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, 2022

A Search and Matching Model of the Housing Market and the Dynamic Effects of Financial Shocks
주택시장 매칭모형과 금융비용 충격의 동태적 효과

Weh-Sol Moon
문외솔

Hous. Finance Res. 2022;6(2):5-49.
https://doi.org/10.52344/hfr.2022.6.2.5

I build up a dynamic search-matching model in both the housing and financial markets in which housing construction is characterized by time-to-build. I calibrate the model to match the key features of the Korean housing market. I examine the dynamic effects of a cost shock that affects the financial institutions issuing loans. An increase in financial costs reduces the financiers’ entry and the home-buyer’s probability of obtaining a loan. Since the value from owning a home tends to decrease while the value from renting a home tends to incr...
Article

Dec 31, 2022

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

This study examines whether the change in base rate affects the initial yield spread of mortgage-backed securities in Korea. We classify the whole period into increase or decrease base rate periods and we analyze which factors such as macroeconomic conditions, bond and housing market factors, and mortgage-backed securities (MBS) characteristics mainly affect the MBS initial yield spread. We find that the leading economic index positively (negatively) affects MBS initial yield spread during the increase (decrease) base rate period. In addition, ...
Article

Dec 31, 2022

Analysis of Effects of Digital Finance Characteristics on Housing Finance Intention
디지털 금융 특성이 주택 금융 활용 의도성에 미치는 영향 분석

Sungho Hu
허성호

Hous. Finance Res. 2022;6(2):73-97.
https://doi.org/10.52344/hfr.2022.6.2.73

This paper aims to assess the influence of individual and organization on facilitating the housing finance. The research design is composed of a crossed factorial design of digital literacy and digital financial stability. The variables used in the investigation are perceived digital finance, perceived reverse mortgage, perceived mortgage, and housing finance intention. As a result, the digital literacy had a significant effect on perceived reverse mortgage, perceived mortgage, housing finance intention. The digital financial stability had a si...
Article

Dec 31, 2022

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

Based on the finance panel survey data of the Korea Institute of Public Finance, this study investigates the factors of households’ microscopic decision to join the reverse mortgage loan (“RML” hereafter). The result of this study implies that, instead of optimal decision making which considers the necessity of the old age income security, arbitrary judgement is generally prevalent in the choice of whether to join the RML. This property of insufficient rationality in RML application is deemed to come from the poor level of utilization whi...
Article

Dec 31, 2022

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

In this paper, I analyze the spillover effects in apartment Sales, Chonsei, and Monthly Rent Markets. I measure the volatility spillover effect using the method of Diebold & Yilmaz. First, I find that spillover effects exist between the apartment sales price index, the Chonsei price index, and the monthly rent price index in Korea real estate markets. Second, I find that the apartment sales and Chonsei prices lead the rent price. Third, I confirm that the trading market leads the monthly rental market and the Chonsei market leads the monthl...
Article

Dec 31, 2022

A Study on the Determinants of Death Insurance-Linked Housing Pension Subscription
사망보험금 주택연금 가입결정요인 연구

Sunju Kim
김선주

Hous. Finance Res. 2022;6(2):143-164.
https://doi.org/10.52344/hfr.2022.6.2.143

This study analyzed the decision-making factors for joining the Death Insurance-linked Housing Pension based on the survey. The analysis method used a binary logit model. The analysis results are as follows. First, about 57% of the respondents were willing to join. Second, groups with a relatively high ratio of intention to join were male, over 70 years old, unmarried, multi-person households, high school graduates or younger, and residents of Seoul. Groups with relatively low ratio of intention to join were women, under 70 years old, spouses, ...

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CURRENT ISSUE: Dec 2022, Vol. 6 , No. 2

Article A Search and Matching Model of the Housing Market and the Dynamic Effects of Financial Shocks 주택시장 매칭모형과 금융비용 충격의 동태적 효과 Weh-Sol Moon 문외솔 Hous. Finance Res. 2022;6(2):5-49. https://doi.org/10.52344/hfr.2022.6.2.5 HTML PDF PubReader	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
Article Analysis of Effects of Digital Finance Characteristics on Housing Finance Intention 디지털 금융 특성이 주택 금융 활용 의도성에 미치는 영향 분석 Sungho Hu 허성호 Hous. Finance Res. 2022;6(2):73-97. https://doi.org/10.52344/hfr.2022.6.2.73 HTML PDF PubReader	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
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	Article A Study on the Determinants of Death Insurance-Linked Housing Pension Subscription 사망보험금 주택연금 가입결정요인 연구 Sunju Kim 김선주 Hous. Finance Res. 2022;6(2):143-164. https://doi.org/10.52344/hfr.2022.6.2.143 HTML PDF PubReader

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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 Last 3 months views: 405	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: 312
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: 292	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 Last 3 months views: 266
Article An Analysis of Home Ownership by Age Group: Focusing on the Income Effect and Debt Effect 연령대별 주택 점유형태 분석: 소득효과와 부채효과를 중심으로 Seung-Gyu Sim 심승규 Hous. Finance Res. 2022;6(1):5-28. https://doi.org/10.52344/hfr.2022.6.1.5 HTML PDF PubReader Last 3 months views: 263	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 Last 3 months views: 248
Article A Study on the Period of Actual Residence in the First Home of a Lifetime 생애 첫 주택 거주 기간에 관한 연구 Seung-Gyu Sim, Soo Hyun Oh 심승규, 오수현 Hous. Finance Res. 2022;6(1):29-53. https://doi.org/10.52344/hfr.2022.6.1.29 HTML PDF PubReader Last 3 months views: 234	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: 187
Article A Study on the Characteristics of Reverse Mortgage Member by Household Type Using Logit Model 로짓 모형을 활용한 가구 유형별 주택연금 가입자 특성 분석 Hee-Jeong Hong 홍희정 Hous. Finance Res. 2021;5(1):93-111. https://doi.org/10.52344/hfr.2021.5.1.93 HTML PDF PubReader Last 3 months views: 182	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: 139