韩国房地产市场的党派之争、监管和波动

Q2 Social Sciences
Youjin Oh, Changmin Lee, Inhye Heo
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引用次数: 1

摘要

作为住宅市场稳定的规制政策,韩国的住宅担保贷款政策随着总统和政党的变化而发生了很大的变化。哪个党派政府的住房政策在稳定市场方面最有效?为了回答这个问题,我们讨论了韩国保守和进步政党的不同党派,他们的政策偏好,以及历届政府的主要住房政策。随后,我们将研究方法具体化,并使用马尔可夫转换回归检验1987年以来的住房波动。结果表明,当进步政府积极推动监管以支持“政府主义”党派关系时,市场高度不稳定。此外,该政策在降低首尔的公寓价格方面取得了主要效果,而这一直是该政策的主要目标。基于这些发现,我们总结了本研究的一些政策含义。鉴于政府的党派之争加剧了房地产市场的波动性,房地产市场政策的设计应能对冲党派之争的负面外部性。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
PARTISANSHIP, REGULATION, AND VOLATILITY IN SOUTH KOREA'S HOUSING MARKET
South Korea's mortgage loan policy, which represents a regulatory policy for stabilizing the housing market, has changed significantly in accordance with changes in presidency and partisanship. Which partisan government's housing policy has been most effective in stabilizing the market? To answer this question, we discuss the different partisanships of Korea's conservative and progressive parties, their policy preferences, and the previous governments’ key housing policies. Thereafter, we concretize the research methodology and examine the housing volatility witnessed since 1987, using the Markov-switching regression. The results reveal that the market was highly unstable when the progressive government actively promoted regulation in favor of “governmentalist” partisanship. Moreover, the policy was mostly effective in lowering apartment prices in Seoul, which was the regulation's primary target all along. Based on these findings, we conclude with some policy implications of the study. Given that governmentalist partisanship heightens volatility in the housing market, housing market policies should be designed to hedge the negative externalities of partisanship.
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来源期刊
World Affairs
World Affairs Social Sciences-Social Sciences (all)
CiteScore
3.20
自引率
0.00%
发文量
0
期刊介绍: World Affairs is a quarterly international affairs journal published by Heldref Publications. World Affairs, which, in one form or another, has been published since 1837, was re-launched in January 2008 as an entirely new publication. World Affairs is a small journal that argues the big ideas behind U.S. foreign policy. The journal celebrates and encourages heterodoxy and open debate. Recognizing that miscalculation and hubris are not beyond our capacity, we wish more than anything else to debate and clarify what America faces on the world stage and how it ought to respond. We hope you will join us in an occasionally unruly, seldom dull, and always edifying conversation. If ideas truly do have consequences, readers of World Affairs will be well prepared.
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