The Korea Spatial Planning Review 2021 KCI Impact Factor : 1.23

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2017, Vol.92, No.

  • 1.

    Housing Wealth Effect of Homeowners by Income Classafter Global Financial Crisis

    Hyeon Ji Yu , Youngsung Lee | 2017, 92() | pp.3~20 | number of Cited : 4
    Abstract PDF
    Both the wealth effect and common-factor hypotheses have long been in conflict to explain the effects of housing prices on consumption. This research is to examine the hypotheses and determine which may be more suitable in South Korea after the worldwide financial crisis occurred in 2008. The analysis found that, first, the effect of the rise in housing prices on household consumption has not been statistically significant since 2009. Second, household debt itself had a positive and statistically significant effect on inducing consumption, but changes in housing prices did not have such a significant effect on the consumption of households in debt. Third, there was no uniform pattern in the effect of changes in housing prices on the consumption of households owning more than one house. Fourth, no statistical significance was found for the effects of changes in housing prices on household consumption by income class. Contrary to the previous literature, the common-factor hypothesis was found to be adequate for South Korea after the financial crisis. Various policies implemented so far in anticipation of the household wealth effect may have only resulted in social cost without any benefits of increase in consumption. Therefore, policies to boost the economy by stimulating the housing market should be considered with caution.
  • 2.

    The Impact of Historical-Cultural Contents in Building Functional Communities: Focused upon the Case of Daegu Downtown

    Lee Gwonhee , PARK, JONG HWA | 2017, 92() | pp.21~40 | number of Cited : 0
    Abstract PDF
    The purpose of this study is to examine the relations between various citizens' value recognition through historical- cultural contents' use and the building and working variables of functional communities. This study establishes 3 hypotheses in the large and employs factor analysis, regression analysis, and variance analysis. The analysis results are as follows: value recognition factors are largely classified into individual value, group value, and public value factors; the building and working factors of functional communities are grasped as meeting, interacting, talking, understanding, or empathizing factors; the value recognition differently shows positive impacts on the building and working processes of functional communities; in addition, the differences in the importance of MIT&UE variables were almost all identified by the stages of historical-cultural contents' use. In consequence, this research suggests the necessities to consider various citizens' value recognition, to identify the impact factors differentiated by policy objectives, and to try policy approaches differentiated by the stages of historical-cultural contents' use.
  • 3.

    A Study on Improvement of Road Ratio Index Consideringthe Accessibility of Road Network

    You, Jae-Kwang , Cheong-Hyun Rho | 2017, 92() | pp.41~57 | number of Cited : 1
    Abstract PDF
    When travelling, the level of the road area and facility condition is different by region. In general, road ratio is the index to show how much the area of roads in the subject place and roughly measure the level of road service. The concept of road ratio can be differently defined by the purpose of the use, but it has been simply calculated by the ratio between the area and the road length of the administrative district. Therefore the capability of the road throughput and quality service elements were not fully considered, which is highly linked to the road rank, the number of lanes, and the accessibility to freeways. In order to tackle the limitation of the current road ratio index, this study developed the methodology for estimating road service index which consisted of two elements; 1) inner regional accessibility index and 2) inter regional accessibility index. The proposed methodology were greatly improved in that those indexes could capture the seamlessness and mobility of the road trips. With the proposed indexes, the subject area of the case study was the Chungcheongnam-do in South Korea. By doing so, the expert survey was conducted to the regional specialists for the Chungcheongnam-do who were taking charge of regional development, policies and public investment projects. As a result, there were the huge difference between the existing road ratio and the proposed index.For example, the cities with the high road ratio in Chungcheongnam-do show that the quality of the road service is relatively low because of high traffic volume. In other words, although the infrastructure is well constructed, the service index is sometimes underestimated. In the goodness of fitness, the congestion map is much more accuracy than the service index with the road ratio and is more understandable than the current methodology to describe the level of road service. Therefore, the proposed methodology is noteworthy in that both factors with the low penetration rate for the road infrastructure and the low service quality of the road throughput. In addition, the under-developedness index with this proposed index is most likely to assisting the reasonable judgement when applying to the Analytic Hierarchy Process.
  • 4.

    An Analysis of Regional Characteristic Factors Affecting forResilience of Damage by Storm and Flood

    So Yeon Pak , Yoon, Sang-hoon | 2017, 92() | pp.59~73 | number of Cited : 6
    Abstract PDF
    The main purpose of this study is to deducted implication and examine factor of regional characteristics which can be influential to the resilience of damage by storm and flood focused on Daegu and Gyeongsangbuk-do(abbreviate to Gyeongbuk), nearby areas. According to the result, the most important factors are represented river area(VIP: 2.527), annual rainfall depth(VIP: 2.173). It is meaned that understanding of natural condition and characteristics of climate change in region are needed for increasing resilience about damage by storm and flood. And then, the important factor in other characteristics are represented rate of urbanization area(1.339) in land use, network of disaster information (1.496) in society/administration, financial independence ratio(1.466) in economy, rate of vacant house(1.316) in house/infra one. This study is very meaningful to analysis factor of regional characteristics affecting resilience of damage by storm and flood and suggest implication. It also may be useful research basis to making the further policy.
  • 5.

    The Study on the Effect of Housing Price Change on Lending Strategy Behavior : Evidence from Crowding-Out Behavior in Korean Banks

    Seo, Jiyong | 2017, 92() | pp.75~85 | number of Cited : 3
    Abstract PDF
    Current study focused on the recent studies reporting that upward of housing price may result in reduction of corporate loan. Furthermore, as the research motivation, current study needed to examine on shrinking lending behavior shown in the Korean banks because economic condition in domestic market is depressed even though low interest rate and upward housing price are been showing over recent years. Considering recent studies, Chakraborty, Goldstein and MacKinlay(2016) and Tai(2016), this study examined whether the so-called crowding-out behavior exists in the Korean banks. As the research theme, this study analyzed the relationship between the change of loan portfolio and that of housing price in Korea by using Arellano-Bond dynamic panel data model. Main findings from the empirical test are as follows. First, upward of housing prices in nation and Seoul lead to decreasing SME(small and medium sized enterprise) loan weight within loan portfolio of Korean banks. Second, macro-economic and financial market factors related with making Korean banks cut SME loan are low interest rate and low market liquidity. Third, it is confirmed that bank characteristics affecting SME loan’s reduction are mostly high risk level and low profitability. As a conclusion, it needs to be recognized that smoothing SME financing may be constrained under the stance of low interest rate with rising housing price.