• Journal of the Economic Geographical Society of Korea
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• v.22 no.4
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• pp.592-609
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• 2019

This study attempts to expand the leverage cycle theory using the subprime real estate investors. The leverage cycle theory has demonstrated asset price fluctuations irrelevant to changes in fundamentals through the restructuring of transaction composition centered on optimistic buyers. However, it needs to understand how this theory works in the depressed housing market with low-income residential regions to explain the geographic origins of the financial crisis. In the depressed housing market, the subprime real estate investors focused on low-income residential regions. Through this spatial focus, the low-income residential regions solely have real estate investor-oriented composition of new purchase transactions in the depressed housing market. The discovery of the subprime real estate investors as new actors lays the foundation for applying the leverage cycle theory to the depressed housing market which has been a underserved area for capital investment. This attempt illustrates how the geographical reinterpretation of an economic theory reestablishes spatio-temporal context of economic phenomena.

• 주택과사람들
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• s.208
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• pp.6-9
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• 2007

• Korean Business Review
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• v.21 no.2
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• pp.99-110
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• 2008

As we know, since Japan's robust economy - which lasted from the mid-1980s to early 1990s (the so-called Bubble Economy) - collapsed in 1991, the country has been enduring a prolonged stagnation period, and experiencing a long wave of economic, financial and political reform. People negatively refer to this period as "the Lost 10 years," suggesting the decade has been spent in vain, with Japan having done constructive for its future. On the contrary, many Korean used to say "the Lost 10 years," We review the background and situation of Japan's and Korea's. Then, Korea have to remember what's the reason in Japan.

• 주택과사람들
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• s.219
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• pp.76-79
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• 2008

미국에서 발생한 서브프라임 모기지(비우량 주택 담보 대출) 부실 문제가 유럽에도 악영향을 미치고 있다. 하지만 프랑스는 미국, 영국 등에 비해 충격이 크지 않다. 프랑스 주택 시장의 흐름을 살펴보고, 미래를 전망해본다.

• 주택과사람들
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• s.222
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• pp.60-61
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• 2008

미국의 서브프라임 사태로 촉발된 금융 위기가 전 세계로 확산되고 있다. '아시아의 떠오르는 용'이라 불리던 베트남도 예외가 아니다. 인플레이션과 높은 이자율, 정부의 긴축 정책으로 인한 유동성 저하 등으로 최근 냉각기를 겪고 있는 베트남 부동산 시장에 대해 살펴보자

• Korean Journal of Construction Engineering and Management
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• v.13 no.4
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• pp.60-68
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• 2012

The past IMF foreign exchange crisis and subprime financial crisis had a big influence on variability of macroeconomics, even if the origin of its occurrence might be different. This not only had a significant infrequence on the overall industries, but also produced many insolvent companies by being closely linked with a management environment of an individual construction company leading the construction industry. Actually, the level of default risk of construction companies before and after fluctuation of macroeconomics gets to experience a rapid changing process, and a difference in reaction against shock exists according to each company. Accordingly, the purpose of this paper is to confirm the fluctuation process of the default risk of construction companies under the fluctuation of macroeconomics such as the IMF financial crisis and the subprime mortgage crisis. As an analysis result, it is judged that the subprime financial crisis gave bigger shock to construction companies than the foreign exchange crisis, and it is expected that this would have a relation with the construction market before shock of macroeconomics. In addition, it was analyzed that when comparing insolvent companies with normal companies, the recovery speed of normal companies is faster. It is judged that this was affected by a difference of internal business capacity between insolvent companies and normal companies.

• 주택과사람들
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• s.214
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• pp.78-83
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• 2008

• International Area Studies Review
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• v.14 no.1
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• pp.55-76
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• 2010

This paper analyses interaction between yen/dollar exchange rates and NIKKEI index using bivariate GJR-GARCH(1,1) model. The data employed for the study is daily data series for the period of Jan. 4, 1995 through Aug. 30, 2009. One of main findings is that market inefficiency appears in the periods of financial crisis. Second, the volatility of exchange rates and stock returns has more increased in the wake of the volatility shock of the previous period during financial crisis than during non-financial crisis. Third, interestingly, the asymmetric volatility shock by bad news in those markets is bigger in financial crisis period than in non financial crisis. Fourth, in the period of current global financial crisis triggered by subprime mortgage crisis in U.S, volatility shock at the previous period is bigger than that of Asian financial crisis that happened in 1997. Lastly, the correlation between both returns of exchange rates and stock prices turns up positive according to the empirical estimation. This result may come from the fact that Japanese stock market does not have much attraction for international financial investment compared to stock markets of neighbouring countries like China, Korea and so on, while real sector's contribution to the economy is considered more importantly.

• 프린팅코리아
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• v.8 no.1
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• pp.112-117
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• 2009

미국의 서브프라임 사태에서 출발한 금융위기가 실물 경제부문으로 확산되면서 불경기가 세계와 국내 시장 경제를 강타하고 있다. 이에 따라 비즈니스 환경의 불안정성이 커지고 있으며 주요 선진국 통화의 환율이 급등락을 거듭하면서 좀처럼 안정을 찾지 못하고 있는 실정이다. 이에 따라 해외 원자재 수입 비중이 높은 기업들은 심각한 환차손 피해로 경영난을 겪고 있으며 외화를 구하지 못해 은행이나 대기업들도 어려움을 겪고 있다. 그리고 이러한 불경기의 여파는 인쇄업계에 고스란히 영향을 끼치고 있다. 원자재가의 상승과 불안정한 가운데 환율이 최고 100%에 가깝게 급상승함으로 인해 정상적인 경영계획을 세우는 것이 사실상 불가능한 상황에 처했다는 탄식소리가 울려 퍼지고 있는 것이다. 불경기의 영향을 '가정 먼저 받고', 경기회복의 혜택은 '가장 늦게 받는다'는 인쇄업계의 입장에서 1930년대 대공황이후 최대 위기라는 평가를 받고 있는 현실에서 취할 수 있는 대처방안은 어떤 것이 있을지 찾는 것은 어려운 과제라 할수 있다. 현재 세계 및 한국경제의 상황에 대한 정확한 인식과 인쇄업계가 현실적으로 취할 수 있는 투자 전략에 대해 알아본다.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.6
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• pp.566-576
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• 2016

It is known that the Real Estate Sales Market and Auction Market are closely interrelated with each other in a variety of respects and the media often mention the real estate auction market as a leading indicator of the real estate market. The purpose of this paper is to analyze the relationships between the housing market and auction market before and after macroeconomic fluctuations using VECM. The period from January 2002 to December 2008, which was before the financial crisis, was set as Model 1 and the period from January 2009 to November 2015, which was after the financial crisis, was set as Model 2. The results are as follows. First, the housing auction market is less sensitive to changes in the housing market than it is to fluctuations in the auction market. This means that changes in the auction market precede fluctuations in the housing market, which shows that the auction market as a trading market is activated. In this respect, public institutions need to realize the importance of the housing auction market and check trends in the housing contract price in the auction market. Also, investors need to ensure that they have expertise in the auction market.