• Journal of the Korean Regional Science Association
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• v.31 no.4
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• pp.91-105
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• 2015

Mortgage-Backed Securities (MBS) was introduced in 1999 in order to stabilize housing market and prevent potential speculation. However, research on MBS is limited, so this paper try to narrow the gap by focusing on the factors relating the pre-payment risk of MBS. We used Granger Causality Validation, Vector Auto Regressive, and HP-filtering with time-series data from 2004 to 2014. This paper shows that the prepayment rate of MBS increases as Mortgage rate decreases because borrowers tend to refinance existing MBS with new lower-rate MBS. In addition, it reveals that the rate increases as housing price increases. This outcome support the hypothesis that introduction of low-rate MBS invites more investment or speculation, and hence the housing price rises. The relationship between the MBS pre-payment rate and housing price is yet a peculiar characteristic of the MBS in Korea.

• 주택과사람들
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• s.8
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• pp.141-146
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• 1991

정부는 25일 0시를 기해 휘발유와 등유의 소비자가격을 각각 $25{\%}$ 인상했다. 당초 금년 중에는 석유류 가격이 인상되지 않을 것이라 믿었던 소비자들은 갑작스런 발표에 크게 놀란 모습들이었다. 물론 경유, 벙커C유 등 산업용 석유제품 가격은 올리지 않았지만 석유제품 가격의 인상은 국민경제에 실로 엄청난 영향을 미친다. 유가의 인상은 건설부문의 생산원가 상승에도 영향을 미친다. 또한 거기에 따른 정책적 파급효과 역시 크다. 본 연구는 앞으로 예상되는 유가의 변동이 건설산업부문의 생산원가에 미치는 파급효과를 분석${\cdot}$고찰한다.

• The Korean Journal of Applied Statistics
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• v.4 no.2
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• pp.137-148
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• 1991

This paper describes the design of sample of the survey on the trend of house prices in city areas. The purpose of this research is to increase the precision of house price index in 39 cities and to provide with an accurate house price indes. The sample is selected in the stratified two stage sampling. In chapter 2, review and discussions are given on the sample design now in use. In chapter 3, we describe the sample size and the stratification, the house price index and error, and the substitution of sample. Finally we consider on problems of the sample design and some alternatives to solve them.

• The Journal of the Convergence on Culture Technology
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• v.7 no.4
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• pp.607-612
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• 2021

This study estimated the impact of the shock of housing price increase on the total fertility rate and the contribution of each variable to changes in the TFR. This study is differentiated by estimating the contribution rate of each variable to the fertility rate through the Shapley decomposition and the panel VAR's forecast error variance decomposition, which previous studies have not attempted. The main results of this study are as follows. First, the decline in the TFR in Korea has been strongly influenced by the recent decline in the total fertility rate, and this influence is expected to continue in the future. In the case of housing costs, in the past, housing sales prices had a relatively small contribution to changes in the total fertility rate compared to the jeonse prices, but their influence is expected to increase in the long term in the future. It has been demonstrated that private education expenses other than housing sale price and Jeonse price also acted as a major cause of the decline in the total fertility rate.

• 주택과사람들
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• s.200
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• pp.92-93
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• 2007

11.15 대책 이후 12월 부동산 시장은 조용했다. 2월 설날 이전까지는 소강 상태가 지속될 것으로 예상되는 가운데, 지난해 12월 한 달동안 비강남권 아파트들의 강세가 나타났다. 노원,도봉,성동 등 강북 지역 아파트들의 집값이 많이 오른 반면 서초, 강남, 송파 등은 최하위권을 맴돈 것. 2006년 12월 주택 시장을 돌아보았다.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.29 no.6D
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• pp.753-760
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• 2009

This study analyzed the fluctuation of the construction material cost from 2001 to 2008 in Busan to examine the effect of the fluctuation of the construction material cost on lotting price of the multi family attached house. The major findings are as follow. First, as the result of the analysis on four materials such as reinforced bar, remicon, PHC piles, Copper Tubes, those take largest portion of construction cost, it was found that the there is wide difference in price fluctuation of the each materials. The reinforced bar and Copper Tubes showed high price increase by an average 14.03% and 14.91% per year while remicon, PHC piles remained almost unmoved by an average 0.86% and 2.41%. Second, According to the result of the analysis on the mutuality between the fluctuation of the construction material cost and the lotting price of the multi-family attached house, it was found that the fluctuation of the construction material cost have the most enormous effect on the sale price of the multi-family attached house, when there is 3 month time lag in reinforced bar, remicon, PHC piles, Copper Tubes, commonly. Also this mutuality continues to 6 month, 9 month and 1 year, although it decrease a little bit.

• 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.

• The Journal of the Convergence on Culture Technology
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• v.9 no.3
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• pp.281-286
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• 2023

This study analyzed the causal relationship between housing sales prices and jeonse prices in Seoul, specifically in the Gangnam and Gangbuk neighborhoods. The time-invariant Granger causality test showed bidirectional causality between the sales price and the jeonse price in Seoul and Gangbuk, but no bidirectional causality was found in Gangnam. However, the time-varying Granger causality test showed a Granger causal relationship between the housing jeonse price and the sales price for the entire period after 1993 in all three areas. Notably, the causal effect of jeonse prices on sales prices has been continuous in Gangnam since 2010. These analysis results suggest that an increase in liquidity supply to the jeonse market could increase volatility throughout the housing market, given the strong influence between the sales and jeonse markets in both directions.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2006.11a
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• pp.665-668
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• 2006

After foreign exchange trouble, Korean government became effective an economy-invigorating policy that to raise the housing demand and transaction. In result, the rate economic growth kept up a high growth rate and the market recovered. But an economy-invigorating policy of continuance caused an excessive boom of housing market in the second half of 2001. Therefore Korean government enforced a speculation-restraint policy. But it caused a instability of economics. This study is to analyze the effect between the housing policy and the housing cost and is to apply the basis data of the next housing policy.

• Journal of the Economic Geographical Society of Korea
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• v.16 no.4
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• pp.631-646
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• 2013

This paper empirically explores the pattern of causality between bank lending and housing prices in Korea over a period of the early 1990s to the end of 2000s by employing a long term cointegration and short-term time series regression analysis. Although the contemporaneous correlation between bank lending and housing prices is large, the analysis shows that the intense interaction between credit growth and bank lending to household arises from a growth in banking lending responding to an increase in housing prices. In addition, the regulatory change such as the introduction of financial constraints on bank loans such as LTV and DTI in the early and mid-2000s has played a significant role in stabilizing financial and real estate markets.