주택도시금융연구(Journal of Housing and Urban Finance)

About Journal of Housing and Urban Finance

주택도시금융연구는 주택도시보증공사가 연 2회(6월 30일/12월 31일) 발간하고 있는 학술지입니다. 주택도시금융연구는 주택·도시·금융과 관련된 학문적·정책적 시사점을 함의한 연구논문을 발굴하여 동 분야의 연구 활성화를 도모하고 정책 아이디어 개발에 기여합니다. 원고 작성 시 모든 투고자는 주택도시보증공사의 연구윤리기준을 준수해야 하며, 타 학술지에 게재 혹은 출판된 적이 없는 논문이어야 하며, 타 학술지에 투고 중인 논문은 미게재 확정 후 본 학술지에 게재 가능합니다. 게재대상 원고에 대해서는 소정의 원고료를 지급합니다.
About Korea Housing & Urban Guarantee Corporation

주택도시보증공사는 주거복지 증진과 도시재생활성화를 지원하기 위한 각종 보증업무 및 정책사업을 수행합니다. 주택도시기금의 효율적인 운용 및 관리를 통해 경영혁신을 이루고 한 발 앞선 주거정책시행으로 서민주거안정을 이끌어 갑니다. 주택에서 도시까지 국민의 더 나은 삶을 책임지는 전문 공기업입니다. 주택도시보증공사는 지난 20여년간 국내 유일의 주택보증 전문기관으로서 1,183조원, 1,213만 세대의 보증공급을 통해 국민 주거안정 실현에 기여하였으며, 세계적으로 인정받는 분양보증 제도를 토대로 주택사업 전 단계에 걸친 보증 상품을 운영함으로써 주택사업자의 원활한 사업추진과 주택금융시장의 안정, 정부의 정책목표 달성을 뒷받침 해 왔습니다. 앞으로도 자산규모 6조 7천억원, 현금유동성 5조 8천억원을 보유한 신뢰받는 주택도시금융기관으로서 생애단계별·소득수준별 맞춤형 보증 및 기금 지원을 통해 국민의 주거복지를 향상시키고, 정부·공공기관·민간과의 협업을 통해 도시재생을 추진함으로써 새로운 사회적 가치를 실현하는데 노력하도록 하겠습니다.
Article

Dec 31, 2023

Examining the effect of COFIX interest rate uncertainty on the mortgage loans using the SVAR-GARCH-M model
COFIX 금리 불확실성이 주택담보대출에 미치는 영향: SVAR-GARCH-M 모형을 중심으로

Sangbae Kim
김상배

J. Hous. Urban Finance 2023;8(2):5-23.
https://doi.org/10.38100/jhuf.2023.8.2.5

The purpose of this study is two-fold. Firstly, we examine the effect of COFIX interest rate uncertainty on the mortgage loans of the banks and the non-bank financial institutions. Secondly, we analyze that there exists an asymmetry of the mortgage loan reponses according to the direction of the changes in the COFIX interest rate. To obtain our purposes, we adopt a SVAR-GARCH model and a impulse response function during the sample period (January 2010 to July 2023). The empirical results show that uncertainty of the COFIX interest rate has the ...
Article

Dec 31, 2023

House prices and sales: A search-matching model of housing market
주택가격과 주택거래량: 주택시장 매칭모형을 중심으로

Weh-Sol Moon
문외솔

J. Hous. Urban Finance 2023;8(2):25-54.
https://doi.org/10.38100/jhuf.2023.8.2.25

The standard deviation of changes in sales volume for the period 2011-2022 is more than twenty times higher than that of house prices. To account for the fact that the volatility of sales volume is greater than that of house prices, I introduce a dynamic search-matching model of the housing market with a feature incorporating simultaneous selling and buying activities within a given period of time. I integrate four distinct shocks into the model to account for the volatilities in housing prices and sales volume: a shock that encompasses owner's...
Article

Dec 31, 2023

Do physical characteristics of housing and neighborhood environment impact high Jeonse price ratio?: Focusing on whether Jeonse is a high risk
주택의 물리적 특성과 근린환경 특성이 고위험 전세가율에 영향을 미치는가?: 깡통전세 여부를 중심으로

Kijung Kim, Hyundo Kang, Seungwook Go
김기중, 강현도, 고승욱

J. Hous. Urban Finance 2023;8(2):55-75.
https://doi.org/10.38100/jhuf.2023.8.2.55

The purpose of this study was to analyze the physical characteristics of the housing and neighborhood environmental impact according to whether a Jeonse has a high price ratio. The following conclusions were drawn. First, it was confirmed that the physical characteristics of individual houses and complexes are factors influencing the high-risk Jeonses. Second, multihousehold houses, row houses, and standalone apartments are more likely to create a high-risk Jeonse. Third, there is a high probability of a dangerous Jeonse being formed in employm...
Article

Dec 31, 2023

Analysis of the determinants concerning the residential environment of urban youth:Focusing on six major metropolitan cities
도시거주 청년층의 주거환경 결정요인 분석:6대 광역시를 중심으로

Kwanghoon Hwang
황광훈

J. Hous. Urban Finance 2023;8(2):77-98.
https://doi.org/10.38100/jhuf.2023.8.2.77

In this study, we estimated the factors influencing the housing patterns of young people living in the city. As a result of these estimations, it was determined that in most urban areas, young people (including men), highly educated people, and individuals living with their parents have their own residential environments. However, among young people who are economically independent from their parents, it is estimated that a significant number of householders and employed people maintain the housing characteristics of renting rather than owning ...
Article

Dec 31, 2023

Ways to improve the utilization of urban regeneration seed loans
도시재생씨앗융자 활용 제고 방안에 관한 연구

Woo-hwa Shin, Woo-jin Shin
신우화, 신우진

J. Hous. Urban Finance 2023;8(2):99-119.
https://doi.org/10.38100/jhuf.2023.8.2.99

The Urban Regeneration New Deal project supports to build residential facilities and improve residential environments in old and declining areas by investing public funds created by the national and local governments. Although there are differences in the speed of the project and the degree of resident participation, the Urban Regeneration New Deal is nearing completion, and the regeneration of the physical environment is becoming visible. However, other than projects carried out as priming, regeneration carried out by the private sector is low...
Article

Dec 31, 2023

Determinants on the later life move of old age
고령가구의 노년기 주거이동 요인 분석

Juyoung Kim
김주영

J. Hous. Urban Finance 2023;8(2):121-138.
https://doi.org/10.38100/jhuf.2023.8.2.121

This study aims to focus on the residential movement of old age and discern housing policy implications. To accomplish this, 2020 housing survey data were utilized using the Cox proportional hazard model. Contrary to prior expectations of low residential movement rate, 40% of old-age households were represented to have a residential move in their later life. Household composition and the sex of the household head were the determinants of later life move of old age. The prominent variables of the old age group were their relationship with their ...
Article

Dec 31, 2022

How does real estate income affect retirement age?: Lessons from national survey of tax and benefit

Daehwan Kim

J. Hous. Urban Finance 2023;8(2):139-158.
https://doi.org/10.38100/jhuf.2022.8.2.139

In Western countries, where retirement funds primarily consist of pensions, research on retirement decision making revolves around pension-related considerations. Conversely, in Korea, where a whopping 77.5% of assets are tied to real estate, little attention has been devoted to exploring the connection between real estate holdings and retirement. This study employs panel models, utilizing data from the 2016-2021 National Survey of Tax and Benefit, to analyze the impact of real estate income on the expected retirement age. The empirical finding...
Article

Dec 31, 2023

The reasonable pricing of farmland pension and evaluating the expected rate of return

Seungryul Ma

J. Hous. Urban Finance 2023;8(2):159-178.
https://doi.org/10.38100/jhuf.2022.8.2.159

In this study, we confirmed that the actuarial equivalence condition can be satisfied when the monthly payment, determined by the current basic actuarial model of farmland pension, is paid until the loan is terminated through a realistic analysis considering the stochastic processes of the main variables. We then confirmed the fair price level that satisfies the actuarial equivalence condition. According to the results of our analysis, the probability of loss for the farmland pension guarantor was zero when the current monthly payments were pai...

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CURRENT ISSUE: Dec 2023, Vol. 8 , No. 2

Article Examining the effect of COFIX interest rate uncertainty on the mortgage loans using the SVAR-GARCH-M model COFIX 금리 불확실성이 주택담보대출에 미치는 영향: SVAR-GARCH-M 모형을 중심으로 Sangbae Kim 김상배 J. Hous. Urban Finance 2023;8(2):5-23. https://doi.org/10.38100/jhuf.2023.8.2.5 HTML PDF PubReader	Article House prices and sales: A search-matching model of housing market 주택가격과 주택거래량: 주택시장 매칭모형을 중심으로 Weh-Sol Moon 문외솔 J. Hous. Urban Finance 2023;8(2):25-54. https://doi.org/10.38100/jhuf.2023.8.2.25 HTML PDF PubReader
Article Do physical characteristics of housing and neighborhood environment impact high Jeonse price ratio?: Focusing on whether Jeonse is a high risk 주택의 물리적 특성과 근린환경 특성이 고위험 전세가율에 영향을 미치는가?: 깡통전세 여부를 중심으로 Kijung Kim, Hyundo Kang, Seungwook Go 김기중, 강현도, 고승욱 J. Hous. Urban Finance 2023;8(2):55-75. https://doi.org/10.38100/jhuf.2023.8.2.55 HTML PDF PubReader	Article Analysis of the determinants concerning the residential environment of urban youth:Focusing on six major metropolitan cities 도시거주 청년층의 주거환경 결정요인 분석:6대 광역시를 중심으로 Kwanghoon Hwang 황광훈 J. Hous. Urban Finance 2023;8(2):77-98. https://doi.org/10.38100/jhuf.2023.8.2.77 HTML PDF PubReader
Article Ways to improve the utilization of urban regeneration seed loans 도시재생씨앗융자 활용 제고 방안에 관한 연구 Woo-hwa Shin, Woo-jin Shin 신우화, 신우진 J. Hous. Urban Finance 2023;8(2):99-119. https://doi.org/10.38100/jhuf.2023.8.2.99 HTML PDF PubReader	Article Determinants on the later life move of old age 고령가구의 노년기 주거이동 요인 분석 Juyoung Kim 김주영 J. Hous. Urban Finance 2023;8(2):121-138. https://doi.org/10.38100/jhuf.2023.8.2.121 HTML PDF PubReader
Article How does real estate income affect retirement age?: Lessons from national survey of tax and benefit Daehwan Kim J. Hous. Urban Finance 2023;8(2):139-158. https://doi.org/10.38100/jhuf.2022.8.2.139 HTML PDF PubReader	Article The reasonable pricing of farmland pension and evaluating the expected rate of return Seungryul Ma J. Hous. Urban Finance 2023;8(2):159-178. https://doi.org/10.38100/jhuf.2022.8.2.159 HTML PDF PubReader

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