주택도시금융연구(Journal of Housing and Urban Finance)

About Journal of Housing and Urban Finance

한국연구재단 등재학술지 주택도시금융연구는 주택도시보증공사가 발간하는 학술지로, 주택·도시·금융 분야 연구 활성화와 정책 아이디어 개발을 목적으로 2016년 창간하여 연 3회(2월 28일/6월 30일/10월 31일) 발간하고 있습니다. 연구논문 투고자는 주택도시보증공사의 연구윤리기준을 준수해야 하고, 타 학술지에 게재 혹은 출판된 적이 없는 논문이어야 하며, 타 학술지에 투고하여 심사 중인 논문은 미게재 확정 후 본 학술지에 투고할 수 있습니다. 주택도시금융연구에 게재된 연구논문 투고자에게는 소정의 연구지원금이 지급됩니다.
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 나가며, 주택에서 도시까지 국민의 더 나은 삶을 책임지는 전문 공기업입니다. 주택도시보증공사는 주거복지 증진과 도시재생 활성화를 지원하기 위한 각종 보증업무 및 정책사업 수행과 주택도시기금을 효율적으로 운용·관리함으로써 국민의 삶의 질 향상에 이바지하기 위해 설립되었습니다. 지난 30여년간 국내 유일의 주택보증 전문기관으로서 보증공급을 통해 국민 주거안정 실현에 기여하였습니다. 세계적으로 인정받는 분양보증제도를 토대로 주택사업 전 단계에 걸친 보증상품을 운영함으로써 주택사업자의 원활한 사업추진과 주택금융시장의 안정에 기여하고, 정부의 정책목표 달성을 뒷받침하고 있습니다.
Article

Jun 30, 2026

Estimating the appropriate loan-to-value (LTV) ratio for Jeonse deposit return guarantee: Focusing on landlord’s non-repayment risk
전세보증금 반환보증의 적정 담보인정비율 산정: 임대인의 미반환 위험을 중심으로

Hoobin Lee
이후빈

J. Hous. Urban Finance 2026;11(2):5-22.
https://doi.org/10.38100/jhuf.2026.11.2.5

This study estimates an appropriate loan-to-value (LTV) ratio for the Jeonse deposit return guarantee. While a downward adjustment of the LTV ratio is necessary to ensure the sustainability of the guarantee scheme, such a policy change may increase the risk of Jeonse deposit non-repayment by landlords in the housing market. Therefore, it is necessary to conduct an ex-ante assessment of whether the potential increase in landlords’ non-repayment risk induced by a lower LTV is socially acceptable. To this end, this paper proposes an analytical f...
Article

Jun 30, 2026

A study on linking a guarantee screening system to interfloor noise eduction in multifamily housing
공동주택 층간소음 저감을 위한 보증심사제도 연계방안 연구

Nami Kang
강나미

J. Hous. Urban Finance 2026;11(2):23-35.
https://doi.org/10.38100/jhuf.2026.11.2.23

Floor impact noise (interfloor noise) in multifamily housing has escalated from a mere nuisance to a serious social conflict driver in South Korea, occasionally resulting in violence and homicide. Statistics from the Inter-Floor Noise Mediation Center indicate an annual average of approximately 39,740 complaints were lodged between 2020 and 2024, resulting in social costs estimated at several hundred billion won per year. Despite this, existing guarantee schemes operated by the Korea Housing and Urban Guarantee Corporation (HUG) focus primarily...
Article

Jun 30, 2026

The impact of deposit insurance on rental deposit ratios: Evidence from default events
전세보증금반환보증이 임차보증금 비율에 미친 영향: 채무불이행 사례를 중심으로

Songhee Lee
이송희

J. Hous. Urban Finance 2026;11(2):37-60.
https://doi.org/10.38100/jhuf.2026.11.2.37

This study investigates the practical effects of Korea’s rental deposit insurance, which has attracted increasing public attention since 2022 due to growing concerns over tenant deposit defaults and insurance claims. Specifically, it examines how deposit insurance coverage and institutional reforms have influenced the rental deposit-to-value ratio. Using real estate auction data, a two-way fixed-effects model that controls for regional and time-specific heterogeneity is employed. The analysis period is divided into three phases based on key i...
Article

Jun 30, 2026

Effects of industrial heritage adaptive reuse on apartment prices: Evidence from F1963 in Busan
산업유산 적응적 재사용의 아파트 가격 인과효과: 부산 F1963 사례를 중심으로

Jinhyeok Jang, Yeol Choi
장진혁, 최열

J. Hous. Urban Finance 2026;11(2):61-77.
https://doi.org/10.38100/jhuf.2026.11.2.61

Industrial facilities created through industrialization often become idle as urban economies restructure, leaving underused industrial sites as persistent spatial challenges. In this context, industrial heritage has been increasingly reframed as a resource for urban regeneration. Here, a key strategy is adaptive reuse: reprogramming existing industrial buildings while retaining historical and physical traces. However, empirical evidence on whether and how such projects generate neighborhood-level externalities that are capitalized into housing ...
Article

Jun 30, 2026

Effects of Jeonse loan usage on renters’ housing consumption: A control function approach
전세자금대출 이용이 임차가구 주거소비에 미치는 영향: 통제함수를 적용하여

Chunil Kim
김천일

J. Hous. Urban Finance 2026;11(2):79-96.
https://doi.org/10.38100/jhuf.2026.11.2.79

This study examines the effect of Jeonse loans on housing floor area consumption among renter households in South Korea. To address potential simultaneity between Jeonse loan utilization and housing area choice, this study employs a two-stage estimation framework in which permanent income is first estimated, and a control function approach is subsequently applied. Using microdata from the 2024 Korean Housing Survey, the analysis distinguishes between Jeonse and deposit-based monthly rent households. The results indicate that simple ordinary lea...
Article

Jun 30, 2026

Analysis of the determinants of home sale decisions by mortgage borrowers: Focus on shared equity/appreciation mortgages
주택담보대출 차주의 주택매각 결정요인 분석: 손익(수익) 공유형모기지 중심으로

Doyun Lim, Sunju Kim
임도연, 김선주

J. Hous. Urban Finance 2026;11(2):97-111.
https://doi.org/10.38100/jhuf.2026.11.2.97

This study uses individual loan data for Shared Equity/Appreciation Mortgages contracted between October 2013 and December 2020 and repaid early after at least three years, with observations extending through December 2023. The study analyzes the factors determining home sale decisions by mortgage loan borrowers using the Cox proportional hazards model. The results of the Shared Appreciation Mortgage analysis show that, first, the Bank of Korea mortgage loan interest rate had the largest positive effect on the probability of selling a home, and...
Article

Jun 30, 2026

The effect of COVID-19 special credit guarantees on local business dynamism: A case of 25 autonomous districts in Seoul
코로나19 팬데믹에 따른 신용보증 특례보증이 지역 상권의 동태적 변화에 미치는 영향: 서울시 25개 자치구를 중심으로

Jinha Jang, Samsu Lee
장진하, 이삼수

J. Hous. Urban Finance 2026;11(2):113-131.
https://doi.org/10.38100/jhuf.2026.11.2.113

This study empirically analyzes the causal effect of COVID-19 special credit guarantees on the dynamism of Seoul’s 25 local commercial districts. Using panel data from 2017 to 2023, we employed a continuous difference-in-differences model exploiting cross-district variations in guaranteed supply intensity, supplemented by an event study. The results indicated that a one standard deviation increase in guarantee intensity (24 billion KRW) caused a 0.91 percentage point decrease in the business establishment growth rate. This dampening effect wa...

CURRENT ISSUE: Jun 2026, Vol. 11 , No. 2

Article Estimating the appropriate loan-to-value (LTV) ratio for Jeonse deposit return guarantee: Focusing on landlord’s non-repayment risk 전세보증금 반환보증의 적정 담보인정비율 산정: 임대인의 미반환 위험을 중심으로 Hoobin Lee 이후빈 J. Hous. Urban Finance 2026;11(2):5-22. https://doi.org/10.38100/jhuf.2026.11.2.5 HTML PDF PubReader	Article A study on linking a guarantee screening system to interfloor noise eduction in multifamily housing 공동주택 층간소음 저감을 위한 보증심사제도 연계방안 연구 Nami Kang 강나미 J. Hous. Urban Finance 2026;11(2):23-35. https://doi.org/10.38100/jhuf.2026.11.2.23 HTML PDF PubReader
Article The impact of deposit insurance on rental deposit ratios: Evidence from default events 전세보증금반환보증이 임차보증금 비율에 미친 영향: 채무불이행 사례를 중심으로 Songhee Lee 이송희 J. Hous. Urban Finance 2026;11(2):37-60. https://doi.org/10.38100/jhuf.2026.11.2.37 HTML PDF PubReader	Article Effects of industrial heritage adaptive reuse on apartment prices: Evidence from F1963 in Busan 산업유산 적응적 재사용의 아파트 가격 인과효과: 부산 F1963 사례를 중심으로 Jinhyeok Jang, Yeol Choi 장진혁, 최열 J. Hous. Urban Finance 2026;11(2):61-77. https://doi.org/10.38100/jhuf.2026.11.2.61 HTML PDF PubReader
Article Effects of Jeonse loan usage on renters’ housing consumption: A control function approach 전세자금대출 이용이 임차가구 주거소비에 미치는 영향: 통제함수를 적용하여 Chunil Kim 김천일 J. Hous. Urban Finance 2026;11(2):79-96. https://doi.org/10.38100/jhuf.2026.11.2.79 HTML PDF PubReader	Article Analysis of the determinants of home sale decisions by mortgage borrowers: Focus on shared equity/appreciation mortgages 주택담보대출 차주의 주택매각 결정요인 분석: 손익(수익) 공유형모기지 중심으로 Doyun Lim, Sunju Kim 임도연, 김선주 J. Hous. Urban Finance 2026;11(2):97-111. https://doi.org/10.38100/jhuf.2026.11.2.97 HTML PDF PubReader
Article The effect of COVID-19 special credit guarantees on local business dynamism: A case of 25 autonomous districts in Seoul 코로나19 팬데믹에 따른 신용보증 특례보증이 지역 상권의 동태적 변화에 미치는 영향: 서울시 25개 자치구를 중심으로 Jinha Jang, Samsu Lee 장진하, 이삼수 J. Hous. Urban Finance 2026;11(2):113-131. https://doi.org/10.38100/jhuf.2026.11.2.113 HTML PDF PubReader

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