金融自律化에 따른 住宅價格의 變化에 관한 硏究

Abstract

The purpose of this study is to review the theories about housing prices and thereupon, examine the effects of the financial autonomy, scale and conditions of the housing financing market, and thereby, analyze the changes of housing prices due to the financial autonomy, and thereupon, explore the ways to activate and reform the housing financing market. Upon analyzing the relationship between housing prices and interest rates, it could be found that the relationship had not been clear before the foreign exchange crisis, which seems to have been attributable to the partial control of interest rates by government. However, after the foreign exchange crisis, it was found that the housing prices have been correlated negatively with corporate bond earning ratios, and that such a correlation has been relatively clear after the foreign exchange crisis. Hence, it is required of the government to explore multi-faceted policy alternatives to remedy the problems arising out of restructuring, lower interest rates and more fierce competition and thereby, activate the housing financing as in advanced nations. The policy alternatives available to the government to develop the housing financing market may be enumerated as follows; It is most important to activate the longer-term installment loans in the primary housing financing market. In addition, it is also necessary to activate the housing loan insurance system in a mid- or long-term in order to enhance LTV within borrowers' ability of repayment. In the secondary housing financing market, it is most important to rearrange the MBS Corporate Code. The core challenges may be expansion of floatable assets, purchase and retention of the housing bonds by housing financing companies, improvement of the MBS payment guarantee limit, improvement of the flexible mortgage transfer procedure, etc. In addition, in order to reduce the floating cost and simplify the floating procedures, it is essential to create an environment in favor of asset floating. The major challenges will be a mechanism to enhance the public trust of the financial system for floating companies to raise the fund at a lower interest rate, a special public registry system covering the demands for credit management after floating, a system of issuing, depositing, listing and settling Pass- through MBS, designation of the credits subject to RP transactions of MBS and the securities exempt from calculation of the longer- term marketable security investment ratio, a database for reasonable assessment of housing financing and MBS, etc. In order to develop our housing financing to the level of advanced nations, relevant authorities should join hands to solve the numerous problems. Since the majority of the lower-income people dream of owning their houses, government, court and financial institutions are requested to cooperate with each other to arrange a comprehensive package of reform measures.