최근 한국 주택 정책의 장기 효과에 대한 연구open accessOn the Long-Term Effect of Recent Housing Policies in Korea
- Other Titles
- On the Long-Term Effect of Recent Housing Policies in Korea
- Authors
- Seok, Byoung Hoon; You, Hye Mi
- Issue Date
- Jun-2021
- Publisher
- 한국경제학회
- Keywords
- 주택 정책; 주택 가격; 가계 부채; 이질적 경제주체; Housing Policies; House Prices; Household Debt; Heterogeneous Agents
- Citation
- The Korean Economic Review, v.37, no.2, pp.199 - 223
- Indexed
- SSCI
SCOPUS
KCI
- Journal Title
- The Korean Economic Review
- Volume
- 37
- Number
- 2
- Start Page
- 199
- End Page
- 223
- URI
- https://scholarworks.bwise.kr/hanyang/handle/2021.sw.hanyang/141727
- DOI
- 10.22841/kerdoi.2021.37.2.001
- ISSN
- 0254-3737
- Abstract
- This paper explores the long-term effect of recent housing policies in Korea. Using a twosector general equilibrium model with heterogeneous agents, we conduct three policy experiments: i) a reduction in the loan-to-value (LTV) ratio; ii) an increase in the house acquisition tax rate; iii) an increase in the property tax rate. We find that all three policies increase the relative price of housing structures in the long run, yet their quantitative effect is small, and that the reduced LTV ratio is effective in reducing the household debt.
Heterogeneous responses to these policies depending on household wealth are crucial in these results.
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