state increases each county’s per capita income and that it gives rise to divergence of per capita income for each county. The net product taxes induce divergence of per capita income for each county and state but the population above 15 years old yields its convergence.

This study examines the construction process of the cultural hub of local area and the artistic or commercial use of Wonsan-theater. The Wonsan-theater shows the cultural tension between ‘Koreans conquered’ and ‘Japanese residing in Korea.’ Wonsan-theater is the theater that was built on Wonsan 1927. Wonsan-theater was basically a theater, and was as a public hall. Construction subject of Wonsan-theater was native merchants lived in Wonsan on Japanese Colonial Era. Traders forces included No Giman, Han Goonpil, Kim Kyeongjoon and Han Chihang. This merchants had built a theater and public hall for Koreans, and had configured the ‘Wonsan City Operations Association’ and the ‘Corporation for Wonsan-theater’. Wonsan-theater was basically operating as space for commercial interests. Wonsan-theater was the theater as a space built for Koreans, these applications was diluted and eventually fell by commercial interests.

The Korean government is considering overall re-organisation of Publicly Noticed Value of Real Estate Price(PNV) System using actual sales price. By re-organising the system, the ratio of PNV to actual sales price will rise leading to an upturn of tax base and amount of property tax since the PNV is used for calculating the tax base. The purpose of this study is to estimate the changes of property tax from the expected reform of PNV system and analyse its impact on local public finance, which can contribute to the policies on tax and PNV system. If the expected reform of PNV system elevates tax base of property tax, it is estimated that 3.5~8.6 trillion Korean won will increase in Property Tax and other related taxes including Gross Real Estate Tax and Regional Resources Facilities Tax by scenario. It is also expected that the reform of the system would be followed by adjustments of tax rate or the ratio of tax base to actual sales price. However, its impacts on local public finance vary by local government as the ratio of PNV to actual sales price are different by region and property type. Managing tax base in regional or national level can be an option to sort out the problem but it needs wider discussion to implement.

This study tries to investigate policy direction for enhancement of homeownership through analyzing tenure choice and impact factors of each cohort generations in Seoul, based on assumption that homeownership has positive social impact and thus necessity to be enhanced in terms of Asset-based welfare argument. From the analysis, following implications are derived. Firstly, impact factors of tenure choice for echo, middle, baby-boom and older generations are revealed different, and thus tailor-made policy schemes considering each characteristics are needed. Secondly, supporting higher homeownership policy alike other advanced countries is necessary considering the gap between current tenure type and desired tenure type to the extent of 1.1~3.9 times. Thirdly, people are not so sensitive to their expectation of future housing and rent price that they would change their tenure choice. Fourthly, changed direction of public housing policy shall be necessary to solve the mismatch problem between homeownership demand and supply, and to achieve asset-based welfare system.

Recent years after financial crisis have witnessed significant upward movement in both vacancy rate and rental price in seoul office rental market. Such an outcome runs contrary to the traditional view of rental office market operation. However, previous papers didn’t estimate the effect of structural break. The purpose of this study is to analyze the change of relationship between asking rent and determinants in office market. The model was built by using serial data of 55 quarters from 2001 to 2014 including office rent index, consumer price index, office vacancy rate, interest rate in Seoul. And we used Chow-test to examines significant change and break point of structural change in office rental market. At first, there were significant structural change of the determinants of consumer price index and vacancy rate in there first quarter 2009. Second, the effects of consumer price index is decreased by risk of vacancy rate, and negative effect of vacancy rate was changed positive effect by rent-free.