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Korean jeonse and mortgage market after global financial crisis : An aggregate and micro-level analysis

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  • Korean jeonse and mortgage market after global financial crisis
  • Park,Min Jeong; Park, Sunyoung
  • Korea Advanced Institute of Science and Technology


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Title Korean jeonse and mortgage market after global financial crisis
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Sub Title

An aggregate and micro-level analysis

Material Type Reports
Author(English)

Park,Min Jeong; Park, Sunyoung

Publisher

[Daejeon, South Korea]:Korea Advanced Institute of Science and Technology

Date 2016-03
Pages 53
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic System
Social Development < Others
Holding SSRN

Abstract

This paper empirically analyzes the market for Jeonse and housing finance in South Korea, from multiple angles. Jeonse, a unique lease contract in Korea, is essentially a repurchase agreement where the owner borrows from the tenant, with the house as collateral. As a lease contract for the tenent and a private loan contract to the owner at the same time, it is considered as bilateral collaterilization. Our research goal is to empirically analyze whether under-developed housing finance is partly attributable to the popularity of Jeonse or that the dominance of Jeonse has prevented mortgage market from developing. We also observe how their relationship changes after the 2008-09 global financial crises, using both macro- and micro-level data. Our dataset consists of Ministry of LIT's housing transaction data, hand-collected auction transaction data from 'GoodAuction', along with KB Housing indices and mortgage data from BOK. (The rest omitted)