• Journal of Service Research and Studies
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• v.6 no.3
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• pp.41-54
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• 2016

We examine the information transmission between the business survey index(BSI) based on the returns data offered by Federation of Korean Industries and KOSPI Index based on the returns data offered by Korea Bank. The data includes monthly return data from January 1998 to September 2015. The results of the analysis are as follows. Firstly, results of Granger Causality test suggests the existence of mutual causality KOSPI Index precede and have explanatory power BSI. Secondly, the results of impulse response function suggest that BSI Index show immediate response to KOSPI Index and are influenced by till time 4 From time 2 the impact gradually disappears. Also KOSPI Index show immediate response to BSI and are influenced by till time 4 From time 2 the impact gradually disappears. Lastly, the variance decomposition analysis showed a high influence of the KOSPI Index on the BSI and significant influence of the BSI on the KOSPI Index. This implies that returns on the KOSPI Index have a significant influence over returns on the BSI. The study is a further extension of existing studies on information transmission mechanism between the BSI and KOSPI. Finally, our results can be used as a guide by the Korea Bank and Republic of Korea and as well as Federation of Korean Industries.

• Journal of Digital Convergence
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• v.19 no.9
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• pp.9-18
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• 2021

Constructing the Metropolitan Railway Express (the GTX) may have an impact on consumer confidence and housing sales price located near the planned route. This study looked at how consumers' psychology and housing prices change as the large-scale transport infrastructure plane was planned. Also, it looked at the relationship between consumer sentiment and housing prices to analyze the impact of new transportation facilities inflows. Using a correlation analysis, the relationship between the consumer sentiment index and the actual transaction price of apartments was identified. The impact of GTX on the consumer sentiment index and the actual transaction price of apartments was looked at using the Difference-in-Differences methodology. Our finding shows that the construction plan of a large-scale transportation infrastructure in the metropolitan area affects the sentiment of housing consumption and actual transactions. In a situation where the government is speeding up the construction of a wide-area transportation network such as GTX with the goal of becoming a city where people can commute to downtown Seoul within 30 minutes, policies that can stabilize the housing market in transportation hubs should be suggested.

• Journal of the Economic Geographical Society of Korea
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• v.24 no.1
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• pp.76-101
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• 2021

This paper analyzes two cases of space tokenization, Meridio and QuantmRE, to explore the potential of tokenization as a new means of space financialization. Space tokenization is based on blockchain technology and security token offering (STO). Although some financial geographers noted the possible impact of blockchain technology on space financialization, it has not been examined in depth. Therefore, this paper demonstrates space tokenization cases in detail. Meridio and QuantmRE suggest financial structures that convert space into tokens based on fractional ownership transactions. QuantmRE, specifically, allows a homeowner to secure cash without either debt or ownership relinquishment through sales of tokenized home equity. As this method takes a form of sale transaction rather than a loan, it enables financial institutions to circumvent strengthened regulation on loans after the 2008 global financial crisis. Moreover, even "house poor" households, who own houses but lack cash due to excessive loans, can cash out from their properties through QuantmRE. As such, space tokenization enables financial institutions to overcome constrained conditions after the global financial crisis, thereby reproducing space financialization. Space tokenization also has the potential to geographically expand space financialization through stimulating investment in the depressed housing market.

• Journal of Cadastre & Land InformatiX
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• v.48 no.2
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• pp.121-135
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• 2018

The ministry of land, Infrastructure and transport has revised the "National Land Planning and Utilization Act" in 2012. As a result, the regulation of floor area ratio for land covering two or more zoning area has been changed. This study conducted an analysis of the policy effects of changes in the criteria for the application of the floor area ratio by revising the "National Land Planning and Utilization Act". Land covering two or more zoning area means a street side commercial area and street side residential area that is generally understood. This study analyzed the policy effects in Gangnam-gu which has relatively large areas of street side commercial area and street side residential area. The 468 office building transaction cases were analyzed in Gangnam-gu from 2007 to 2017. The result shows that the office building, which has received incentive for policy changes, reported a 19.08% rise in price compared to the one that did not. It means that the economic effects of change of application standard were significant. The existing policy also served as a restriction on land use by landowners, which in turn contributed to the devaluation of the asset's intrinsic value. Therefore, this study may have contributed to the rational use of land and to provide an empirical basis for the change in policy to be assessed for its intrinsic value.

• International Area Studies Review
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• v.21 no.4
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• pp.173-194
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• 2017

The research study conducted logistics regression analysis through HLM (Hierarchical Linear Modeling) and presented the value of the outcome in order to investigate characteristic factors of demanders which influence the intention to move into public rental housing. (1) The results of the regression analysis of characteristic factors of household and housing were analyzed as having the significant effect on the intention to move in public rental housing, according to residents moving in monthly rent housing, residents' occupations, rental housing, the number of household, the location of surrounding public rental housing, monthly average income, children's educational level, the number of children, the types of housing and one's own house, in order, out of the types of housing tenure. (2) The results of the regression analysis of characteristic factors of the conditions of location were analyzed that out of the conditions of location of the top five areas in public rental rates, what influences significant effects on the intention to move in public rental housing is the location of surrounding rental housing, income, the number of household and children, children's educational level, job state, housing types, ones' own house, rent housing, monthly rent housing, in order. (3) In case of Seoul, Expanding public rental housing is inevitable in order to stabilize ordinary people's housing stability, owing to the high and rental prices of private housing. Nevertheless, an accurate analysis of the intention to move in public rental housing has not been conducted. Eventually, the research was, thus, conducted, based on the fact that the preference on public housing is low. According to the analytic results of the study, it is required for the government institutions and agencies should consider individual and local characteristics and provide an alternative that meets the real situation, in order to help ordinary citizens with low incomes stabilize housing.

• Journal of the Korea Institute of Information Security & Cryptology
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• v.18 no.1
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• pp.115-137
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• 2008

As stock market gets bigger, use of HTS(Home Trading System) is getting increased in stock exchange. HTS provides lots of functions such as inquiry about stock quotations, investment counsel and so on. Thus, despite the fact that the functions fur convenience and usefulness are developed and used, security functions for privacy and trade safety are insufficient. In this paper, we analyze the security system of HTS service through the key-logging and sniffing and suggest that many private information is unintentionally exposed. We also find out a vulnerable point of the system, and show the advisable criteria of secure HTS.

• Journal of Digital Convergence
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• v.19 no.6
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• pp.133-141
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• 2021

Governments of each country are actively implementing fiscal expansion policies to recover the real economy after Corona 19. In Korea, the stock market and housing market are greatly affected as liquidity in the market increases due to the implementation of disaster subsidies and welfare policies. The purpose of this study is to analyze the relationship between stock market and housing market trends and liquidity. Data were collected by the Bank of Korea and Kookmin Bank. The analysis period is from January 2000 to December 2020, and monthly data are used. For empirical analysis, the rate of change from the same month of the previous year was calculated for each variable, and numerical analysis, index analysis, and model analysis were performed. As a result of the analysis, it was found that the stock index showed a positive(+) relationship with the house price, while a negative(-) relationship with M2. Previous studies have suggested that, in general, an increase in liquidity affects the stock market and the housing market, and inflation also rises. In this study, it was found that the stock market and the housing market had an effect on each other. However, it was investigated that liquidity showed an inverse relationship with the stock market and had no relationship with the housing market. Through this, this study estimated that there is a time difference in the relationship between liquidity and the stock market & housing market.

• KIPS Transactions on Software and Data Engineering
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• v.12 no.9
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• pp.419-430
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• 2023

Currently, NFTs have no dominant application except for the proof of ownership for digital content, and it also have small liquidity problem, which makes their price difficult to predict. Real estate usually has very high barriers to investment due to its high pricing. Real estate can be converted into NFTs and also divided into small value fungible tokens (FTs), and it can increase the the volume of the investor community due to more liquidity and better accessibility. In this document, we implement and design a system that allows ordinary users can invest on high priced real estate utilizing Black Litterman (BL) model-based Portfolio investment interface. To this end, we target a set of real estates pegged as collateral and issue NFT for the collateral using blockchain. We use oracle to get the current real estate information and to monitor varying real estate prices. After tokenizing real estate into NFTs, we divide the NFTs into easily accessible price FTs, thereby, we can lower prices and provide large liquidity with price volatility limited. In addition, we also implemented BL based asset portfolio interface for effective portfolio composition for investing in multiple of real estates with small investments. Using BL model, investors can fix the asset portfolio. We implemented the whole system using Solidity smart contracts on Flask web framework with public data portals as oracle interfaces.

• Land and Housing Review
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• v.14 no.3
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• pp.55-75
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• 2023

Based on prior studies on real estate policy, tax policy, and financial policy, this study examined how tax policy and financial policy affected real estate prices using monthly data from January 2014 to December 2021. We performed a VAR model using unit root tests, cointegration tests, as well as conducted impulse response analysis and variance decomposition analysis. The results are as follows. First, the tax regulation index and the financial regulation index had no discernible impact on housing prices. Specifically, a one-sided stabilizing regulatory policy was ineffective and, instead, led to unintended side effects, such as price increases resulting from reduced transaction volume. Secondly, mortgage rates had a negative impact on the housing sale price index. In other words, an increase in interest rates might led to a decrease in housing prices. Thirdly, an increase in the transfer difference, which involves capital gains tax, has a positive effect on housing prices. This led to rising housing prices because the transfer taxes were shifted to buyers, causing them to hesitate to make purchases due to the increased tax burden. Fourthly, both acquisition taxes and mortgage loans had relatively little impact on housing prices.

• Korea Trade Review
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• v.42 no.1
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• pp.69-97
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• 2017

This study purpose to examine the importer's risks that may arise from origin investigation by Customs authorities. We have drawn the important factors affecting the application of FTA preferential tariffs and divided the stages from the conclusion of the contract for the importer to the undergoing origin investigation. In addition, we demonstrate empirically that the risks that arise in areas where importers are difficult to control exist. As a management method of the uncontrollable risk from the importer, we have provided the methods that the seller stipulated the seller's responsibility in the trade contract, prepared for situations in which no one was responsible, and formulated a friendly and cooperative supply chain. Even if the seller's liability is clarified in the contract for sale, the risk of the investigation into the origin of the imported goods is not completely eliminated. This is because, under the current agreement and system, there is no way for the customs authority of the contracting party of the FTA to claim compensation for damages incurred by importers due to breach of agreement such as not returning the result of the origin verification. Importers are subject to customs duties, but there may actually be situations in which no one is responsible for them.