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http://dx.doi.org/10.6106/KJCEM.2010.11.5.32

A Dynamic Approach for Evaluating the Validity of Mortgage Lending Policies in Korean Housing Market  

Hwang, Sung-Joo (서울대학교 건축학과 대학원)
Park, Moon-Seo (서울대학교 건축학과)
Lee, Hyun-Soo (서울대학교 건축학과)
Kim, Hyun-Soo (서울대학교 건축학과 대학원)
Publication Information
Korean Journal of Construction Engineering and Management / v.11, no.5, 2010 , pp. 32-40 More about this Journal
Abstract
Recent periodical boom and burst of house price have made mortgage lending issues become the main public interest in Korean real estate market. However, because mortgage-lending issues had not been discussed until then, housing market forecasting associated with mortgage lending has been difficult while using an empirical approach. Thus, comprehensive and systematic approach is required as well as validity of mortgage lending policies should be evaluated. In this regard, this research conducts a sensitivity analysis to validate the proposed policies and estimates the effects of current policies on LTV and DTI ratios with a comparison of another policies scenario. A causal loop and sensitivity analysis using system dynamics confirmed that LTV and DTI regulation is strong clout to housing market. However, to prevent transfer of potential mortgage borrowers to nonmonetary institutions, regulations in loans of nonmonetary institutions should be practiced in accompaniment with regulations of primary lending agencies.
Keywords
System Dynamics; Real Estate Market; Mortgage Loans; LTV; DTI;
Citations & Related Records
Times Cited By KSCI : 3  (Citation Analysis)
연도 인용수 순위
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