2024, Vol.34, No.1

Korea Real Estate Review 2023 KCI Impact Factor : 0.56

pISSN : 2092-5395 / eISSN : 2733-8339
https://journal.kci.go.kr/krer

This study conducted a panel analysis to examine the impact of rental housing supply by type (public/private, built/purchased) on housing market price stabilization at the level of metropolitan city and province level. This study used data from the National Survey of House Price Trends (Korea Real Estate Board) and MOLIT Statistics System (Ministry of Land, Infrastructure, and Transport) for the period 2013–2021. The main findings of the analysis are as follows. In terms of a provider, publicly rented housings contribute more to price stabilization than privately rented, and in terms of a supply method, purchased-rented housings are better in price stabilization than constructed-rented housings. In terms of renting types, price stabilization effect is strongest in public purchase followed by public construction and private purchase. However, private construction is more likely to drive up prices. This suggests that rather than focusing solely on increasing inventory, rental housing supply policies should include both legal and institutional support and regulation.

Previous research has hinted at the potential influence of risk aversion on asset management decision-making. However, a thorough examination of its precise impact on wealth accumulation is noticeably lacking. In this study, we used balanced panel data from the 2017-2022 National Tax and Benefit Survey to thoroughly investigate the complex relationship between risk preferences and future asset accumulation, with a focus on real estate. Our findings shed light on this topic in several key ways: First, individuals with a higher risk tolerance show a significant increase in future asset growth. Second, the positive correlation between risk preferences and asset growth extends across multiple asset categories, including total assets, real estate holdings, and financial assets. Third, our findings show that fluctuations in real estate assets are the primary cause of changes in overall asset levels. Finally, regardless of the chosen time horizon (short, medium, or long term), individuals with a strong risk tolerance consistently experience increased asset accumulation. In conclusion, our findings suggest that those who accept a certain level of risk and actively participate in investments are more likely to accumulate wealth on average. However, given the pioneering nature of our study into the impact of risk preferences on future assets, further research is imperative to delve deeper into the causal relationship.

This study examined the impact of children's relationships, inheritance expectations, and geographic proximity between elderly parents and adult children in the context of care. We used KLoSA data from 2012 to 2020 for nonresident elderly households aged 65 or older with children. Results reveal that the residential adjustment factor for living close to children is expected to increase for older parents who require care support due to deteriorating health, have available resources such as the number of surviving children or daughters, live in major cities, and have relatively low relocation costs. In single-elderly households, the proximity of both sons and daughters increased, and expectations of inheritance bequest played a significant role. Meanwhile, this suggests that elderly parents who have resources for their children and meet more than once a week are less likely to want to relocate. Finally, the increased living proximity between elderly parents and adult children could be the result of a residential adjustment process to be closer to children where the need for elderly care is high but not available or not living close enough to their children.