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주택금융환경의 변화가 가계부문 의사결정 및 시장균형에 미치는 효과(How changes in housing finance environment affect household decisions and market equilibrium)

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Title 주택금융환경의 변화가 가계부문 의사결정 및 시장균형에 미치는 효과(How changes in housing finance environment affect household decisions and market equilibrium)
Similar Titles
Material Type Reports
Author(Korean)

김지섭

Publisher

세종:한국개발연구원

Date 2015-12
Series Title; No 정책연구시리즈 / 2015-07
Pages 98
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Documents
Original Format pdf
Subject Economy < Economic System
Social Development < General
Holding 한국개발연구원

Abstract

This paper analyzes how changes in household debt policies and housing finance environment affect household borrowing decisions, housing prices, and welfare. I examine three types of housing finance environmental changes. First, when the government relaxes the loan-to-value (LTV) ratio regulation, housing price, rent price, and household debt increase simultaneously. An increase in the residence cost leads to a decrease in the economy-wide welfare. However, the proportion of households that support the relaxed LTV regulation is higher than non-supporters. Second, when the mortgage refinance is restricted, housing price, rent price, and household debt decrease. Though a decrease in residential expenses increases household welfare, the proportion of households that support such a change is less than the half of the entire population. Third, when the average household income decreases, housing demand, price, and rent price decrease. Since a decrease in household income reduces life time consumption, the economy-wide welfare decreases.