A Study on the Monopoly Rent Derived from the Financialisation of Housing Market and its Implications

Song, Ha Seung

doi:10.15793/kspr.2020.104..004

This study investigated whether the monopoly rent (MR) might be derived from introducing and transforming the financialisation of housing market (FHM), during the early and mid 2000s and interpreted its policy implications. In empirical analysis applying the Difference in Difference Model, each MRs coming from both the introduction of the FHM in ModelⅠ and the transformation, focusing on the shift from property-based housing financing to income-based, in ModelⅡ and Ⅲ were observed, respectively. A size of the MRs was estimated to be 11% to 26% of housing prices at least. In particular, the degree of housing price change(𝜃) in the Gangnam area rapidly drove up from 39.5 in 2005 to 62.9 in 2006 and 66.1 in 2007, while the degree in the 1st Newtown areas declined from 26.6 in 2006 to 23.1 in 2007. That is, as more MR occurred in areas where initial housing prices are relatively high, the spatial disparity of housing prices can be reinforced even more. In conclusion, the housing market might be economically segmented by the introduction of the FHM, and then socially stratified as income classes by its transformation.

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