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주택자금대출시장의 개선방안 연구(The study on the improvement of the housing finance market)

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  • 주택자금대출시장의 개선방안 연구(The study on the improvement of the housing finance market)
  • 손경환; 박천규
  • 국토연구원


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Title 주택자금대출시장의 개선방안 연구(The study on the improvement of the housing finance market)
Similar Titles
Material Type Reports
Author(Korean)

손경환; 박천규

Publisher

경기도:국토연구원

Date 2003-12
Series Title; No 국토연 / 2003-30
ISBN 89-8182-264-6
Pages 150
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Link
Original Format pdf
Subject Economy < Financial Policy
Territorial Development < General
Holding 국토연구원

Abstract

In recent years, the housing finance market has grown quickly in Korea because of a cheap money policy, the enlargement of household lending and the revival of the real estate industry. However, it caused several side effects such as the radical rising of the real estate price, the collapse of the household economy and so on. Besides, these conditions could be more serious if the monetary policy changes and the assets’ value decreases in the near future.
In these regards, the government has introduced new housing finance policies for supporting the government’s efforts to restrain the housing lending and to counter the inflation of real estate.
The purposes of the study are to analyze the present situation and problems of the housing finance market in Korea and to provide concrete suggestions on the improvement of the housing finance policy measures.
This report comprises of six chapters. Following the introduction in Chapter I, Chapter II explains the present situation of the housing finance market in Korea. The restrictions on the housing finance market have been removed since the currency crisis. And just then the relative importance of private banks has increased and the competition for the market share in the field of housing finance among banking facilities has been keen in the side of the interest, the repayment type and the term structure. According to the result of the survey analysis, the term of lending has been getting shorter and especially the ratio of the short-term lending less than three years picked up considerably among the people who loaned out before the year 2000. Compared by income level, PTI of the low-income bracket is twice as high as that of the high-income bracket. It means that it is much more difficult for the low-income bracket to make a housing purchase.
The consumer and supplier behaviors for the housing lending are empirically analyzed in Chapter III. First, through the probit-model and the regression-analysis we estimated the probability of the choice between long-term and short-term lending instruments and the housing-demand function respectively. Second, through Value-at-Risk, we computed the market risk of housing lending and finally estimated the reasonable LTV ratio which was analyzed out 62.4% at a 95% confidence level and 55.1% at a 99% confidence level.
In Chapter IV, based on the theoretical and experimental overview of the housing finance market in advanced foreign countries, it concludes that the establishment of the resolute standard for lending based on the affordability, not the collateral value, and the hedge measures to effectively control the financial risks need to Korea for the improvement of the housing finance market.
Chapter V suggests that the improvement of housing finance policy measures which support the achievement of transparency and wholesome environment of the housing finance market including secondary mortgage market.
Summary and conclusion are attached in the last chapter.

User Note

이 연구보고서의 내용은 국토연구원의 자체 연구물로서 정부의 정책이나 견해와는 상관없습니다.