A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
Impacts of demand and supply-side interventions on South Korea’s housing markets: a dynamic housing-CGE analysis
https://orcid.org/0000-0003-4354-5150
https://orcid.org/0000-0002-1619-7894
https://orcid.org/0000-0002-4579-4815
AbstractThis paper examines the impacts of housing market policies in Korea by developing a dynamic computable general equilibrium model integrating regional housing markets and multiregional mobility. We compare simulation outcomes of demand- and/or supply-side approaches in housing market interventions and address how these various policy instruments affect housing prices, demand, and household welfare. Policy simulation results suggest that supply-based interventions would be more effective than housing tax policies for cooling down overheated housing markets without decreasing consumer welfare. Tax-based demand-side approaches result in a 1.8–2.2% housing price drop and a 1.1–1.2% welfare decline annually between 2021 and 2024. In the supply-side policy, investing in housing construction leads to 3.4–4.1% lower housing prices and 1.5–1.8% enhanced welfare.
Impacts of demand and supply-side interventions on South Korea’s housing markets: a dynamic housing-CGE analysis
https://orcid.org/0000-0003-4354-5150
https://orcid.org/0000-0002-1619-7894
https://orcid.org/0000-0002-4579-4815
AbstractThis paper examines the impacts of housing market policies in Korea by developing a dynamic computable general equilibrium model integrating regional housing markets and multiregional mobility. We compare simulation outcomes of demand- and/or supply-side approaches in housing market interventions and address how these various policy instruments affect housing prices, demand, and household welfare. Policy simulation results suggest that supply-based interventions would be more effective than housing tax policies for cooling down overheated housing markets without decreasing consumer welfare. Tax-based demand-side approaches result in a 1.8–2.2% housing price drop and a 1.1–1.2% welfare decline annually between 2021 and 2024. In the supply-side policy, investing in housing construction leads to 3.4–4.1% lower housing prices and 1.5–1.8% enhanced welfare.
Impacts of demand and supply-side interventions on South Korea’s housing markets: a dynamic housing-CGE analysis
https://orcid.org/0000-0003-4354-5150
https://orcid.org/0000-0002-1619-7894
https://orcid.org/0000-0002-4579-4815
AbstractThis paper examines the impacts of housing market policies in Korea by developing a dynamic computable general equilibrium model integrating regional housing markets and multiregional mobility. We compare simulation outcomes of demand- and/or supply-side approaches in housing market interventions and address how these various policy instruments affect housing prices, demand, and household welfare. Policy simulation results suggest that supply-based interventions would be more effective than housing tax policies for cooling down overheated housing markets without decreasing consumer welfare. Tax-based demand-side approaches result in a 1.8–2.2% housing price drop and a 1.1–1.2% welfare decline annually between 2021 and 2024. In the supply-side policy, investing in housing construction leads to 3.4–4.1% lower housing prices and 1.5–1.8% enhanced welfare.
Impacts of demand and supply-side interventions on South Korea’s housing markets: a dynamic housing-CGE analysis
Ann Reg Sci
Kim, Euijune (author) / Kim, Ayoung (author) / Nam, Kyung-Min (author)
The Annals of Regional Science ; 73 ; 397-429
2024-06-01
Article (Journal)
Electronic Resource
English
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