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The impact of government intervention on housing markets in Korea

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  • The impact of government intervention on housing markets in Korea
  • Kim, Kyung-Hwan;
  • Unknown


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Title The impact of government intervention on housing markets in Korea
Similar Titles
Material Type Articles
Author(English)

Kim, Kyung-Hwan

Publisher

[Seoul]:Unknown

Date 2002-09
Pages 25
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Original Format pdf
Subject Territorial Development
Government and Law
Holding Sogang University

Abstract

The Korean housing sector is characterized by pervasive and direct government intervention. Preoccupied with occasional price hikes faced with housing shortages, government has controlled the markets for housing output as well as of two major factors of production, i.e. land and finance. Complex layers of regulations have made housing supply irresponsive to changing demand, and prone to instability. Such interventionist approach has made some contribution to improving the nation’s housing conditions especially since the mid-1980s, but probably at unjustifiably large costs. Moreover, the benefits from policy programs have not accrued to those who deserve them. In light of this, a new and more enabling approach appears necessary in the future. But whether government can pull out a major policy reform is questionable given the political constraints. (The rest omitted)

User Note

This paper has been prepared for the special issue of Cities on the impact of government intervention on housing markets in Asia. A research grant from the Center for Free Enterprises is grate fully acknowledged .