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@article{ART002572913},
author={SONG Ha Seung},
title={A Study on the Monopoly Rent Derived from the Financialisation of Housing Market and its Implications},
journal={The Korea Spatial Planning Review},
issn={1229-8638},
year={2020},
volume={104},
pages={57-78},
doi={10.15793/kspr.2020.104..004}

TY - JOUR
AU - SONG Ha Seung
TI - A Study on the Monopoly Rent Derived from the Financialisation of Housing Market and its Implications
JO - The Korea Spatial Planning Review
PY - 2020
VL - 104
IS - null
PB - 국토연구원
SP - 57
EP - 78
SN - 1229-8638
AB - 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.
KW - Monopoly Rent;Financialisation of Housing Market;Socioeconomic Fragmentation in Housing Market;Difference in Difference Model
DO - 10.15793/kspr.2020.104..004
ER -

SONG Ha Seung. (2020). A Study on the Monopoly Rent Derived from the Financialisation of Housing Market and its Implications. The Korea Spatial Planning Review, 104, 57-78.

SONG Ha Seung. 2020, "A Study on the Monopoly Rent Derived from the Financialisation of Housing Market and its Implications", The Korea Spatial Planning Review, vol.104, pp.57-78. Available from: doi:10.15793/kspr.2020.104..004

SONG Ha Seung "A Study on the Monopoly Rent Derived from the Financialisation of Housing Market and its Implications" The Korea Spatial Planning Review 104 pp.57-78 (2020) : 57.

SONG Ha Seung. A Study on the Monopoly Rent Derived from the Financialisation of Housing Market and its Implications. 2020; 104 57-78. Available from: doi:10.15793/kspr.2020.104..004

SONG Ha Seung. "A Study on the Monopoly Rent Derived from the Financialisation of Housing Market and its Implications" The Korea Spatial Planning Review 104(2020) : 57-78.doi: 10.15793/kspr.2020.104..004

SONG Ha Seung. A Study on the Monopoly Rent Derived from the Financialisation of Housing Market and its Implications. The Korea Spatial Planning Review, 104, 57-78. doi: 10.15793/kspr.2020.104..004

SONG Ha Seung. A Study on the Monopoly Rent Derived from the Financialisation of Housing Market and its Implications. The Korea Spatial Planning Review. 2020; 104 57-78. doi: 10.15793/kspr.2020.104..004

SONG Ha Seung. A Study on the Monopoly Rent Derived from the Financialisation of Housing Market and its Implications. 2020; 104 57-78. Available from: doi:10.15793/kspr.2020.104..004

SONG Ha Seung. "A Study on the Monopoly Rent Derived from the Financialisation of Housing Market and its Implications" The Korea Spatial Planning Review 104(2020) : 57-78.doi: 10.15793/kspr.2020.104..004