@article{ART002147727},
author={Ta-Ly I and Byeon, Seh-Il and Hwang, Gwan Seok and Chungyu Park},
title={An Analysis on the Economic Impact of the KoreanReal Estate Indirect Investment Activation},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2016},
volume={26},
number={3},
pages={63-81}
TY - JOUR
AU - Ta-Ly I
AU - Byeon, Seh-Il
AU - Hwang, Gwan Seok
AU - Chungyu Park
TI - An Analysis on the Economic Impact of the KoreanReal Estate Indirect Investment Activation
JO - Korea Real Estate Review
PY - 2016
VL - 26
IS - 3
PB - korea real estate research institute
SP - 63
EP - 81
SN - 2092-5395
AB - REITs (Real Estate Investment Trusts) was introduced in 2001 according to Real Estate Investment Company Act and REF (Real Estate Fund) also introduced in 2004 according to Indirect Investment Trust Act with great anticipation. However, their performance of last 15years fell short of expectations. Thus, this study aims at improving the importance of activating the Korean real estate indirect investment market by analyzing the economic ripple effect due to activating the real estate indirect investment market and by investigating the macroeconomic growth stem from the growth of real estate indirect investment market. To analyze the economic ripple effect and to estimate an increase in housing transactions on private consumption expenditure due to activating the real estate indirect investment market, empirical test was conducted using simultaneous equations model in advance at the first stage. At the second stage, input-output analysis was adopted to investigate the economic effect on the real estate industry and other industries using the result of the first stage. We found that net growth of real estate indirect investment causes 343.6 billion won in residential building construction investment, 986.0 billion won in commercial building construction investment, and 178.4 billion won in private consumption spending. We also found that these increase of final demand induces production of 3,427.8 billion won, the value-added of 1,094.5 billion won, the employment of 22.5 thousand people and wages of 638.5 billion won.
KW - real estate indirect investment;simultaneous model;input-output analysis;economic effects;real estate industry
DO -
UR -
ER -
Ta-Ly I, Byeon, Seh-Il, Hwang, Gwan Seok and Chungyu Park. (2016). An Analysis on the Economic Impact of the KoreanReal Estate Indirect Investment Activation. Korea Real Estate Review, 26(3), 63-81.
Ta-Ly I, Byeon, Seh-Il, Hwang, Gwan Seok and Chungyu Park. 2016, "An Analysis on the Economic Impact of the KoreanReal Estate Indirect Investment Activation", Korea Real Estate Review, vol.26, no.3 pp.63-81.
Ta-Ly I, Byeon, Seh-Il, Hwang, Gwan Seok, Chungyu Park "An Analysis on the Economic Impact of the KoreanReal Estate Indirect Investment Activation" Korea Real Estate Review 26.3 pp.63-81 (2016) : 63.
Ta-Ly I, Byeon, Seh-Il, Hwang, Gwan Seok, Chungyu Park. An Analysis on the Economic Impact of the KoreanReal Estate Indirect Investment Activation. 2016; 26(3), 63-81.
Ta-Ly I, Byeon, Seh-Il, Hwang, Gwan Seok and Chungyu Park. "An Analysis on the Economic Impact of the KoreanReal Estate Indirect Investment Activation" Korea Real Estate Review 26, no.3 (2016) : 63-81.
Ta-Ly I; Byeon, Seh-Il; Hwang, Gwan Seok; Chungyu Park. An Analysis on the Economic Impact of the KoreanReal Estate Indirect Investment Activation. Korea Real Estate Review, 26(3), 63-81.
Ta-Ly I; Byeon, Seh-Il; Hwang, Gwan Seok; Chungyu Park. An Analysis on the Economic Impact of the KoreanReal Estate Indirect Investment Activation. Korea Real Estate Review. 2016; 26(3) 63-81.
Ta-Ly I, Byeon, Seh-Il, Hwang, Gwan Seok, Chungyu Park. An Analysis on the Economic Impact of the KoreanReal Estate Indirect Investment Activation. 2016; 26(3), 63-81.
Ta-Ly I, Byeon, Seh-Il, Hwang, Gwan Seok and Chungyu Park. "An Analysis on the Economic Impact of the KoreanReal Estate Indirect Investment Activation" Korea Real Estate Review 26, no.3 (2016) : 63-81.
