On the Long-Term Effect of Recent Housing Policies in Korea
1
조회
0
다운로드
8
인용
0
참고문헌
키워드
초록
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.
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.
참고문헌 (13)
- Campbell, J. R., "Welfare Implications of the Transition to High Household Debt", Journal of Monetary Economics, 56(1), pp.1~16 (2009)
- 김선빈, "조세·재정정책이 노동시장에 미치는 영향: 동태적 일반균형분석", KDI Journal of Economic Policy, 30(2), pp.185~223 (2008), 한국개발연구원[DOI]
- Cho, T., "A Study for Estimating Service Lives of Capital Assets", Quarterly National Accounts Review, (5), pp.1~46 (2012)
- Favilukis, J., "The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk-sharing in General Equilibrium", Journal of Political Economy, 125(1), pp.140~223 (2017)
- Fernandez-Villaverde, J., "Consumption and Saving over the Life Cycle : How Important are Consumer Durables", Macroeconomic Dynamics, 15(5), pp.725~770 (2011)
- 홍재화, "Accounting for Changes in House Prices and Rent in Korea, 2001–2016", The Korean Economic Review, 36(1), pp.249~283 (2020), 한국경제학회[DOI]
- Lee, B. -H., "Labor Income Share in Korea: Measuring Issues and Trends", Monthly Labor Review, (118), pp.25~42 (2015)
- The Role of hHouses in Explaining Wealth Inequality, "Oh, M.", KRIHS, ~ (2020)
- 박명호, "2018년도 주택분 종합부동산세 개편안의 소득재분배 효과에 대한 분석", 예산정책연구, 8(1), pp.101~121 (2019), 국회예산정책처[DOI]
- Seok, B. H., "Explaining the Evolution of the U.S. Housing Market", Macroeconomic Dynamics, 23(2), pp.568~589 (2019)
- Sommer, K., "Implications of the U.S. Tax Policy for House Prices, Rents, and Homeownership", American Economic Review, 108(2), pp.241~274 (2018)
- 송인호, "주택가격채널: 거시경제에 미치는 영향을 중심으로", KDI Journal of Economic Policy, 36(4), pp.171~205 (2014), 한국개발연구원[DOI]
- 송준, "거시 충격이 가계부채와 채무조정 위험에 미치는 영향에 대한 연구", 시장경제연구, 48(2), pp.89~141 (2019), 지암남덕우경제연구원[DOI]