Structural Changes in Metropolitan Housing Markets and Household Debt before and after Global Financial Crisis (국제금융위기 전·후 가계부채와 수도권 주택매매시장의 구조적 변화)

권현진; Jung-Suk Yu (유정석)

doi:10.15793/kspr.2014.81..007

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

The Korea Spatial Planning Review
2014, 81(), pp.105-119
DOI : 10.15793/kspr.2014.81..007
Publisher : 국토연구원
Research Area :

권현진 ¹, Jung-Suk Yu ²

¹한국부동산연구원 책임연구원
²단국대학교

Accredited

ABSTRACT

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.

KEYWORDS

Household Debt, Housing Market, Panel GMM Model

Citation status

* References for papers published after 2023 are currently being built.

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This paper was written with support from the National Research Foundation of Korea.

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The Korea Spatial Planning Review 2023 KCI Impact Factor : 1.2

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

ABSTRACT

KEYWORDS

Citation status

* References for papers published after 2023 are currently being built.

The Korea Spatial Planning Review 2023 KCI Impact Factor : 1.2

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

ABSTRACT

KEYWORDS

Statistics

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Citation status

KCI Citation Counts (5)

REFERENCES (29) * References for papers published after 2023 are currently being built.

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* References for papers published after 2023 are currently being built.