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서민주택금융지원 확대방안(Increasing measures of financial support for middle-class housing)

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Title 서민주택금융지원 확대방안(Increasing measures of financial support for middle-class housing)
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Material Type Reports
Author(Korean)

강문수; 김관영; 최범수

Publisher

[서울]:한국개발연구원

Date 1990
Series Title; No 정책연구시리즈 / 90-07
Pages 83
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Holding KDI; KDI School

Abstract

This study examines the current status of the housing problem and its implications for economic democratization in Korea, delineating implications for the Middle-Class Housing Financial Support Program. The rise of the Sixth Republic has raised the demand for the democratization of politics, economy and society in Korea, while also urging the formation of a consensus that no genuine political and social possibility is possible without securing housing for all citizens. As of 1988, there were a total of 6,670,000 houses in Korea, which amounts to only 69.4 percent of the 9,612,000 houses that are in demand. In contrast to the upward trajectory of the economic growth rate, the housing supply rate has consistently been dropping from a peak of 78.2 percent in 1970, due to the nuclearization of the family and the continued concentration of population in cities. The Korean government recognizes the serious nature of this problem and has been investing the prosperity of the trade surplus days into the housing sector.

Nevertheless, the level of public financial assistance for housing always falls short of demand, while the shortage of financial resources for housing has increased the vulnerability of private-sector housing finance, the inefficiency of the distribution of already scarce financial resources and the inability of the government to control and adjust public housing finance in response to the changing business cycle. We can overcome these problems by basing our housing finance policy on the market principles, while increasing the amount of financial assistance at affordable interest rates for working- and middle-class families. While the government should continue with its housing projects, it should also make sure that future tenants receive the public housing financial support early on in the process. In the long run, the government should improve the system for the marginal use and follow-up control of the National Housing Fund, while also increasing the amounts of housing assistance available from banks and the number of Housing Bonds issued.