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

Jun 30, 2023

Assessing the risk of underwater Jeonse
깡통전세의 발생 확률 추정

Byungchul Min
민병철

J. Hous. Urban Finance 2023;8(1):5-18.
https://doi.org/10.38100/jhuf.2022.8.1.5

In this work, I assess the risk of underwater Joense. This is the first analysis of underwater Joense risk based on the information of all Joense contracts. Using the house price change rate distribution condition on the house price index change, I measured the risk of underwater Joense on various house price scenarios. My results show that the risk of underwater Joense is highest in the first half of 2024. If house price index falls 0%~10% (20~30%) yearly, 8.8% (22.0%) of the apartments is expected to experience underwater Joense. The result o...
Article

Jun 30, 2023

An empirical study on the short-term effects of economic sentiment on the direct and indirect investment markets in real estate
경제심리가 부동산 직·간접투자시장에 미치는 단기적 영향에 관한 연구

Deok Hee Hahn, Hyun-ju Kang
한덕희, 강현주

J. Hous. Urban Finance 2023;8(1):19-31.
https://doi.org/10.38100/jhuf.2023.8.1.19

This paper aims to investigate the short-term effects of economic sentiment on both direct and indirect investment markets in the real estate sector. The analysis employs the vector-autoregression, Granger causality, and variance decomposition approaches using monthly returns on the Economic News Sentiment Index, Real Estate Sentiment Index, REITs Infrastructure Index, and Apartment Price Index. The findings indicate that the economic and real estate consumer sentiments have predictive capabilities for both the REITs Infrastructure Index in the...
Article

Jun 30, 2023

Stabilizer or multiplier: The manifestation of theoretical policy effect on the house prices

Sunyub Kim

J. Hous. Urban Finance 2023;8(1):33-49.
https://doi.org/10.38100/jhuf.2022.8.1.33

This paper employs Jorda’s (2005) local projection (LP) methodology to assess the impact of macroeconomic policies on apartment prices pre-and post-COVID-19. It contemplates the economic linkages to estimate the multiplier effects of the monetary and fiscal shocks as they are transmitted to the apartment prices through the so-called COVID proxies. This paper introduces a reduced number of economic proxies that substantially explain the impact of the COVID-19 pandemic on aggregate production in South Korea: unemployment; oil prices; uncertaint...
Article

Jun 30, 2023

Determinants of residential duration for the elderly: The effectiveness of universal design in housing
노인인구의 주거 지속기간 결정요인 분석: 유니버셜디자인 효과 중심으로

Jinyhup Kim
김진엽

J. Hous. Urban Finance 2023;8(1):51-71.
https://doi.org/10.38100/jhuf.2023.8.1.51

In the rising trend of population aging, housing issue of the older population is an important factor for stable retirement design. In particular, aging in place (AIP) is a critical issue regarding their housing. This study empirically analyzes the determinants of residential duration that are directly related to AIP. This study focuses on the effect of universal design in housing on residential duration. The regression models using the 2020 Korean Housing Survey data found the following. In the case of small-scale renovation, such as removing ...
Article

Jun 30, 2023

Wait list of public rental housing: The case of Ontario, Canada
소비자 중심의 공공임대주택 대기자 명부: 캐나다 온타리오주의 사례를 중심으로

Seung Dong You
유승동

J. Hous. Urban Finance 2023;8(1):73-87.
https://doi.org/10.38100/jhuf.2023.8.1.73

In most public rental housing markets, housing rental rates, which take into account political interests, tend to be lower than market rents. As consequence, rationing public housing draws policy attention and a wait list plays a critical role in selecting residents of public rental housing. In Korea, market players and policy makers propose an introduction of the wait list system for public rental housing. This paper examines a case study of the wait list system in Ontario, Canada and the case study proposes policy implications on public renta...

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CURRENT ISSUE: Jun 2023, Vol. 8 , No. 1

Article Assessing the risk of underwater Jeonse 깡통전세의 발생 확률 추정 Byungchul Min 민병철 J. Hous. Urban Finance 2023;8(1):5-18. https://doi.org/10.38100/jhuf.2022.8.1.5 HTML PDF PubReader	Article An empirical study on the short-term effects of economic sentiment on the direct and indirect investment markets in real estate 경제심리가 부동산 직·간접투자시장에 미치는 단기적 영향에 관한 연구 Deok Hee Hahn, Hyun-ju Kang 한덕희, 강현주 J. Hous. Urban Finance 2023;8(1):19-31. https://doi.org/10.38100/jhuf.2023.8.1.19 HTML PDF PubReader
Article Stabilizer or multiplier: The manifestation of theoretical policy effect on the house prices Sunyub Kim J. Hous. Urban Finance 2023;8(1):33-49. https://doi.org/10.38100/jhuf.2022.8.1.33 HTML PDF PubReader	Article Determinants of residential duration for the elderly: The effectiveness of universal design in housing 노인인구의 주거 지속기간 결정요인 분석: 유니버셜디자인 효과 중심으로 Jinyhup Kim 김진엽 J. Hous. Urban Finance 2023;8(1):51-71. https://doi.org/10.38100/jhuf.2023.8.1.51 HTML PDF PubReader
Article Wait list of public rental housing: The case of Ontario, Canada 소비자 중심의 공공임대주택 대기자 명부: 캐나다 온타리오주의 사례를 중심으로 Seung Dong You 유승동 J. Hous. Urban Finance 2023;8(1):73-87. https://doi.org/10.38100/jhuf.2023.8.1.73 HTML PDF PubReader

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Article Characteristics and implications of the land system in Vietnam 베트남 토지제도의 특징과 시사점 Jong Kwon Choi 최종권 J. Hous. Urban Finance 2020;5(1):63-81. https://doi.org/10.38100/jhuf.2020.5.1.63 HTML PDF PubReader Last 3 months views: 463	Article A Study on the Determinants of Office Rent - Focused on Office Grade - 서울 오피스 임대료 결정요인 분석 - 오피스 등급을 중심으로 - 양영준, 유석준 J. Hous. Urban Finance 2016;1(1):37-60. https://doi.org/10.38100/jhuf.2016.1.1.37 HTML PDF PubReader Last 3 months views: 364
Article Implication on service combined housing policy for old age of foreign 고령자 서비스결합주택 공급의 해외사례와 시사점 Ju Young Kim 김주영 J. Hous. Urban Finance 2022;7(1):49-64. https://doi.org/10.38100/jhuf.2022.7.1.49 HTML PDF PubReader Last 3 months views: 345	Article A study on the urban development plan for the change of urban structure in local small and medium-sized cities 지방 중소도시 도시구조 변화에 따른 도시발전 연구 Jung-Geun Ahn, Yunsok Ko, Dong-Geun Kim 안정근, 고윤석, 김동근 J. Hous. Urban Finance 2021;6(1):23-37. https://doi.org/10.38100/jhuf.2021.6.1.23 HTML PDF PubReader Last 3 months views: 344
Article Can Public-Private Partnerships(PPP) Save Declining Traditional Market in Korea?:Focused on 1913 Songjeong Station Market Renewal 민관협력사업(PPP)은 쇠퇴하는 전통시장을 개선시킬 수 있을까? : 광주 1913 송정역 전통시장 활성화사업을 중심으로 Jin Choi, Woo-Hwa Shin, Woo-Jin Shin 최진, 신우화, 신우진 J. Hous. Urban Finance 2017;2(2):5-32. https://doi.org/10.38100/jhuf.2017.2.2.5 HTML PDF PubReader Last 3 months views: 312	Article Comparative study on housing policy of the Conservative Party and Labour Party in the United Kingdom 영국 보수당과 노동당의 주택정책 비교분석 연구 Sungje Jeon 전성제 J. Hous. Urban Finance 2020;5(1):41-62. https://doi.org/10.38100/jhuf.2020.5.1.41 HTML PDF PubReader Last 3 months views: 302
Article Preference for Utilization of the Housing for Middle-Old aged Citizens: focusing on the Regional Difference in Seoul 중·고령자의 노인전용주거시설에 대한 입주선호: 서울 지역구 차이를 중심으로 Young Sam Ohi, Ji Hye Jeong 오영삼, 정지혜 J. Hous. Urban Finance 2017;2(2):119-149. https://doi.org/10.38100/jhuf.2017.2.2.119 HTML PDF PubReader Last 3 months views: 295	Article Determinants of residential duration for the elderly: The effectiveness of universal design in housing 노인인구의 주거 지속기간 결정요인 분석: 유니버셜디자인 효과 중심으로 Jinyhup Kim 김진엽 J. Hous. Urban Finance 2023;8(1):51-71. https://doi.org/10.38100/jhuf.2023.8.1.51 HTML PDF PubReader Last 3 months views: 293
Article Comparative analysis of housing and stock prices using a regime switching model 국면전환모형을 이용한 주택가격과 주가의 시계열 특성 비교 Youngsoo Lee 이영수 J. Hous. Urban Finance 2020;5(1):5-22. https://doi.org/10.38100/jhuf.2020.5.1.5 HTML PDF PubReader Last 3 months views: 291	Article The Determination of Auction Search Duration Time in the Korean House Auction Market 주택경매시장에서 낙찰소요시간의 결정 Heeho Kim 김희호 J. Hous. Urban Finance 2017;2(2):93-117. https://doi.org/10.38100/jhuf.2017.2.2.93 HTML PDF PubReader Last 3 months views: 288

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