Korean | English

pISSN : 1229-8638

2020 KCI Impact Factor : 1.5
Home > Explore Content > All Issues > Article List

2017, Vol.95, No.

  • 1.

    A Study on the Interrelationship among Interest Rate, Housing Consumer Sentiment and Housing Market Using SVAR Model

    Younyoung Choi | Kim, Ji Hyun | Cho Gyeongcheol | 2017, 95() | pp.3~20 | number of Cited : 7
    Abstract PDF
    The purpose of this study is aimed at investigating the interrelationship among mortgage interest rate, housing consumer sentiment, and housing market. This study used a Structural VAR(SVAR) model that can analyze the ripple impacts among the variables. As a result, firstly, the change of mortgage interest rate did not statistically significantly influence on the changes in housing consumer sentiment and housing market. However, the change in mortgage interest rate was largely explained by the variable itself. Secondly, the shock to housing consumer sentiment change had statistically significantly impact on the change in housing trade volume and housing price. The change in housing consumer sentiment was largely explained by the change in housing trade volume. Finally, the change in the housing trade volume had effect on the housing price change. Therefore, this study provides the empirical evidence that the housing consumer sentiment is a significant factor in explaining the relationship between the housing trade volume and the housing price change both in short and long term period. This finding implies that the housing consumer sentiment is a supplemental important variable in understanding the housing market.
  • 2.

    A Review on the Changes in the UK’s Neighbourhood Regeneration Policy and Its Background : From the Thatcher Administration to New Labour Administration

    Lee, Taehee | Kim Yea Sung | 2017, 95() | pp.21~40 | number of Cited : 2
    Abstract PDF
    With the enactment of the Special Act on urban regeneration in 2013, urban regeneration policy of South Korea has begun in earnest. Furthermore, it was designated as one of the government’s major projects in the Moon administration and is expected to be promoted extendedly. Over the course of institutionalisation, Korean urban regeneration was highly influenced by the UK’s urban regeneration policy, which resulted in large degree of similarities. Yet, the existing literature on the urban regeneration policy of the UK was strongly focused on regeneration techniques(e.g. case studies of specific cities, funding methods, and principal agent of regeneration). The political, social and philosophical background which gave birth to the current urban regeneration of the UK has been rarely studied. Given this, this study aimed for an in-depth study of the UK urban regeneration policy’s development and its background, especially the political philosophy of the administrations. Neighborhood regeneration policy of 1979-2010 was the main focus of this study. In particular, urban regeneration policy of the Major administration, which put much weight on partnership, integrative approach, community, participation, cooperative governance, etc., and the Blair administration, which generally accepted the Major administration’s approach and added extra emphasis on the community restoration and participation, were the main concern of this study. This study enabled thorough reflection on UK’s urban regeneration policy, including what circumstances and from which rationale the Thatcher administration facilitated urban regeneration centered on private real estate development; why partnership and integrative approach was emphasized in the Major administration; and why the Blair administration stressed the participation of the communities and their rights and responsibilities during urban regeneration processes.
  • 3.

    On the Nonlinear Relationship between Exchange Rate Uncertainty and Apartment Prices

    Kim Sangbae | 2017, 95() | pp.41~55 | number of Cited : 1
    Abstract PDF
    The purpose of this study is to examine the nonlinear relationship between exchange rate uncertainty and apartment prices in Korea. To do so, we adopt the logistic smooth transition autoregressive(LSTAR) model by using exchange rate uncertainty as the transition variable. The empirical result reveals that nonlinear models are likely to capture the time series dynamics of the changes in apartment prices better than linear models. The estimation result of the LSTAR model shows that when exchange rate uncertainty is low the long-run mean of the changes in apartment prices is positive, while that of the changes in apartment prices is negative when uncertainty is high. In addition, we found from the impulse response analysis that the effect of exchange rate uncertainty shock highly depends on the state of the economy. Finally, when we include the changes in interest rate in the LSTAR model, we found that the changes in interest rate have larger effects on the apartment prices when exchange rate uncertainty is high.
  • 4.

    Development of Regional Road Infra Indices Considering Mobility and Relative Stock

    You, Jae-Kwang | Jeong Hyun Rho | 2017, 95() | pp.57~75 | number of Cited : 1
    Abstract PDF
    In current, studies on the level of road infrastructure have adopted road rate as a key index. However road rate cannot be captured the high level of comfort and convenience for road user. By doing so, this research identified the limitation of conventional studies on representing the level of the current road infrastructure, and suggested alternative methodologies to tackle them. The ultimate goal of this work provides a comprehensive assessment framework to represent delicately both quantitative and qualitative elements. The subject of this study was road facilities among the SOC projects, and the level of road infrastructure. The first step of the analytic methodology, which is the comparative level in the quantitative elements of the infrastructure supply, is proposed. Here, the comparative criteria is the average of national level, which is set to 100. Based on the national average, the supply level of each region were calculated. The second step of the analytic methodology is mobility analysis among the qualitative elements. The methodology of the road mobility relies on travel demand. Lastly, the index of the road infrastructure was developed with a comprehensive concept including both quantitative and qualitative elements. As a result of the analysis, central urban area shows generally low in the rank of the infrastructure index because of traffic congestion while rural area ranks in high. Such results are not exactly matched with the result of the conventional index regarding road rate, which means it may rank in low although the road rate is highly recognized. In other words, the road infrastructure in Seoul metropolitan area are comparatively high, however, it may not be desirable level in the level of qualitative service because the region suffers from regular congestion section. In conclusion, the result of this research is well representative for the overall condition of the road infrastructure in each region. Furthermore, it could help plan an agenda for the balanced development by comparing the qualitative and quantitative level, and ultimately it would be a desirable reference to tackle unbalanced growth in region.