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, 2025

An Analysis of the Interconnectedness Between Mortgage Backed Securities (MBS) and Other Bond Products
주택저당증권(Mortgage Backed Securities, MBS)과 채권 상품 간 상호연계성 분석

Han Ik Jang, Byungkwon Lim
장한익, 임병권

Hous. Finance Res. 2025;9(1):5-37.
https://doi.org/10.52344/hfr.2025.9.1.5

This study analyzes the interconnectedness between the mortgage-backed securities (MBS) index and other bond indices, such as government, public agency, financial, and corporate bonds, from January 2017 to December 2024. We employ a Bayesian vector autoregressive (VAR) model to identify the relationships between MBS and other bonds and then estimate spillover effects using Diebold & Yilmaz’s spillover index. The main findings of this study are twofold. First, we find that changes in MBS are highly synchronized with corporate bonds, while ...
Article

Jun 30, 2025

Policy Changes and Challenges in Response to Low Growth: The Impact of Policy Loan Changes on Newlywed and Multi-Child Households
저성장기 대응 주택 정책의 변화와 과제: 디딤돌 대출 정책의 변화가 신혼 및 다자녀 가구에 미치는 영향을 중심으로

Kang Seok Kim, Jung Eun Park
김강석, 박정은

Hous. Finance Res. 2025;9(1):39-57.
https://doi.org/10.52344/hfr.2025.9.1.39

This study investigates how policy changes in Korea’s government-supported mortgage program, the Didimdol Loan program, have influenced the composition of its beneficiaries. Focusing on newly-wed couples and multi-child households, this study analyzes two major policy shifts: the easing of income eligibility criteria in 2018 and the expansion of loan limits in 2022. Using loan-level data from a commercial bank, this study applies a difference- in-differences approach to evaluate changes in loan accessibility and volume before and after each p...
Article

Jun 30, 2025

Investigating Momentum Effects in Home Prices: Evidence from Transaction-Level Data in South Korea

Dong-Jin Pyo

Hous. Finance Res. 2025;9(1):59-107.
https://doi.org/10.52344/hfr.2025.9.1.59

This study investigates momentum effects in South Korea’s housing market using a unique monthly transaction-level dataset covering seven major metropolitan areas from 2010 to 2023. We employ a Bayesian hierarchical model that captures regional heterogeneity at both the city and district levels. The results reveal that while the national average momentum effect is mean-reverting, certain regions, most notably Seoul, exhibit relatively strong, localized positive momentum in housing price changes. These findings challenge the blanket applicabili...
Article

Jun 30, 2025

The Effects of Asset Composition on Life Satisfaction of Older Adults: Focused on Real Estate Asset Ownership and Residential Characteristics
고령가구의 자산구성이 삶의 만족도에 미치는 영향: 부동산자산 소유와 주거 특성을 중심으로

Hoil Lee, SeungHan Ro, SuMin Lee
이호일, 노승한, 이수민

Hous. Finance Res. 2025;9(1):109-133.
https://doi.org/10.52344/hfr.2025.9.1.109

This study analyzes the effects of asset composition and housing characteristics on life satisfaction among the older adult population in Korea. Using data from the Korean longitudinal study of aging (KLoSA), this study constructs a regression model incorporating demographic, health, economic, and relational variables along with asset structure and housing type as key independent variables. The analysis reveals that the qualitative composition of assets—rather than the total amount—significantly influenced the life satisfaction of older adu...
Article

Jun 30, 2025

The Impact of Housing Renewal Projects on Jeonse Prices in Nearby Areas
정비사업이 인근 지역의 전세 가격에 미치는 영향

Geonho Yoo, Myounggu Kang
유건호, 강명구

Hous. Finance Res. 2025;9(1):135-157.
https://doi.org/10.52344/hfr.2025.9.1.135

This study analyzes the impact of demolition and completion associated with urban redevelopment projects on nearby jeonse (long-term rental deposit) prices. By employing a repeat sales model at the transaction-pair level, the analysis overcomes the spatial and temporal limitations of previous studies based on administrative district-level data. The results indicate that for every 1,000 demolished housing units, jeonse prices within a 1 km radius declined by up to 1.05% eight months prior to demolition, followed by a short-term increase of 0.69%...
Article

Jun 30, 2025

Analysis of Gentrification Risk and Determinants in Polycentric Commercial Districts: Application of Machine Learning-Based Prediction Models and Spatial Analysis Techniques
다핵 상권 젠트리피케이션 위험도 및 결정요인 분석: 머신러닝 기반 예측 모델과 공간분석 기법을 적용하여

Dong Young Lee, Sang Hoon Kang
이동영, 강상훈

Hous. Finance Res. 2025;9(1):159-199.
https://doi.org/10.52344/hfr.2025.9.1.159

This study analyzes gentrification risk and its determinants across 214 commercial districts in Busan Metropolitan City by applying machine learning techniques and spatial econometric methodologies. The analysis reveals that developed commercial districts exhibit the highest risk (0.454), followed by traditional markets (0.449) and alley-based commercial districts (0.433). Feature importance analysis based on the light gradient boosting machine model identifies tourism characteristics, population density, and changes in business diversity as th...

CURRENT ISSUE: Jun 2025, Vol. 9 , No. 1

Article An Analysis of the Interconnectedness Between Mortgage Backed Securities (MBS) and Other Bond Products 주택저당증권(Mortgage Backed Securities, MBS)과 채권 상품 간 상호연계성 분석 Han Ik Jang, Byungkwon Lim 장한익, 임병권 Hous. Finance Res. 2025;9(1):5-37. https://doi.org/10.52344/hfr.2025.9.1.5 HTML PDF PubReader	Article Policy Changes and Challenges in Response to Low Growth: The Impact of Policy Loan Changes on Newlywed and Multi-Child Households 저성장기 대응 주택 정책의 변화와 과제: 디딤돌 대출 정책의 변화가 신혼 및 다자녀 가구에 미치는 영향을 중심으로 Kang Seok Kim, Jung Eun Park 김강석, 박정은 Hous. Finance Res. 2025;9(1):39-57. https://doi.org/10.52344/hfr.2025.9.1.39 HTML PDF PubReader
Article Investigating Momentum Effects in Home Prices: Evidence from Transaction-Level Data in South Korea Dong-Jin Pyo Hous. Finance Res. 2025;9(1):59-107. https://doi.org/10.52344/hfr.2025.9.1.59 HTML PDF PubReader	Article The Effects of Asset Composition on Life Satisfaction of Older Adults: Focused on Real Estate Asset Ownership and Residential Characteristics 고령가구의 자산구성이 삶의 만족도에 미치는 영향: 부동산자산 소유와 주거 특성을 중심으로 Hoil Lee, SeungHan Ro, SuMin Lee 이호일, 노승한, 이수민 Hous. Finance Res. 2025;9(1):109-133. https://doi.org/10.52344/hfr.2025.9.1.109 HTML PDF PubReader
Article The Impact of Housing Renewal Projects on Jeonse Prices in Nearby Areas 정비사업이 인근 지역의 전세 가격에 미치는 영향 Geonho Yoo, Myounggu Kang 유건호, 강명구 Hous. Finance Res. 2025;9(1):135-157. https://doi.org/10.52344/hfr.2025.9.1.135 HTML PDF PubReader	Article Analysis of Gentrification Risk and Determinants in Polycentric Commercial Districts: Application of Machine Learning-Based Prediction Models and Spatial Analysis Techniques 다핵 상권 젠트리피케이션 위험도 및 결정요인 분석: 머신러닝 기반 예측 모델과 공간분석 기법을 적용하여 Dong Young Lee, Sang Hoon Kang 이동영, 강상훈 Hous. Finance Res. 2025;9(1):159-199. https://doi.org/10.52344/hfr.2025.9.1.159 HTML PDF PubReader

MOST READ ARTICLE

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: 2083	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: 1766
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: 1594	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: 1570
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: 1441	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: 1376
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 Last 3 months views: 1361	Article Determinants of Housing Environment of Independent Households among Young People 청년층 독립가구의 주거환경 결정요인 분석: 주택 점유형태와 주택유형 결정요인을 중심으로 Kwanghoon Hwang 황광훈 Hous. Finance Res. 2023;7(2):31-54. https://doi.org/10.52344/hfr.2023.7.2.31 HTML PDF PubReader Last 3 months views: 1301
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MOST CITED ARTICLE

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