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2016, Vol.89, No.

  • 1.

    A Relationship between Sales Prices of APT and Consumer Sentiment

    노민지 | Seon-Jong Yoo | 2016, 89() | pp.3~13 | number of Cited : 8
    Abstract PDF
    Since Katona’s research on consumer sentiment in 1968, many articles have demonstrated that consumer psychology index is one of the key factors in decision making. In general, internet is the main source of people’s pre-purchase information gathering. By using search engines such as Naver, researchers concluded that online search data provide an accurate but simple way to predict present and future activities. We analyzed how consumer sentiment affects on housing market trends by using data from Naver Trends, online search statistics, and KRIHS’ consumer sentiment index. Through our analysis, we can understand relation between consumer sentiment and house prices. Estimation results show that the Naver Trends, online search statistics, has positive influence on house prices in the short-run and KRIHS’ consumer sentiment index has positive influence on house prices in three months. These results would help consumers, executives and policy makers to make effective decisions on timing of housing policy.
  • 2.

    Characteristics of Rural Landscape Management Systems: Based on Legal Systems in Japan, USA and Germany

    Lee, Yeo-Kyung | 차주영 | 이상민 | 2016, 89() | pp.15~38 | number of Cited : 0
    Abstract PDF
    The purpose of this study was to derive suggestions of legal system for rural landscape management. For this, rural landscape legal systems being used in Japan, USA and Germany have been selected as analysis objects. The analysis have conducted with perspectives of how related laws, plans, regulations and public project work to manage rural landscapes under their conditions. Based upon the analysis results, improvements for rural landscape management system are suggested as follows: First, it is necessary to develop legal treatments for rural landscape management and those need to be built up in closed connection between related laws. Second, rural landscape management plans need to be linked and complemented. Third, the planning system needs to be implemented in cooperation with the regulatory system. Forth, public sectors are required to support implementation of projects in the level of local governments. Also, varied legal supports need to be accompanied in order to enhance unique values and improve physical environment of rural areas. Finally it is necessary to establish policy directions for consistent rural landscape management.
  • 3.

    Estimating Farmland Prices Using a Regression-Kriging Model

    Son, Hak-gi | Changro Lee | 2016, 89() | pp.39~53 | number of Cited : 5
    Abstract PDF
    This study estimates farmland prices in Kimje City and analyzes the result empirically. Previous studies tend to utilize the income approach more often than not, which has limits in reflecting site-specific characteristics. Thus, we employ the market approach instead. The input data are prices of standard lots estimated by property valuation experts. We apply the market approach to the data and make the first use of the regression-kriging model which has advantage of dealing with both attribute and location information of farmland. When inspecting the model performance based on the test data, we confirmed that the price accuracy from the regression-kriging model was improved substantially compared with that of the usual regression model. That is, the estimated price became more accurate through spatial dependence being incorporated in the model building process. We also could avoid the subjectivity in quantifying spatial relationship using a kriging technique. This improvement is also confirmed visually through reviewing the spatial distribution of estimated-to-actual price ratios.
  • 4.

    The Analysis on the Characteristics and Effects of the Refinancing and Restructuring of Build-Transfer-Operate(BTO) Projects

    조혁종 | 남윤길 | 김형진 | 2016, 89() | pp.55~72 | number of Cited : 5
    Abstract PDF
    The purpose of this study is as follows: first, to examine the significance and characteristics of refinancing and restructuring of private investments on social overhead capital facilities by analyzing projects which have been carried out within the last 5 years; second, to study the effects of refinancing and restructuring on government and users, as well as their impact on potential risks and investment returns for concessionaires; third, to suggest improved methods of refinancing and restructuring in order to better address issues mentioned. The followings are results of analyses: First, in case of refinancing, the calculated public effects on variance of sales showed in the range of 6~24%, and in case if restructuring, between the range of 22~47%, higher than the former. Public effects is calculated by variance of sales, because rate cut and reduction of MRG by refinancing or restructuring all leads to a decrease of sales. Second, considering the risk factors and costs, when projects include the MRG system for the entire duration of operation, restructuring rather than refinancing proved to be more effective for the administrative agency. However, when the coverage of MRG system is limited, the outcomes vary depending on factors, such as the volume of traffic and options of rate increase. Third, the return on investment concerning investment opportunities in the private sector, refinancing cases appears to be higher by about 2.0%, represents risk premium on demand forecast. Finally, as for ways to make improvements for the existing methods, in case of refinancing, predictability for private investors need to be improved together with institutional modifications, which induce positive public effects and protect the rights and interests of the existing concessionaires. In case of restructuring, establishment of a new system for evaluating demand forecast as well as validity of projects should be considered. Moreover, the new system should include the option of paying compensation to investors even if the sum exceeds termination payment of implementation agreement, if doing so leads to greater public value.
  • 5.

    Community Governance for Safety Enhancement : Case of Anshim Maul

    Yoon-Kyung Oh | 서윤 | Jibum Chung | 2016, 89() | pp.73~91 | number of Cited : 3
    Abstract PDF
    This study explores community activities for safety enhancement by analyzing the cases of Anshim Maul project. Community safety governance can be successful when the three factors of citizen participation, cooperation of public administration and the effectiveness of safety enhancement. Based upon those factors as analytic framework, this study examines features of local governance for community safety enhancement. The three best examples of Anshim Maul are analyzed with data collected by documents from local government, FGI and individual interviews with participants. As a result of analysis, this study suggest policy implications of promoting community safety governance; emphasizing local characteristics, facilitating citizen participation and capacity building, and financially and administratively support for citizen participation and sustainability of community activities.
  • 6.

    Employment Distribution by Firm Size and Regional Employment Growth in Korea: A Spatial Econometric Modeling Approach

    Kim, Chanyong | Up Lim | 2016, 89() | pp.93~110 | number of Cited : 4
    Abstract PDF
    This study empirically examines the effect of the employment distribution by firm size on regional employment growth from 2005 to 2013. We measure the employment distribution as the share of employees across five firm size categories that range from micro-sized firms to large firms and using uniform index. Our analysis based on regional-level data from the Census on Establishments and we conduct analysis by using a spatial econometric modeling approach. According to the results, we find that regional employment share in firms which more than five employees are more important in employment growth than employment share in micro-sized firms. We also find that regions which possess more evenness in the firm size distribution secure higher employment growth rate. From a planning perspective, this study represents an additional step in framing policy discussions and identifying ways of thinking about regional economic growth and development.
  • 7.

    Effect Analysis of Neighborhood Environment on Childbearing-women's Residential Satisfaction and Childbirth Intention

    Taewon Park | CHun, Hyeonsook | 한연오 | 2016, 89() | pp.111~130 | number of Cited : 1
    Abstract PDF
    The low birth rate problem in our society is entering a stage where it has a negative effect on our national competitiveness. Due to this characteristic, to increase the birth rate, a review is required to improve the urban environment, and focusing on women as urban space users, an evaluation of their neighborhood environment based on a microscopic approach is necessary. In this study, after selecting specific targeted locations, an evaluation was done on the neighborhood residential environment experienced by fertile women as space users, and an analysis was conducted on the effect of their residential satisfaction on their intention to give birth. According to the analysis, as a factor affecting residential satisfaction, though it somewhat differed from location to location, in all the targeted locations except for Ganeung 1-dong in Uijeongbu City, life convenience turned out to have a significant effect. In the case of Sema-dong in Osan City, Dongtan 3-dong in Hwaseong City and Madu 1-dong in Goyang City, childcare friendliness turned out to have an effect on Residential satisfaction. In the case of Yangpyeong 1-dong in Yeongdeungpo-gu and Sema-dong in Osan City, Residential satisfaction turned out to have a significantly positive effect on the intention to give birth. As a factor affecting the intention to give birth, childcare friendliness turned out to be that factor in all the targeted locations. According to the result of the path analysis of all the groups, safety, childcare friendliness and life convenience turned out to have a significant effect on residential satisfaction, and as for variables that have a significantly positive effect on the intention to give birth, safety and childcare friendliness turned out to be among them.
  • 8.

    A Study on the Social Housing Policy in Australia

    Park So Yeon | 정승우 | Na Insu and 1other persons | 2016, 89() | pp.131~148 | number of Cited : 2
    Abstract PDF
    This study aims to find suggestions on social housing policies through studying the history of social housing policies and analysing characteristics of social housing supply and financial assistance in Australia. Firstly, analysis of preceding research related to social housing and was conducted. And we researched into Australian government involvement in social housing since the establishment of the Federation. Lastly, we studied deeply into major issues in current social housing supply programmes and financial assistance programmes, and drew suggestions on our social housing policies. The following results were obtained by this study: First, they draw up measure to provide standard of the tenant select and social housing rent system so that all Australians are excluded from the benefits. Second, they are constantly improving social housing supply programmes and financial assistance programmes, and keep the main points of the agreement consistent. Third, there is a cooperative system between Federal and State government, and State and Territory government especially lead the role for delivery of housing and homelessness services. Finally social housing rents are set based on the income of the household, and in this way it is possible to consider financial circumstances of each household and to achieve social equity.
  • 9.

    Investigating Impacts of Subway Line and Station Features on Apartment Resale Prices

    강수진 | Wonseok Seo | 2016, 89() | pp.149~162 | number of Cited : 18
    Abstract PDF
    This study focuses on investigating line and station features affecting apartment resale prices associated with 14 subway lines in Seoul based on Box-Cox model. As a result, this study finds that some features related to subway station, such as private capital station, express subway, and underground station, have significant impacts on apartment resale prices. This study also finds that bundang line, line 9, and airport line have the most significant impacts on the prices relative to line 1. The empirical results indicate that typically major business districts (YBD, CBD, GBD) and gangnam area play an important role for the premium of apartment prices. This study finally gives three implications. First, because the location feature fundamentally has great impact on neighborhood, a subway line that passes a residential area should be considered its residential convenience and sustainable environments when its new development and mainternance. Second, during the selection process of intermodal transfer center, it needs to consider where the strategic key point and route should be selected. Lastly, when estimating the subway traffic demand, adopting weight adjustment by route and region is necessary.
  • 10.

    Territorial Labeling for Sustainable Tourism : Focused on ‘Villes et Villages Fleuris’ of France

    조효단 | 2016, 89() | pp.163~180 | number of Cited : 0
    Abstract PDF
    In France, the certification program called ‘Flowering Towns and Cities (Villes et Villages Fleuris)’ has been introduced in the 1950s to labeling the smallest administrative districts of municipality (Commune) with flower marks. This program encourages and accompanies local communes to participate actively to development of sustainable environment, ecology and tourism. As ‘Flowering Towns and Cities’ is the first French territorial labeling program designated for sustainable tourism and so far it has been successfully carried out, we analysed this system to explore the implications for the development of Korean program. We found out the following implications. Firstly, beyond tourism product, infrastructure and service, a municipal district can be defined as an object of labeling programs for sustainable tourism. Secondly, a comprehensive labeling program covering not only tourism development, but also optimal use of environmental resource, essential ecological processes and conservation of natural and cultural heritage needs to be considered. Thirdly, a labeling program for sustainable tourism should ensure a high level of satisfaction and improvement of the quality of life of both tourist and residents.