Changing Conditions and Quality of Housing
Tóm tắt
This article analyzes the major trends and features of the housing market. It also reviews governmental programs and policies in light of the critical issues facing this market. Our analysis reveals that the quantity and quality of housing stock for the average Korean has improved greatly over the past four decades due partly to the government's extensive involvement in land development and price regulation. The onset of the economic crisis in November 1997 prompted the government to abolish the various forms of regulations and encourage house financing by the private sector. Since then, housing types have become more diversified and a closer linkage has been established between the capital market and the housing industry. At the same time, the stock of small houses for the poor has fallen off sharply. Accordingly, the government should consider providing more financial resources for low-income housing.
Tài liệu tham khảo
Ha, S.K.: 2000, 'Evaluation of housing policies and new insights', in S.K. Ha (ed.), Housing, City, and Public Interest (in Korean) (Park Yong Sa, Seoul).
Kim, K.Y.: 1993, 'Housing policies in the 1990s', in K.Y. Kim and Werner Puschra (eds.), Housing Policy in the 1990s: European Experiences and Implications for Korea (KDI Press).
Korea Development Institute: 2000, Changing Environments of Housing Finance Market and Management of National Housing Fund (in Korean) (Korea Development Institute, Seoul).
Lee, J.H. and J.S. Huh: 1993, 'Institutionalizing Chonsei deposit finance', Housing Finance (162) (in Korean), pp. 1-29.
Park, S.Y.: 2001, 'An analysis of Korean public rental housing: In comparison to advanced countries', mimeo (in Korean) (Korean National Housing Corporation, Seoul).
Park, W.A. and K.Y. Kim: 1993, 'Homeownership, savings and Chonsei system in Korea', Review of Finance (15) (in Korean), pp. 81-111.
Park, Y.T. and S.O. Kim: 1999, '1999 housing finance demand analysis', Housing Finance (218) (in Korean), pp. 60-80.
Renaud, B.: 1989, 'Compounding financial repression with rigid urban regulations: Lessons of the Korea housing market', Review of Urban and Regional Development Studies 1(1), pp. 3-22.
Shin, J.C. and B.S. Min: 1999, Evaluation of the Capital Region New Towns (in Korean) (Korea Research Institute for Human Settlements, Seoul).
Son, J.Y.: 1997, 'A review of the Korean housing market and related policies', Review of Urban and Regional Development Studies 9(1), pp. 80-99.
Yoon, H.I.: 1995, 'Housing finance in Korea: Current state and future challenges', mimeo (in Korean), (Korea Housing Bank, Seoul).