• KDI Journal of Economic Policy
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• v.14 no.4
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• pp.27-49
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• 1992

This paper stresses the role of market fundamentals rather than bubbles in explaining Korea's recent experience of large fluctuations of stock and real estate prices. The bubble story that emphasizes the self-fulfilling prophecies of investors seems to be inappropriate to explain the recent changes of assets prices in Korea. Those who argue for bubble phenomenon in Korea tend to interpret the volatile movements of assets prices as some form of bubbles, but without implementing a rigorous test on the presence of bubbles. Even when some bubble tests are carried out, such studies exhibit various econometric problems in testing. More seriously, they suffer from the misspecification problems in setting up a market model. This paper has shown that Korea's recent changes in assets prices could be explained by changes in market fundamentals according to the emergence and the subsequent fading of 'three lows'. First, it tried to explain changes in assets prices by changes in such market fundamentals as real interest rates and economic growth. Second, it showed that the real estate prices overshoot when the liquidity and exchange rates change, using the two-sector general equilibrium portfolio balance model. It is argued that the rapid rise in real estate prices during 1986-89 stems from Yen's and Won's appreciation $vis-{\grave{a}}-vis$ the U.S. dollar and liquidity expansion (or decreases in real interest rates), while the downturn in real estate prices since 1990 is associated with Yen's and Won's depreciation $vis-{\grave{a}}-vis$ the U.S. dollar and rises in real interest rates in reflection of the excess demand for liquidity.

• 주택과사람들
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• no.58 s.75
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• pp.110-115
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• 1996

• Korean Journal of Environment and Ecology
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• v.38 no.4
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• pp.416-425
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• 2024

This study aims to analyze the changes in land prices and building construction activities before and after exclusion from park district as results of natural park re-planning. Seoraksan National Park, Namhansanseong Provincial Park, and Cheonmasan County Park were selected as study areas, and prices and construction activities were compared between areas remaining in and areas excluded from park districts for ten years after park re-planning. Land prices increased in all three study parks. The largest difference in land prices between remaining and excluded areas occurred in Cheonmasan City Park. Land price increased more in excluded than remaining areas in Seoraksan National Park. Unlike these two parks, the changes in land prices were not much different between remaining and excluded areas in Namhansanseong Provincial Park, which can be attributed to the facts that 1) provincial parks were already developed to certain level even before the exclusion due to its less stringent land use regulation than national parks, and 2) that Namhansanseong Provincial Park was also designated as Restricted Development Zone that has similar land use regulation level to natural parks. Comparison between building density measures before and after exclusion shows that development density generally increased after the exclusion. Building heights mostly increased during 10 years after the exclusion. Building to land ratios and floor area ratios also increased. However, building to land ratios and floor area ratios increased only slightly in Namhansanseong Provincial Park and Cheonmasan City Park, suggesting that in provincial and city parks, land development already occurred as a result of less stringent land use regulation. In conclusion, a national park system significantly restricts property right in natural parks, especially in national parks, which make it difficult to expand existing natural parks and/or establish new natural parks. A remedy for resolving problems related to private lands, such as increasing budget for purchasing private lands and introducing park facilities for local community is urgently required.

• KDI Journal of Economic Policy
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• v.22 no.1_2
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• pp.57-138
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• 2000

본 연구는 이론적 모형전개와 자료분석의 두 측면에서 정리될 수 있다. 우선 경제학자들에게 널리 받아들여지고 있는 성장이론을 원용하여 지가의 결정과정에 대한 동태적이고 일반균형적인 접근방식을 제공하고자 하였다. 이를 통해 지가의 높고 낮음을 평가할 때 그 기준이 될 수 있는 변수로는 국민소득 대비 지가총액의 비율을 살펴보는 것이 합리화될 수 있음을 설명하였다. 이와 같은 이론적 배경하에서 우리나라의 경우 이 비율이 선진국 수준(1 내외)에 비하여는 아직도 상당히 높은 상태(3~4 수준)에 머물러 있는 것으로 보이나, 1970년대 하반기(10~12 수준)에 비하여는 크게 하락하였음을 살펴보았다. 본 연구는 이와 같은 상대적 지가하락의 주요한 한 요인으로 그동안 취해져 온 토지관련 실효세율의 상향조정을 검토하였다. 그 결과 국민소득의 10배를 상회할 정도로 크게 부풀려져 있었던 1970년대 하반기의 지가총액이 당시 토지에 대한 실효세율이 사실상 0에 가까웠다는 점에 의하여 상당 부분 설명될 수 있다는 점을 시사하고 있다.

• Journal of Wetlands Research
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• v.6 no.4
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• pp.45-57
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• 2004

This study analyzed the effect of land-use enhancement benefits with the flood safety which it is not quantified in the flood damage analysis, Korea. The land-use enhancement benefits mean the enhancement of land-use value according to the rise of flood safety of the protected area by the flood control projects and we performed the analysis of land-use enhancement benefits with the publicly announced land price which can objectively represent the land-use value of a specific area. We verified the statistical significance of the floating rate of land price according to the effects of flood control projects and the characteristics of a river through the analysis of variance. As a result of the verification, the increase of land-use value was represented by the net annual average floating rate of land price. The flood safety was classified as flood damage potential and flood prevention capacity. The flood damage potential was classified according to the rate of urbanization and flood prevention capacity was represented by the conditional annual non-exceedance probability obtained from the frequency analysis with uncertainty for the flood discharge. The study areas were small urban cities and we calculated the conditional annual non-exceedance probabilities of 200-year flood event for the levees constructed with the conditions of 10- and 50-year design frequency. The result was shown that the net annual average floating rate of land price would be raised nearly 5 times for 10%-increase of the conditional annual non-exceedance probability in small city areas.

• Proceedings of the Korea Water Resources Association Conference
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• 2004.05b
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• pp.777-783
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• 2004

하천 세내지 주변은 급속한 시가지 조성과 인구밀집으로 유역의 불투수층이 증가하여 홍수도달시간이 짧아지고 홍수유출량이 증가하고 있다. 또한 엘리뇨${\cdot}$라니냐 등의 이상기후로 홍수사상의 발생 빈도와 규모가 증가하면서 홍수피해도 대형화되어 가고 있다. 그러나 치수사업은 다른 공공사업에 비해 경제성이 저평가 되어 투자우선순위가 밀려 사업시행이 지연되고 예방적 차원의 대책도 미흡하여 피해가 증가하는 악순환이 계속되고 있다. 따라서 본 인구에서는 우리나라의 치수경제성 분석에 있어 계량화하지 못하고 있는 자산이용고도화 효과를 치수안전도와 더불어 분석하고자 한다. 자산이용고도화는 치수사업 시행으로 해당지역의 치수안전도 향상에 따른 자산가치의 상승을 말하는데, 특정지역의 자산가치를 가장 객관적으로 표현할 수 있는 공시지가를 근거로 분석을 수행하였다. 치수사업 시행으로 인한 편익과 하천 특성에 따른 지가변동률의 차이가 통계적으로 유의성이 있는지를 분산분석을 통해 검증하였으면, 자산가치의 상승을 순수 연평균지가변동률로 나타내었다. 치수안전도는 홍수피해 잠재성과 홍수방어능력으로 구분하였는데 홍수피해 잠재성은 도시화율에 따라 구분하였고, 홍수방어능력은 홍수량의 빈도해석과 불확실성을 고려하여 조건부 비초과확률로 나타내었다. 본 연구에서는 소도시 지역(경안천, 복하천, 청미천)을 대상으로 200년 빈도의 홍수사상에 내해 10년, 50년 설계빈도로 건설된 제방의 조건부 비초과확률을 산정하여 지가변동률의 추이를 비교 분석하였다. 분석 결과, 소도시 지역에서는 조건부 비초과확률이 $10\%$ 상승했을 때 순수 연평균지가변동률이 5배정도 상승함을 알 수 있었다.다시 입력자료로 사용하는 업데이트 방식을 사용하기 때문에 예측결과의 오차가 완전하게 보정되지 않으면 다음 결과에 역시 오차를 주게 되어 오차보정이 상당히 중요하다는 것을 알 수 있었다. 오차를 보다 효과적으로 보정하기 위해서는 퍼지제어에 사용되는 퍼지규칙의 수를 늘리고, 유입량에 직접적인 영향을 주는 강우량과 연계한 2변수의 Fuzzy-Grey 모형을 이용한다면 보다 정확한 유입량 예측이 가능할 것으로 사료된다.이 작은 오차를 발생하였으며, 전체적으로 퍼프 모형이 입자모형보다는 훨씬 적은 수의 계산을 통해서도 작은 오차를 나타낼 수 있다는 것을 알 수 있었다. 그러나 Gaussian 분포를 갖는 퍼프모형은 전단흐름에서의 긴 유선형 농도분포를 모의할 수 없었고, 이에 관한 오차는 전단계수가 증가함에 따라 비선형적으로 증가하였다. 향후, 보다 다양한 흐름영역에서 장${\cdot}$단점 분석 및 오차해석을 수행한 후에 각각의 Lagrangian 모형의 장점만을 갖는 모형결합 방법을 제시할 수 있을 것으로 판단된다.mm/$m^{2}$로 감소한 소견을 보였다. 승모판 성형술은 전 승모판엽 탈출증이 있는 두 환아에서 동시에 시행하였다. 수술 후 1년 내 시행한 심초음파에서 모든 환아에서 단지 경등도 이하의 승모판 폐쇄 부전 소견을 보였다. 수술 후 조기 사망은 없었으며, 합병증으로는 유미흉이 한 명에서 있었다. 술 후 10개월째 허혈성 확장성 심근증이 호전되지 않아 Dor 술식을 시행한 후 사망한 예를 제외한 나머지 6명은 특이 증상 없이 정상 생활 중이다 결론: 좌관상동맥 페동맥이상 기시증은 드물기는 하나, 영유아기에 심근경색 및 허혈성 심근증 또는 선천성 승모

• Journal of the Economic Geographical Society of Korea
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• v.17 no.3
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• pp.482-501
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• 2014

Most textbooks of urban geography explain that land value drops down with distance from the Peak Land Value Intersection of urban center. However, There is little rigorous empirical work supporting this belief. Using the publicly notified individual land price data of 2013, this paper examines the structure of land value in urban center with a focus on spatial distribution of land value by land use. As an analytic result, the structure of land price varies between land uses, significantly being different from the classical model of land value in urban space. In residential lands and mixed-use lands for residence and commerce, land price gradient as a function of distance from PLVI is positive and a crater phenomenon even is identified in spatial distribution of land value. The classical model coincides only with land for commerce and office. Nonetheless, predict of land uses by land value function fairly corresponds to Alonso's model.

• Journal of Korea Port Economic Association
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• v.27 no.1
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• pp.235-245
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• 2011

This paper finds that business in the shipbuilding industry affects significantly the exchange rate and its variability. The effects of the amount of orders received and construction in the shipbuilding industry on the exchange rate and its variability are preemptive and long lasted. This implies that business cycles and the exchange rate hedge in the shipbuilding industry are important factors in understanding the exchange rate and its variability. Advancement in the technology of exchange rate hedge in future may reinforce the importance of business cycles in the shipbuilding industry. It is, therefore, required that the policy authority should monitor carefully the shipbuilding industry for the stability of foreign exchange market.

• Journal of the Korean Association of Geographic Information Studies
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• v.19 no.1
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• pp.43-52
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• 2016

Land price contains the comprehensive characteristics of urban space, representing the social and economic features of the city. Accordingly, land price can be utilized as an indicator, which can identify the changes of spatial structure and socioeconomic variations caused by urban development. This study attempted to explore the change in land price by the road construction. Methodologically, it adopted Space Syntax, which can interpret urban spatial structure comprehensively, to identify the relationship between the forms of road networks and land price. The analytical results show that the correlation between 'integration index of Space Syntax' with 'officially assessed land price' was the highest, and as integration was higher, 'officially assessed land price' increased. Subsequently, using regression equation, it tried to predict the land price changes of surrounding areas, according to the new road construction in case area. As shown above, the research methods or study results have the advantage of predicting the changes in land price that can attract high concern of residents in an easy way. In addition, it will contribute to establishing relevant polices and smoothing business promotion through the enhancing residents' understanding by suggesting the change in land price in advance before the execution of urban regeneration and development projects.

• Proceedings of the KGS Conference
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• 1999.05a
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• pp.111-116
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• 1999