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

Jun 30, 2024

Analysis of the Change in the Mortgage-Backed Securities (MBS) Spread: Before and After Launching the 30-Year Maturity Tranche
주택저당증권(Mortgage-Backed Securities, MBS)의 구조변화 분석: 30년 만기 도입 전·후의 비교

Byungkwon Lim, Hyungkeun Kim
임병권, 김형근

Hous. Finance Res. 2024;8(1):5-26.
https://doi.org/10.52344/hfr.2024.8.1.5

This study investigates structural changes in the coupon rate of the mortgage-backed securities (MBS) issued by the collateralized mortgage obligations (CMO) of the Korea Housing Finance Corporation before and after the introduction of the 30-year maturity tranche. We analyzed the changes in spread before and after the introduction of the 30-year maturity tranche, changes in term premiums (spread differences) between various maturities, and the relationship between investor trading behavior in the bond market and changes in term premiums. We fo...
Article

Jun 30, 2024

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

This study evaluates the effectiveness of real estate financial regulation policies using a difference-in-differences quantile regression model. To assess the effect of these policies, we divided Seoul and its metropolitan areas into periods of strengthened or relaxed financial regulations. We then estimated the variation in apartment transaction prices before and after these policy changes across different quantiles. The results of analysis indicated that real estate financial regulation policies were statistically significant only in the fift...
Article

Jun 30, 2024

Migration Distance and Housing Tenure Choice: Information Uncertainty on Local Housing Markets and Migration across Regions
이주거리와 주택점유형태: 지역주택시장에 대한 정보의 불확실성과 권역 간 이주

Sung Hyo Hong
홍성효

Hous. Finance Res. 2024;8(1):55-76.
https://doi.org/10.52344/hfr.2024.8.1.55

According to the literature on the relationship between the migration distance and housing tenure choice, the probability of occupying a housing unit as an owner is lower with a longer migration distance due to insufficient information on the housing market at the destination. Furthermore, this study empirically demonstrates that the insufficiency of information appears with the migration across the border of regions rather than simply depending on the distance of migration. In Korea, locality across regions has been obvious from the past and m...
Article

Jun 30, 2024

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

The purpose of this study is to determine which demand factor, between investment and residential services, has mainly driven apartment prices in Korea. For this purpose, rental-purpose transaction-volume data were constructed based on transaction-level data. Using these data, investment demand, residential demand, and supply shocks were identified using a sign-restricted structural vector autoregression (VAR) model. The constructed rental-purpose transaction volume data showed similar levels and trends to comparable but shorter data calculated...
Article

Jun 30, 2024

Factors Affecting the Volume of Unsold Housing by Period using Vector Error Correction Model (VECM)
벡터오차수정모형을 이용한 시기별 미분양주택 영향요인 분석

Giyoung Yaung
양지영

Hous. Finance Res. 2024;8(1):99-131.
https://doi.org/10.52344/hfr.2024.8.1.99

Unsold housing is one of the most important housing market indicators. Depending on the timing and scale of unsold housing, the supply and demand for housing can be judged, and this can be a good indicator of the housing market. This study investigates the correlation between the housing sales price index, housing rental price index, mortgage interest rate, money supply, consumer price index, exchange rate, and housing construction permit performance and the number of unsold housing units. The vector error correction model was used to analyze t...

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CURRENT ISSUE: Jun 2024, Vol. 8 , No. 1

Article Analysis of the Change in the Mortgage-Backed Securities (MBS) Spread: Before and After Launching the 30-Year Maturity Tranche 주택저당증권(Mortgage-Backed Securities, MBS)의 구조변화 분석: 30년 만기 도입 전·후의 비교 Byungkwon Lim, Hyungkeun Kim 임병권, 김형근 Hous. Finance Res. 2024;8(1):5-26. https://doi.org/10.52344/hfr.2024.8.1.5 HTML PDF PubReader	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
Article Migration Distance and Housing Tenure Choice: Information Uncertainty on Local Housing Markets and Migration across Regions 이주거리와 주택점유형태: 지역주택시장에 대한 정보의 불확실성과 권역 간 이주 Sung Hyo Hong 홍성효 Hous. Finance Res. 2024;8(1):55-76. https://doi.org/10.52344/hfr.2024.8.1.55 HTML PDF PubReader	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
Article Factors Affecting the Volume of Unsold Housing by Period using Vector Error Correction Model (VECM) 벡터오차수정모형을 이용한 시기별 미분양주택 영향요인 분석 Giyoung Yaung 양지영 Hous. Finance Res. 2024;8(1):99-131. https://doi.org/10.52344/hfr.2024.8.1.99 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: 1142	Article Analysis of the Characteristics of the Vulnerable Class of Housing: Focusing on the Residents of the Gosiwon and Small Room 주거취약계층의 특성 분석: 고시원·쪽방 거주자를 중심으로 Hee-Jeong Hong 홍희정 Hous. Finance Res. 2021;5(2):105-133. https://doi.org/10.52344/hfr.2021.5.2.105 HTML PDF PubReader Last 3 months views: 1032
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: 826	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 Last 3 months views: 749
Article The Impact of Legal Requirements on Global REITs Operational Performance: A Data Envelopment Analysis Approach 글로벌 상장 리츠의 운용 효율성 추정과 제도효과 연구 Kwang Uk Kim 김광욱 Hous. Finance Res. 2021;5(1):5-26. https://doi.org/10.52344/hfr.2021.5.1.5 HTML PDF PubReader Last 3 months views: 697	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: 692
Article Analysis of the Change in the Mortgage-Backed Securities (MBS) Spread: Before and After Launching the 30-Year Maturity Tranche 주택저당증권(Mortgage-Backed Securities, MBS)의 구조변화 분석: 30년 만기 도입 전·후의 비교 Byungkwon Lim, Hyungkeun Kim 임병권, 김형근 Hous. Finance Res. 2024;8(1):5-26. https://doi.org/10.52344/hfr.2024.8.1.5 HTML PDF PubReader Last 3 months views: 628	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: 613
Article Analysis on Factors of Households’ Microscopic Decision to Join the Reverse Mortgage Loan 주택연금의 미시적 가입 의사결정 요인의 분석 Byung Wook Jun 전병욱 Hous. Finance Res. 2022;6(2):99-122. https://doi.org/10.52344/hfr.2022.6.2.99 HTML PDF PubReader Last 3 months views: 609	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: 601