• 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.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.4
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• pp.480-488
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• 2016

As the subprime mortgage crisis spread globally, it depressed not only the financial market, but also the construction business in Korea. In fact, according to CERIK, the BSI of the construction businesses plunged from 80 points in December 2006 to 14.6 points in November 2008, and the extent of the depression in the housing sector was particularly serious. In this respect, this paper analyzes the influence of the financial market fluctuation on the housing market before and after the Global Financial Crisis using VECM. The periods from January 2000 to December 2007 and January 2008 to October 2015, before and after the financial crisis, were set as Models 1 and 2, respectively. The results are as follows. First, when the economy is good, the Gangnam housing market is an attractive one for investment. However, when it is depressed, the Gangnam housing market changes in response to the macroeconomic fluctuations. Second, the Gangbuk and Gangnam housing markets showed different responses to fluctuations in the financial market. Third, when the economy is bad, the effect of low interest rates is limited, due to the housing market risk.

• Journal of the Korean Geographical Society
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• v.35 no.5
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• pp.717-729
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• 2000

Housing prices in the Korean housing market dropped at an unprecedented magnitude in 1998 after the economic crisis. With the support of housing policies to boost depressed housing markets, house prices managed to bounce back after the mid-1999. During the period of housing price decline and of its recovery, the degrees of house price changes were not even across the country. The cities could be classified into four groups regarding the differential rates of house price changes. The cities which had higher rates of decrease also had higher rates of increase. On the other hand, some other cities continuously experienced a price fall during the recovery period although the rate of housing price changes were relatively low after the economic crisis. Throught the processes of administering housing market depression due to the crisis of the economy, the cities which could fully redeem the level of house prices in housing markets between the Seoul Metropolitan area and the other parts of the country has been widened.

• Journal of the Korea Institute of Building Construction
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• v.10 no.1
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• pp.49-56
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• 2010

A competitive construction project must address factors such as cost, performance, aesthetics, schedule and quality. The importance of these factors will vary from project to project and from market to market. Productivity is becoming an ever-more important factor in the acquisition of a project. As the technology or aesthetics of a product matures or stabilizes, and the competitive playing field levels, competition is increasingly based on time. Recently, the construction industry has been depressed due to difficult market circumstances. At this time in particular, construction companies are striving to rationalize their management, both in their planning offices and in the field. In this study, we present a method of calculating a reasonable duration for reinforced form work. We did this by first developing a question for field workers, then sampling form workers based the question. Second, we employed a work analysis method to analyze worker"s work-methods and Time. Then, using the result of this analysis, we measured the Productivity of form work. This measure can be used as basic data to determine the appropriate duration of form work.

• Land and Housing Review
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• v.7 no.4
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• pp.291-297
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• 2016

Recently, foreign construction companies through the BIM-design have the effect of improving productivity and quality construction. On the other hand, domestic BIM-design is a little depressed because of lack of additional costs and professional personnel problem. The construction industry of recession, as reasons of construction market is downsizing. First must, enabling the design in public institutions, mainly BIM.. Design for BIM the construction sector, as well as an early stage actively introducing and spreading of the performance of him and domestic BIM technology should be able to promote the development. Public institutions in accordance with this study presented measures that can stimulate the BIM design on LH. To that end, the public agency's design were analyzed, and suggested the Improvement and Application of the four aspects for Modular Coordination BIM Design. Also, gradually formulate a "road map for public institutions applied design bim" in order to carry out the plans put forward and presented the expected effect of him. The proposed work was public institutions will be used as a pilot project in Korea Land Housing Corporation.

• 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.