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금융자율화에 대응한 주택금융 활성화 방안 연구(Pursuing an efficient housing finance system in Korea under the financial liberalization)

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  • 금융자율화에 대응한 주택금융 활성화 방안 연구(Pursuing an efficient housing finance system in Korea under the financial liberalization)
  • 윤주현; 조영하
  • 국토개발연구원


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Title 금융자율화에 대응한 주택금융 활성화 방안 연구(Pursuing an efficient housing finance system in Korea under the financial liberalization)
Similar Titles
Material Type Reports
Author(Korean)

윤주현; 조영하

Publisher

서울:국토개발연구원

Date 1993-12
Series Title; No 국토연 / 93-12
Pages 160
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Link
Original Format pdf
Subject Economy < Financial Policy
Territorial Development < General
Holding 국토개발연구원

Abstract

The purpose of this study is to direct the evolution of housing finance in Korea corresponding to the economic growth and the rapid change in policy environment.
The housing finance system in Korea is closely tied to the housing sector via distribution system of newly constructed housing units. Only the buyers of contractual savings deposit, who have waited a certain period, are eligible to participate in the lottery to distribute the units. Thus, its funding depends on business cycle in housing sector and the investment incentives like premium to the private sector.
However, business cycle in housing sector is in recess nowadays and anti-speculative policy is pursued. These lead the housing finance in difficulty to respond timely to the increased housing demand and to the rapidly changing environment surrounding financial market.
Financial liberalization including interest rate deregulation and capital market opening is in the process. Housing finance which has been protected by the government regulation is also affected by the financial liberalization.
Deregulation on housing finance will reduce its competitiveness in funding market, which results in shrink of the housing finance. However, capital market liberalization will give the housing finance a great opportunity to expand through the integration of housing finance to the capital market which is expanded by the inflow of foreign capital. Thus, structual revolution of housing finance in Korea is necessary in order to overcome its frictional difficulty and to utilize the opportunity to its long-term development.
In order to figure out the direction of housing finance evolution, the study reviews the international experiences including developing countries as well as developed ones. Housing finance in Korea is at the stage of developing countries which mainly finance housing loan through the direct route and the contractual savings. however, the inefficiency of government intervention and transaction cost increase as the economy grows. Thus, we need to expand the deposit financing and the mortgage bank financing as well as to innovate the contractual savings with tax incentives, which are conditional on the housing loan rather than on the housing unit distribution.
Moreover, strategies of mortgage securitization is also suggested in order to integrate the housing finance to the expanded capital market and to alleviate the liquidity risk of financial institution. However, mortgage securitization should be considered comprehensively with the housing price deregulation and housing finance liberalization.

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본 출판물은 순수한 본연구원의 자체 연구물로서 정부의 정책이나 견해와는 상관없음을 밝혀두는 바입니다.