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• W2486978572 abstract "Chapter 10 is divided into five sections. First, it provides an overview of Korean housing policies. These policies have been shaped by severe housing shortages since the 1960s that resulted from a multiplicity of factors. In response, the central government has controlled the whole process of the production and the allocation of housing since the decades of the growth take-off and this framework remains essentially intact to date. Housing price control has been an overarching goal of housing policy in Korea. A second section reviews not only housing price cycles, but also housing construction output cycles originating from a dualistic structure of housing supply differentiated by public institutions and private developers. Housing construction has been highly cyclical in response to rapid changes in government public policy decisions. Yet, contrary to widespread public perceptions, neither the Korean rate of housing price appreciation, nor its volatility, have been large by international standards and also compared with other EA markets. Three historical episodes of significant housing price changes are examined in that context. The third section shows how the Korean rental market does not play the stabilizing role that it plays in most other countries and that, in Korea, rent price indices are actually more volatile that housing price indices. The distorting factor is the uniquely Korean feature of Chonsei rental contracts. Chonsei contracts have also been the key factor in the widespread separation of ownership and occupancy in Korea. Improving the Korean housing finance system and the rental market plus consistent taxation are core elements of any lasting improvement in the stability of the Korean housing system. The fourth section of Chapter 10 examines the behavior of the six main players in the Korean market. The central bank has not been involved in housing policies until 1997; its current focus is on macro-prudential regulation, consumer protection and the size and composition of household debt. The central government, through its Ministry of Construction and its successors, has been deeply regulating the Korean housing system for decades. In contrast to the case of China, local governments have been very passive participants in housing to this day. A user-cost of housing capital framework clarifies the shifts in household demand over 30 years and throws light on rapidly shifting household expectations since the GFC. The bank-based mortgage market has grown significantly since 1997, but it is still in need of a balanced regulatory framework between funding and better lending instruments. If outstanding Chonsei contracts were added to outstanding mortgage loans, Korea's housing finance system depth would be about 70% of GDP. Korea has had a dualistic housing supply system, with central public institutions long dominating over private developers. Moreover, changes in the structure of the private real estate development process and its financing after 1997 have proven to be destabilizing to the housing supply. The closing section of the chapter explains why Korean housing policies are now at an important long-term crossroads." @default.
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• W2486978572 date "2016-04-13" @default.
• W2486978572 modified "2023-09-23" @default.
• W2486978572 title "Korea" @default.
• W2486978572 doi "https://doi.org/10.1002/9781119073635.ch10" @default.
• W2486978572 hasPublicationYear "2016" @default.
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