| Title |
Housing Market Participants' Decision Process and The Dynamics of Ripple Effect on Korean Housing Market - Focusing on The Cause of Housing Market Stagnation and Housign Policies After 2008 Global Financial Crisis - |
| Authors |
Hyun, Hosang ; Lee, Hyun-Soo ; Park, Moonseo ; Hwang, Sungjoo |
| DOI |
http://dx.doi.org/10.6106/KJCEM.2014.15.5.147 |
| Keywords |
Korean Housing Market ; Housing Policies ; Behavioral Economics ; System Dynamics |
| Abstract |
After 2008 global financial crisis, Korean housing market has experienced stagnation. So it caused housing market problems like housing price reduction, rising rent cost and so on. For housing market normalization government announced policies but Korean housing market didn't recover from stagnation. So, to understand why Korean housing market couldn't overcome the recession and why the policies didn't be effective, this research analyzed housing market participants (home owner, housing demand) based on the law of supply and demand and the psychological effect on their transaction intention based on behavioral economics(behavioral finance). Based on the analysis this research tested the effectiveness of announced policies using System Dynamics. The result showed that the amount of transaction and mortgage loan was influenced by the length of time to draft policies. |