주택금융연구(Housing Finance Research)

About Housing Finance Research

주택금융연구는 한국주택금융공사의 공식학술지로서 주택금융시장, 주택금융정책, 주택금융상품, 주택금융정보기술 등 주택금융과 관련된 학문분야에서 이론적, 실증적, 정책적인 가치를 지니는 전문적이고 창의적인 연구논문들을 게재함으로써, 연구발표의 장과 학문토론의 기회를 제공하고 아울러 주택금융지식의 축적과 교육에도 기여함을 목적으로 합니다.
Article

Dec 31, 2024

Examining a Non-Linear Relationship Between Housing Price Shocks and Credit Growth in a Threshold Vector Autoregressive (TVAR) Model
주택가격과 가계대출의 비선형관계 분석: 임계 벡터자기회귀모형을 중심으로

Weh-Sol Moon
문외솔

Hous. Finance Res. 2024;8(2):5-37.
https://doi.org/10.52344/hfr.2024.8.2.5

This study examines a non-linear relationship between housing prices, interest rates, and credit growth, depending on the state of economic activity. Using the industrial production index, inflation rate, CD rate, the housing price index, and total household debt, I estimate a structural threshold vector autoregression model, wherein the threshold variable is set to the real housing price growth. The two different regimes are identified based on the threshold value, which is estimated at 2.13 percent. I find that the non-linear relationship bet...
Article

Dec 31, 2024

Speculative Nature of the Housing Market and Household Polarization: A Portfolio Theory Perspective
주택시장의 투기적 성격과 가계 양극화: 포트폴리오 이론의 관점에서

Jong Ho Choi, Chang Won Choi, Jong Won Yoon
최종호, 최창원, 윤종원

Hous. Finance Res. 2024;8(2):39-69.
https://doi.org/10.52344/hfr.2024.8.2.39

This study explains the phenomenon of wealth polarization in South Korea, focusing on the inclusion of housing as an investment asset in household portfolios. The concept of distance between tangency portfolios on the maximum Sharpe ratio line was introduced to illustrate the differences arising from housing ownership in portfolio composition. Mortgage constraints were incorporated into the model to account for the high unit cost and indivisibility of real estate, and this analysis was applied to apartments in Seoul and the greater metropolitan...
Article

Dec 31, 2024

An Analysis of Inter-regional Spillovers in Housing Price Movements
주택가격 변동의 지역간 파급효과 분석

Seong-Min Yoon
윤성민

Hous. Finance Res. 2024;8(2):71-103.
https://doi.org/10.52344/hfr.2024.8.2.71

This study analyzes the inter-regional spillover effects of the apartment sales market. The empirical analysis is conducted using connectedness network analysis, wavelet decomposition, and Granger causality test on monthly apartment sales price indices in Seoul (overall, Gangbuk, and Gangnam) and six regional metropolitan areas from January 1986 to December 2023. The main results of the empirical analysis are as follows. First, the synchronization of housing prices across regions has been strengthened during the early stages of the COVID-19 pan...
Article

Dec 31, 2024

Momentum Effect and Turnover Rate in the Seoul Metropolitan Housing Market
수도권 주택시장의 모멘텀 효과와 거래 회전율

Yun Ho Choi
최윤호

Hous. Finance Res. 2024;8(2):105-125.
https://doi.org/10.52344/hfr.2024.8.2.105

This study systematically analyzes momentum effects in the housing market of the Seoul metropolitan area, focusing on sub-markets, periods of price increases and decreases, and transaction turnover rates. The analysis reveals a strong momentum effect in the metropolitan housing market, which tends to be more pronounced during periods of price increases. The momentum effect was particularly evident in Gyeonggi Province compared to that in other regions. Furthermore, using the capital asset pricing model, the study identified excess returns that ...
Article

Dec 31, 2024

A Study on the Determinants of Unsold Housing in Korea: Focusing on Metropolitan and Non-metropolitan Areas
국내 주택 미분양 결정요인에 관한 연구: 수도권과 비수도권을 중심으로

Hoil Lee, JunMyeong Heo, Seunghan Ro
이호일, 허준명, 노승한

Hous. Finance Res. 2024;8(2):127-148.
https://doi.org/10.52344/hfr.2024.8.2.127

This study attempted to identify, using macroscopic indicators, the determinants of unsold and constructed unsold housing across the country, in metropolitan and non-metropolitan areas. The study’s temporal range was monthly data from January 2015 to July 2024. The main results of this study, according to the above research purpose and content, are as follows. First, a rise in the home sales price index, which increases demand for real estate, leads to a rise in home sale prices and a decline in the number of unsold and post-construction unso...
Article

Dec 31, 2024

Study on Spillover Effects in the Korean Housing Market Using the Frequency Connectedness Approach
주파수 연계성 방법을 적용한 국내 주택 시장의 정보 전이효과 연구

Seri Park, BuKwon Kim
박세리, 김부권

Hous. Finance Res. 2024;8(2):149-175.
https://doi.org/10.52344/hfr.2024.8.2.149

This study applies the frequency-domain connectedness method, proposed by Baruník & Křehlík, to analyze spillover effects in regional real estate markets. Using apartment sale price indices from 17 metropolitan areas in South Korea between December 2012 and August 2024, the study examines the interconnectedness of housing markets in the short- (1–3 months), medium- (4–12 months), and long-term (over 12 months) horizons. The findings reveal that total connectedness increases over time, with Seoul emerging as a critical information hub...
Article

Dec 31, 2024

Causal Relationship Between the Number of KTX Users, Population, and Housing Market: Focusing on Small- and Medium-Sized Cities on the Gangneung and Jungang Lines
KTX 이용객수, 인구, 주택시장 간 상호 영향분석: 강릉·중앙선 중소도시 중심으로

Yong Rae Kim
김용래

Hous. Finance Res. 2024;8(2):177-197.
https://doi.org/10.52344/hfr.2024.8.2.177

This study compared and analyzed the mutual causal relationship between the number of Korea Train Express (KTX) users, population, and housing market (housing prices, transaction volume) after the opening of KTX, focusing on the number of KTX users in small- and medium-sized cities on the Gangneung and Jungang Lines. The Granger causality test was used for the analysis. The results of this study are summarized as follows. First, since the opening of KTX, the number of its users has significantly affected the population growth rate, housing tran...

CURRENT ISSUE: Dec 2024, Vol. 8 , No. 2

Article Examining a Non-Linear Relationship Between Housing Price Shocks and Credit Growth in a Threshold Vector Autoregressive (TVAR) Model 주택가격과 가계대출의 비선형관계 분석: 임계 벡터자기회귀모형을 중심으로 Weh-Sol Moon 문외솔 Hous. Finance Res. 2024;8(2):5-37. https://doi.org/10.52344/hfr.2024.8.2.5 HTML PDF PubReader	Article Speculative Nature of the Housing Market and Household Polarization: A Portfolio Theory Perspective 주택시장의 투기적 성격과 가계 양극화: 포트폴리오 이론의 관점에서 Jong Ho Choi, Chang Won Choi, Jong Won Yoon 최종호, 최창원, 윤종원 Hous. Finance Res. 2024;8(2):39-69. https://doi.org/10.52344/hfr.2024.8.2.39 HTML PDF PubReader
Article An Analysis of Inter-regional Spillovers in Housing Price Movements 주택가격 변동의 지역간 파급효과 분석 Seong-Min Yoon 윤성민 Hous. Finance Res. 2024;8(2):71-103. https://doi.org/10.52344/hfr.2024.8.2.71 HTML PDF PubReader	Article Momentum Effect and Turnover Rate in the Seoul Metropolitan Housing Market 수도권 주택시장의 모멘텀 효과와 거래 회전율 Yun Ho Choi 최윤호 Hous. Finance Res. 2024;8(2):105-125. https://doi.org/10.52344/hfr.2024.8.2.105 HTML PDF PubReader
Article A Study on the Determinants of Unsold Housing in Korea: Focusing on Metropolitan and Non-metropolitan Areas 국내 주택 미분양 결정요인에 관한 연구: 수도권과 비수도권을 중심으로 Hoil Lee, JunMyeong Heo, Seunghan Ro 이호일, 허준명, 노승한 Hous. Finance Res. 2024;8(2):127-148. https://doi.org/10.52344/hfr.2024.8.2.127 HTML PDF PubReader	Article Study on Spillover Effects in the Korean Housing Market Using the Frequency Connectedness Approach 주파수 연계성 방법을 적용한 국내 주택 시장의 정보 전이효과 연구 Seri Park, BuKwon Kim 박세리, 김부권 Hous. Finance Res. 2024;8(2):149-175. https://doi.org/10.52344/hfr.2024.8.2.149 HTML PDF PubReader
Article Causal Relationship Between the Number of KTX Users, Population, and Housing Market: Focusing on Small- and Medium-Sized Cities on the Gangneung and Jungang Lines KTX 이용객수, 인구, 주택시장 간 상호 영향분석: 강릉·중앙선 중소도시 중심으로 Yong Rae Kim 김용래 Hous. Finance Res. 2024;8(2):177-197. https://doi.org/10.52344/hfr.2024.8.2.177 HTML PDF PubReader

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Article A Study on Public Housing Policy for Implementing Social Sustainability: Focused on Affordable Housing in Hawaii, USA 사회적 지속가능성 실현을 위한 임대주택 정책에 관한 연구: 미국 하와이주 저렴주택 사례를 중심으로 Junghwa Kim, Hyun Seok Lee 김정화, 이현석 Hous. Finance Res. 2021;5(2):21-60. https://doi.org/10.52344/hfr.2021.5.2.21 HTML PDF PubReader Last 3 months views: 1714	Article A Study on the Impact of Ownership Type on Vacancy Rate 상가의 소유권 형태가 공실률에 미치는 영향에 관한 연구 Hoil Lee, Ji-Na Kim, Jin-Young Kim, Seung Han Ro 이호일, 김지나, 김진영, 노승한 Hous. Finance Res. 2021;5(1):51-72. https://doi.org/10.52344/hfr.2021.5.1.51 HTML PDF PubReader Last 3 months views: 890
Article Housing Market Stabilization and Effectiveness of Real Estate Financial Regulatory Policies: Focusing on Capital Areas and Regional Metropolitan Cities 주택시장 안정화와 부동산 금융규제 정책의 유효성: 수도권과 지방광역시 비교 분석 Kilju Kang 강길주 Hous. Finance Res. 2024;8(1):27-54. https://doi.org/10.52344/hfr.2024.8.1.27 HTML PDF PubReader Last 3 months views: 822	Article Identification of Investment Demand in Korea’s Apartment Market with Transaction-Level Data and Its Impact on Apartment Prices 실거래 자료를 활용한 우리나라 아파트 시장의 투자수요 식별 및 아파트 가격의 변동 요인 분석 Seung Hun Lee 이승훈 Hous. Finance Res. 2024;8(1):77-98. https://doi.org/10.52344/hfr.2024.8.1.77 HTML PDF PubReader Last 3 months views: 758
Article The Effect of Base Rate Changes on Initial Yield Spread of Mortgage-Backed Securities in Korea 국내 기준금리 변동이 MBS(Mortgage-Backed Securities) 발행금리에 미치는 영향 Byungkwon Lim, Hyungkeun Kim 임병권, 김형근 Hous. Finance Res. 2022;6(2):51-71. https://doi.org/10.52344/hfr.2022.6.2.51 HTML PDF PubReader Last 3 months views: 687	Article Ratio Study to Evaluate the Performance of the Korean Property Tax System: Vertical Equity of Apartment Assessment Price 부동산가격 공시제도 성과평가를 위한 비율분석: 서울시 아파트 공시가격의 수직적 형평성을 중심으로 Su Yeon Jung 정수연 Hous. Finance Res. 2023;7(1):101-130. https://doi.org/10.52344/hfr.2023.7.1.101 HTML PDF PubReader Last 3 months views: 658
Article A Study on the Determinants of Unsold Housing in Korea: Focusing on Metropolitan and Non-metropolitan Areas 국내 주택 미분양 결정요인에 관한 연구: 수도권과 비수도권을 중심으로 Hoil Lee, JunMyeong Heo, Seunghan Ro 이호일, 허준명, 노승한 Hous. Finance Res. 2024;8(2):127-148. https://doi.org/10.52344/hfr.2024.8.2.127 HTML PDF PubReader Last 3 months views: 626	Article A Comparative Study on a Long-Term Housing Strategy of Developed Countries and Cities 해외 주요국 및 도시의 장기주택계획 비교분석 연구 Sungje Jeon 전성제 Hous. Finance Res. 2023;7(1):67-100. https://doi.org/10.52344/hfr.2023.7.1.67 HTML PDF PubReader Last 3 months views: 613
Article A Study on the Effects of Rental Housing Type on Apartment Sales Price: Focus on Seoul 임대주택 유형이 인근 아파트 매매가격에 미치는 영향: 서울지역을 중심으로 Giyoung Yaung, Hyun Seok Lee 양지영, 이현석 Hous. Finance Res. 2023;7(2):77-96. https://doi.org/10.52344/hfr.2023.7.2.77 HTML PDF PubReader Last 3 months views: 610	Article Examining a Non-Linear Relationship Between Housing Price Shocks and Credit Growth in a Threshold Vector Autoregressive (TVAR) Model 주택가격과 가계대출의 비선형관계 분석: 임계 벡터자기회귀모형을 중심으로 Weh-Sol Moon 문외솔 Hous. Finance Res. 2024;8(2):5-37. https://doi.org/10.52344/hfr.2024.8.2.5 HTML PDF PubReader Last 3 months views: 586

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Article An Application of XGBoost, LightGBM, CatBoost Algorithms on House Price Appraisal System 기계학습 알고리즘을 이용한 주택가격감정 시스템의 구축 및 평가: XGBoost, LightGBM, CatBoost 알고리즘에 기반하여 Jengei Hong 홍정의 Hous. Finance Res. 2020;4:33-64. https://doi.org/10.52344/hfr.2020.4.0.33 HTML PDF PubReader Cited by 11	Article The Effect of Regulating Purchase Right Resale on Housing Markets: A Theoretical Approach 분양권 전매제한의 효과에 관한 이론적 모형: 주택 거래 유동성에 대한 논의를 중심으로 Jengei Hong 홍정의 Hous. Finance Res. 2022;6(1):55-77. https://doi.org/10.52344/hfr.2022.6.1.55 HTML PDF PubReader Cited by 2
Article Return Spillover Effects in Apartment Sales, Chonsei, and Monthly Rent Markets 아파트 매매가격, 전세가격 및 월세가격 간의 수익률 전이효과 Daesung Jung 정대성 Hous. Finance Res. 2022;6(2):123-142. https://doi.org/10.52344/hfr.2022.6.2.123 HTML PDF PubReader Cited by 2	Article The Analysis of Regional Leading and Lagging Relations on the House Price Change in S. Korea 주택가격 변화의 지역 간 선·후행관계 분석 Han Ik Jang 장한익 Hous. Finance Res. 2023;7(1):25-66. https://doi.org/10.52344/hfr.2023.7.1.25 HTML PDF PubReader Cited by 2
Article Analyzing Impact of Regulatory Policies on Apartment Sales Returns and Spillover Effects 부동산 규제정책과 부동산매매가격 수익률 전이효과에 관한 연구 Daesung Jung 정대성 Hous. Finance Res. 2023;7(2):97-131. https://doi.org/10.52344/hfr.2023.7.2.97 HTML PDF PubReader Cited by 2	Article 국내 사회주택 공급현황과 지원정책에 관한 사례연구 임병권 Hous. Finance Res. 2018;2:93-108. https://doi.org/10.52344/hfr.2018.2.0.93 HTML PDF PubReader Cited by 1
Article 수도권과 부산/울산 주택가격 비동조화 현상과 원인 백인걸, 최영상 Hous. Finance Res. 2019;3:99-137. https://doi.org/10.52344/hfr.2019.3.0.99 HTML PDF PubReader Cited by 1	Article A Study on the Apartment Sale Price Decision Model Using Vector Error Correction Model (VECM): Focusing on the Housing Market in Changwon City 벡터오차수정모형(VECM: Vector Error Correction Model)을 이용한 아파트 매매가격 결정모형에 관한 연구: 창원시 주택시장을 중심으로 Joo-han Sung 성주한 Hous. Finance Res. 2021;5(1):27-49. https://doi.org/10.52344/hfr.2021.5.1.27 HTML PDF PubReader Cited by 1
Article A Study on Public Housing Policy for Implementing Social Sustainability: Focused on Affordable Housing in Hawaii, USA 사회적 지속가능성 실현을 위한 임대주택 정책에 관한 연구: 미국 하와이주 저렴주택 사례를 중심으로 Junghwa Kim, Hyun Seok Lee 김정화, 이현석 Hous. Finance Res. 2021;5(2):21-60. https://doi.org/10.52344/hfr.2021.5.2.21 HTML PDF PubReader Cited by 1	Article An Analysis of Housing Demand Characteristics in the Metropolitan Area and Non-Metropolitan Areas in South Korea using Heckman's Two-Stage Model 헤크만 2단계 모형을 이용한 수도권과 비수도권의 주택수요 특성분석 Min-ji Lee, Su-yeon Jung 이민지, 정수연 Hous. Finance Res. 2022;6(1):79-101. https://doi.org/10.52344/hfr.2022.6.1.79 HTML PDF PubReader Cited by 1

CURRENT ISSUE: Dec 2024, Vol. 8 , No. 2

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