Korea Real Estate Review 2023 KCI Impact Factor : 0.56
-
pISSN : 2092-5395 / eISSN : 2733-8339
- https://journal.kci.go.kr/krer
KJCKorea
Journal Central
Effect of the Spread on Housing Mortgage Loans
- Korea Real Estate Review
- 2018, 28(4), pp.75-88
- DOI : 10.35136/krer.28.4.6
- Publisher : korea real estate research institute
- Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate
- Published : December 31, 2018
1전북대학교 빅데이터비즈니스연구소
Accredited
ABSTRACT
The purpose of this study is to analyze the effect of the spread on housing mortgage loans. In particular, this study analyzes how the spread has a decisive effect on housing mortgage loans when a structural change occurs in the spread. For the sake of empirical analysis, this study utilizes the housing mortgage loan, housing mortgage loan interest rate, COFIX interest rate, and spread. The period of analysis is from December 2010 to December 2017.
Results of the analysis show that there is a statistically significant structural change in the spread and housing mortgage loans (May and June 2015, respectively). It is estimated that the structural change in the spread has an influence on the structural change in housing mortgage loans. In addition, the effect of the spread on housing mortgage loans is larger than the effect of the COFIX interest rate and the housing mortgage loan interest rate. This indicates that the adjustment of the spread is a significant burden on housing mortgage loans.
As economic uncertainties both internally and externally are increasing, pressure on interest rate hikes is also increasing. Considering these circumstances, interest rate hikes will be inevitable in the future. If the base interest rate and the spread increase simultaneously at Korea’s current economic level, it will obviously lead to an economic recession as the burden on the repayment of principal and interest of housing mortgage loans will increase. Therefore, it is imperative that financial authorities prepare institutional arrangements in order to protect financial consumers by preventing arbitrary calculation of the spread, which would not be objective and would not be transparent from the banks.
Statistics
-
535 Viewed
-
1 Downloaded
Tools
Issue List
Citation status
* References for papers published after 2023 are currently being built.
[journal]
고성수
/ 2011
/
A study on the consumer choice of mortgage in Korean housing market
/ 부동산학연구
/ 한국부동산분석학회
17(2)
: 59~75
[report]
김상환
/ 2014
/ 은행 예대금리의 결정요인: 시장금리의 은행금리 전가에 관한 실증분석
/ 한국금융연구원
: 1~44
[journal]
김우석
/ 2017
/
Study on Dynamic Interrelationship between the COFIX Interest Rate and the Housing Mortgage Loan Interest Rate
/ 대한경영학회지
/ 대한경영학회
30(12)
: 2127~2145
[journal]
김진
/ 2015
/
Determining Factors to Influence the Interest Spread of Banks’ Floating Rate Mortgages
/ 주거환경
/ 한국주거환경학회
13(2)
: 183~197
[journal]
민인식
/ 2012
/
Empirical Analysis on Mortgage Choice in Korea: Focusing Two-stage Consumer Choices
/ 주택연구
/ 한국주택학회
20(4)
: 47~79
[report]
박덕배
/ 2010
/ 높은 가산금리와 안정화 방안
/ 현대경제연구원
[journal]
박성욱
/ 2009
/
A Study on the Determinants of Choice between ARMs and FRMs
/ 금융연구
/ 한국금융학회
23(2)
: 133~151
[journal]
윤수민
/ 2016
/
Empirical Analysis of Apartment Mortgage Borrowers Choicebetween FRM and ARM
/ 주택연구
/ 한국주택학회
24(2)
: 155~175
[journal]
윤재호
/ 2011
/
Asymmetric Responses of Commercial Bank Lending and Deposit Rates to Monetary Policy Regimes
/ 금융연구
/ 한국금융학회
25(2)
: 29~55
[report]
이윤석
/ 2013
/ 은행 가계대출 가산금리의 경기변동성과시사점
/ 한국금융연구원
: 10~11
[report]
이재연
/ 2014
/ 변동금리 주택담보대출 가산금리 산정 관련 이슈
/ 한국금융연구원
: 8~9
[journal]
Akaike, H.
/ 1974
/ A New Look at the Statistical Model Identification
/ IEEE transactions on Automatic Control
/ IEEE
19(6)
: 716~723
[journal]
Almeida, F. D.
/ 2015
/ Determinants of the Banking Spread in the Brazilian Economy:The role of micro and macroeconomic factors
/ International Review of Economics and Finance
/ Elsevier
40
: 29~39
[journal]
Andrews, D. W. K.
/ 1993
/ Tests for Parameter Instability and Structural Change with Unknown Change Point
/ Econometrica
/ The Econometric Society
61(4)
: 821~856
[journal]
Banerjee, A.
/ 1992
/ Recursive and Sequential Tests of the Unit-Root and Trend-Break Hypotheses: Theory and International Evidence
/ Journal of Business & Economic Statistics
/ American Statistical Association
10(3)
: 271~287
[report]
Boyarchenko, N.
/ 2014
/ Understanding Mortgage Spreads
/ Federal Reserve Bank of New York
[book]
Brooks, C.
/ 2014
/ Introductory Econometrics for Finance
/ Cambridge University Press
[journal]
Campbell, J. Y.
/ 2003
/ Household Risk Management and Optimal Mortgage Choice
/ The Quarterly Journal of Economics
/ Oxford Academic
118(4)
: 1449~1494
[journal]
Chow, G. C.
/ 1960
/ Tests of Equality Between Sets of Coefficients in Two Linear Regressions
/ Econometrica
/ The Econometric Society
28(3)
: 591~605
[journal]
Coulibaly, B.
/ 2009
/ Choice of Mortgage Contracts: Evidence from the Survey of Consumer Finances
/ Real Estate Economics
/ Wiley
37(4)
: 659~673
[journal]
Demyanyk, Y. S.
/ 2011
/ Understanding the Subprime Mortgage Crisis
/ The Review of Financial Studies
/ Oxford Academic
24(6)
: 1848~1880
[journal]
Dickey, D. A.
/ 1979
/ Distribution of the Estimators for Autoregressive Time Series Regression with a Unit Root
/ Journal of the American Statistical Association
/ American Statistical Association
74(366)
: 427~431
[journal]
Dickey, D. A.
/ 1981
/ Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root
/ Econometrica
/ The Econometric Society
49(4)
: 1057~1072
[journal]
Granger, C. W. J.
/ 1969
/ Investigating Causal Relations by Econometric Models and Cross-spectral Methods
/ Econometrica
/ The Econometric Society
37(3)
: 424~438
[journal]
Huang, A.
/ 2012
/ The Impact of the GST on Mortgage Yield Spreads of Australian Banks
/ Applied Financial Economics
/ Routledge
22(21)
: 1787~1797
[journal]
Hannan, E. J.
/ 1979
/ The Determination of the Order of an Autoregression
/ Journal of the Royal Statistical Society: Series B((Methodological)
/ The Royal Statistical Society
41(2)
: 190~195
[journal]
Johansen, S.
/ 1988
/ Statistical Analysis of Cointegration Vectors
/ Journal of Economic Dynamics and Control
/ Elsevier
12(2-3)
: 231~254
[journal]
Johansen, S.
/ 1991
/ Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models
/ Econometrica
/ The Econometric Society
59(6)
: 1551~1580
[journal]
Johansen, S.
/ 1990
/ Maximum Likelihood Estimation and Inference on Cointegration - with Applications to the Demand for Money
/ Oxford Bulletin of Economics and Statistics
/ Wiley-Blackwell
52(2)
: 169~210
[journal]
Nelson, C. R.
/ 1982
/ Trends and Random Walks in Macroeconomic Time Series: Some Evidence and Implications
/ Journal of Monetary Economics
/ Elsevier
10(2)
: 139~162
[journal]
Perron, P.
/ 1989
/ The Great Crash, the Oil Price Shock, and the Unit Root Hypothesis
/ Econometrica
/ The Econometric Society
57(6)
: 1361~1401
[journal]
Pesaran, H. H.
/ 1998
/ Generalized Impulse Response Analysis in Linear Multivariate Models
/ Economics Letters
/ Elsevier
58(1)
: 17~29
[journal]
Quandt, R. E.
/ 1958
/ The Estimation of the Parameters of a Linear Regression System Obeying Two Separate Regimes
/ Journal of the American Statistical Association
/ American Statistical Association
53(284)
: 873~880
[journal]
Quandt, R. E.
/ 1960
/ Tests of the Hypothesis that a Linear Regression System Obeys Two Separate Regimes
/ Journal of the American Statistical Association
/ American Statistical Association
55(290)
: 324~330
[journal]
Said, E. S.
/ 1984
/ Testing for Unit Roots in Autoregressive-Moving Average Models with Unknown Order
/ Biometrika
/ Oxford Academic
71(3)
: 599~607
[journal]
Schwarz, G.
/ 1978
/ Estimating the Dimension of a Model
/ The Annals of Statistics
/ Institute of Mathematical Statistics
6(2)
: 461~464
[journal]
Sims, C. A.
/ 1980
/ Macroeconomics and Reality
/ Econometrica
/ The Econometric Society
48(1)
: 1~48
[journal]
Vogelsang, T. J.
/ 1998
/ Additional Test for Unit Root Allowing for a Break in the Trend Function at an Unknown Time
/ International Economic Review
/ Wiley
39(4)
: 1073~1100
[journal]
Were, M.
/ 2014
/ What Factors Drive Interest Rate Spread of Commercial Banks? Empirical evidence from Kenya
/ Review of Development Finance
/ Elsevier
4(2)
: 73~82
[journal]
Yule, G. U.
/ 1926
/ Why do we sometimes get Nonsense -Correlations between Time-Series? - A Study in Sampling and the Nature of Time-Series
/ Journal of the Royal Statistical Society
/ Royal Statistical Society
89(1)
: 1~63
[journal]
Zarruk, E. R.
/ 1989
/ Bank Spread with Uncertain Deposit Level and Risk Aversion
/ Journal of Banking & Finance
/ Elsevier
13(6)
: 797~810
[journal]
Zivot, E.
/ 1992
/ Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis
/ Journal of Business & Economic Statistics
/ American Statistical Association
10(3)
: 25~44
[web]
/ 한국은행 경제통계시스템
/ http://ecos.bok.or.kr/
[web]
/ 전국은행연합회 소비자포털
/ https://portal.kfb.or.kr/