• Land and Housing Review
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• v.4 no.1
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• pp.23-31
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• 2013

The regional economic crises in the late 1990s and the global economic crisis in the late 2000s had reduced the differences in housing policies among the major Asian economies. This paper attempts to explain and compare housing welfare policy shifts between subsidizing home owning and subsidized renting from the perspectives of the economic and social roles of housing, the lock-in effect of policy processes, and the welfare provision strategy of the East Asian economies. It argues that the impact of economic crises on housing welfare policy in East Asia depended on the duration and the intensity of the crisis and the length and severity of the subsequent economic depression. Another important factor was the role of housing in the economic and social development, especially whether housing market development was considered as an engine of economic growth or revival, and whether the tools of housing policy caused the economic crisis. The loss of impetus for home ownership drive and the new emphasis on rental subsidy provision are new policy trends. Nonetheless, the economic revival since mid-2009 has caused the re-introduction of home ownership subsidies for quenching the housing affordability problems and enhancing home ownership making use of the strong economic conditions.

• Journal of the Korean housing association
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• v.22 no.2
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• pp.21-33
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• 2011

This paper aims to explore the characteristics of Bogeumjari Housing Program and its significance to housing policy, and propose an appropriate direction of future housing policy for low-income households without home ownership based on actual data on housing careers and preferences of the policy target households. Supply of Bogeumjary Housing is characterized by consolidation of existing housing program, housing support by income level, differentiation of eligible households, and housing subscription on-line. Bogeumjari Housing Program is meaningful in that it is a policy that resumed the supply of permanent housing, provides multi-tier support system by income level, and adjusts the imbalances in housing demand and supply. Despite their strong preferences for Bogeumjari Housing, their affordability is very low due to their low income levels and gloomy outlook for household finances. In this light, the government should pursue housing policies that include not only new housing constructions, but also efficient use of housing stocks, expansion of loans for first-time home buyers, and introduction of home mortgage and housing voucher.

• KDI Journal of Economic Policy
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• v.40 no.3
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• pp.69-89
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• 2018

We study whether a default option attached to non-recourse mortgages improves borrowers' surplus from mortgage financing. By defaulting on mortgage debt, borrowers can save their non-collateralized income from being foreclosed. In exchange, borrowers must forgo non-monetary surplus from retaining any collateral. Banks may charge a high mortgage rate due to increased default rates. We find that the interest rate of non-recourse mortgage decreases with the borrower's surplus from home ownership. Moreover, non-recourse mortgages benefit only borrowers who deem housing property as an investment asset. Hence, the transition to a non-recourse mortgage is detrimental to welfare if the borrower enjoys a large surplus from home ownership. Although the borrower privately knows how much surplus she enjoys from home ownership, a menu of non-recourse mortgage contracts may exist, yielding a separating equilibrium without information rent.

• 한국사회정책
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• v.24 no.4
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• pp.3-29
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• 2017

The study checked whether the trade-off relationship between the home ownerhip and welfare by Kemeny and Castles was still valid in four welfare regimes, and analysed the factors of change and stability on rate of home ownership between social democratic states and southern european states. Based on the results of the study, the relationship between housing ownership and public expenditure was confirmed only in the liberal welfare regime and in the conservative welfare regime, as evidenced by the 2014 data collection. Second, social democratic states have dramatically increased housing mortgage loans and showed signs of housing commodification but southern european states have showed pre commodification of housing, maintained comparatively whole home ownership and low mortgage loans. Third, social democratic states has resulted in a rise in housing demand and housing prices, through reduced new housing and social rented housing construction, home owenership friendly taxation and generous lending policies, but southern european states have maintained a stable housing demand and housing prices thanks to the rich housing stocks, extended family, self provision and self promotion by close relatives, and intergenerational inheritance and transfers of housing. Although sequence of the equity ownership and welfare are still unclear, it is not a rational alternatives to induce housing ownership through large mortgage loans.

• KDI Journal of Economic Policy
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• v.30 no.2
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• pp.1-26
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• 2008

This paper attempts to re-evaluate the size of housing wealth effect in Korea. Our focus is on the size of 'genuine' housing wealth effect, i.e., the response of consumption spending by home-owners to the changes in housing wealth. Two issues show up while we estimate the 'genuine' wealth effects using aggregate time series data: the issues around home ownership and proper measure of consumption. We first argue that it is more appropriate to use non-housing consumption, because housing consumption is in large part not of the choice of home owners but the imputed rents they do not actually choose to pay. We then proceed to address the issue of home ownership, by examining how much to revise the estimates of housing wealth effect obtained from aggregate non-housing consumption data. We construct two structural models and estimate the share of home-owners' consumption in those models' context. It is found that, if properly revised in light of the estimated consumption shares of home-owners, the magnitude of resulting housing wealth effects are larger than what simple time series regressions imply.

• Architectural research
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• v.18 no.4
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• pp.121-128
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• 2016

Low-income housing policies in South Korea have been pursued mostly by providing public rental housing for less privileged social groups. In contrast to this notion of housing, this article argues for housing ownership by low-income families. Two examples of this ownership policy are found in Chile. Incremental housing involves an open-ended housing platform, which requires home-dwellers to complete the construction process themselves. This article aims to examine structural, spatial and formal characteristics of the incremental housing projects. Taking the perspective of the home-dweller during the incremental construction process, we evaluate the houses before and after customization. Thus, we use data from field-work conducted for seven months in the Santiago Metropolitan Area of Chile. Using qualitative methods such as observation, semi-structured interviews, and surveys we focus on the Elemental Lo Espejo incremental housing project and then compare it with the Las Higuera housing project. The latter is representative of the incremental houses delivered by the Chilean government. In comparing these two projects, we aim to articulate the lessons of incremental housing with the intention of suggesting possible future developments for a wider-reaching incremental housing program.

• Journal of the Korean Society for Aviation and Aeronautics
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• v.30 no.1
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• pp.20-27
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• 2022

It is anticipated that there will be radical disputes over land ownership in the event of the advent of the era of UAM. As such, policy alternative is presented by analyzing and researching relevant laws at home and abroad on the means of legislating 'Regulations on compensation for use of air space above land' in preparation of such occurrence. As the results of the study, it is deemed to limit the range of the land ownership in accordance with UAM operation as follows. First, it is proposed to newly enact regulation to limit the ownership of air space of land owner to the public space above the elevation of 200m as stipulated under the Article 78 of the Aviation Safety Act. Second, as the result of analysis made for the option of making compensation from the perspective of the property right of land ownership and option of not making compensation from the perspectives of public interest and concerns in the event of operation of UAM within the air space below the elevation of 200m, it is deemed that legislative decision is necessary through more extensive studies in the future.

• Korean Management Science Review
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• v.32 no.3
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• pp.13-28
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• 2015

Using the most recent dataset of Korea and U.S. household finance, this study analyzed demand and adequacy of private pensions for pre-retirees. For this purpose, 2013 Korean Retirement and Income Study (KReIS) of national pension research institute in Korea and 2013 SCF (Survey of Consumer Finances) of FRB in U.S. were used. For comprehensive comparisons of the two countries, this study classified the private pension into sub-categories such as personal pension, corporate pension, and retirement benefits, and used three different criteria including ownership, accumulated present value of each pension, and income replacement ratio of each pension. After controlling for other factors, educational level of householder and household income were critical determinants of size and adequacy of private pension in both countries. Different from Korean households, householders' gender, marital status, and health status had an important effect on the private pension size and adequacy in the U.S. In addition, home ownership significantly increased only private pension adequacy in Korea, and also increased ownership rate, size, and adequacy of private pension in the U.S. Results of this study provide useful implications for future pension system and policy in Korea.

• Land and Housing Review
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• v.4 no.2
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• pp.133-144
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• 2013

It is commonplace to refer to the Nordic countries of Sweden, Norway, Denmark, Finland and Iceland as a distinctive and homogenous welfare regime. As far as social housing is concerned, however, the institutional heritage of the respective countries significantly frames the ways in which social housing is understood, regulated and subsidized, and, in turn, how housing regimes respond to the general challenges to the national welfare states. The paper presents a historical institutionalist approach to understanding the diversity of regime responses in the modern era characterized by increasing marketization, welfare criticism and internationalization. The aim is to provide outside readers a theoretically guided empirical insight into Scandinavian social housing policy. The paper first lines up the core of the inbuilt argument of historical institutionalism in housing policy. Secondly, it briefly introduces the distinctive ideal typical features of the five housing regimes, which reveals the first internal distinction between the universal policies of Sweden and Denmark selective policies of Iceland and Finland. The Norwegian case constitutes a transitional model from general to selective during the past quarter of a decade. The third section then concentrates on the differences between Denmark, Sweden and Norway in which social housing is, our was originally, embedded in a universal welfare policy targeting the general level of housing quality for the entire population. Differences stand out, however, between finance, ownership, regulation and governance. The historical institutional argument is, that these differences frame the way in which actors operating on the respective policy arenas can and do respond to challenges. Here, in this section we lose Norway, which de facto has come to operate in a residual manner, due to contemporary effects of the long historical heritage of home ownership. The fourth section then discusses the recent challenges of welfare criticism, internationalization and marketization to the universal models in Denmark and Sweden. Here, it is argued that the institutional differences between the Swedish model of municipal ownership and the Danish model of independent cooperative social housing associations provides different sources of resistance to the prospective dismantlement of social housing as we know it. The fifth section presents the recent Danish reform of the governance model of social housing policy in which the housing associations are conceived of as 'dialogue partners' in the local housing policy, expected to create solutions to, rather than produce problems in social housing areas. The reform testifies to the strategic ability of the Danish social housing associations to employ their historically grounded institutional relative independence of the public system.

• Journal of Global Scholars of Marketing Science
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• v.19 no.2
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• pp.17-26
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• 2009

As the lifestyle of consumers changes and the need for various products increases, new products are being developed in the market. Each household owns various home appliances which are purchased through the choice of a decision maker. These appliances include not only large-sized products such as TV, refrigerator, and washing machine, but also small-sized products such as microwave oven and air cleaner. There exists latent correlation among possession of home appliances, even though they are purchased independently. The purpose of this research is to analyze the effect of demographic factors on the purchase and possession of each home appliances, and to derive some relationships among various appliances. To achieve this purpose, the present status on the possession of each home appliances are investigated through consumer survey data on the electric and energy product. And a multivariate probit(MVP) model is applied for the empirical analysis. From the estimation results, some appliances show a substitutive or complementary pattern as expected, while others which look apparently unrelated have correlation by co-incidence. This research has several advantages compared to previous literatures on home appliances. First, this research focuses on the various products which are purchased by each household, while previous researches such as Matsukawa and Ito(1998) and Yoon(2007) focus just on a particular product. Second, the methodology of this research can consider a choice process of each product and correlation among products simultaneously. Lastly, this research can analyze not only a substitutive or complementary relationship in the same category, but also the correlation among products in the different categories. As the data on the possession of home appliances in each household has a characteristic of multiple choice, not a single choice, a MVP model are used for the empirical analysis. A MVP model is derived from a random utility model, and has an advantage compared to a multinomial logit model in that correlation among error terms can be derive(Manchanda et al., 1999; Edwards and Allenby, 2003). It is assumed that the error term has a normal distribution with zero mean and variance-covariance matrix ${\Omega}$. Hence, the sign and value of correlation coefficients means the relationship between two alternatives(Manchanda et al., 1999). This research uses the data of 'TEMEP Household ICT/Energy Survey (THIES) 2008' which is conducted by Technology Management, Economics and Policy Program in Seoul National University. The empirical analysis of this research is accomplished in two steps. First, a MVP model with demographic variables is estimated to analyze the effect of the characteristics of household on the purchase of each home appliances. In this research, some variables such as education level, region, size of family, average income, type of house are considered. Second, a MVP model excluding demographic variables is estimated to analyze the correlation among each home appliances. According to the estimation results of variance-covariance matrix, each households tend to own some appliances such as washing machine-refrigerator-cleaner-microwave oven, and air conditioner-dish washer-washing machine and so on. On the other hand, several products such as analog braun tube TV-digital braun tube TV and desktop PC-portable PC show a substitutive pattern. Lastly, the correlation map of home appliances are derived using multi-dimensional scaling(MDS) method based on the result of variance-covariance matrix. This research can provide significant implications for the firm's marketing strategies such as bundling, pricing, display and so on. In addition, this research can provide significant information for the development of convergence products and related technologies. A convergence product can decrease its market uncertainty, if two products which consumers tend to purchase together are integrated into it. The results of this research are more meaningful because it is based on the possession status of each household through the survey data.