Structural Changes in Metropolitan Housing Markets and Household Debt before and after Global Financial Crisis

권현진; Jung-Suk Yu

doi:10.15793/kspr.2014.81..007

There has been an ongoing debate on easing LTV and DTI in order to activate the metropolitan housing markets. Is deregulation a proper remedy to boost the housing market, or does it destabilize the household’s financial structure? In this study, we measure the systematic size of household debt with the ratio of household debt to GDP and use the panel GMM model to analyze how our household debt size proxy and other debt financing variables affect the housing market. Our findings indicate that an increase in household debt has a negative relationship with housing price after the Global Financial Crisis. However, the increase in the systematic size of household debt has a positive impact on market liquidity. Meanwhile, M1 and other interest rates have an insignificant relation with the housing market. Our findings suggest that the Korean government should have a comprehensive and thorough review over its credit risk management plan and mortgage loan regulations.

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