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A Theoretical Study on Conversion Rate of Jeonse Price to Monthly Rent for Housing - Focused on Rental Supply Costs - (주택 전월세 전환율에 관한 이론 연구 - 임대 공급원가를 중심으로 -)

  • Kim, Won-Hee;Jeong, Dae-Seok
    • The Journal of the Korea Contents Association
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    • v.20 no.3
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    • pp.245-253
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    • 2020

  • If the conversion rate of jeonse price to monthly rent is the market interest rate or the landlord's expected return, then the conversion rate of jeonse price to monthly rent in the country should be the same. However, the conversion rate of jeonse price to monthly rent has always been higher than the market interest rate. This study identifies the supply cost components of rental housing as a risk premium in the presence of current housing prices, market interest rates, depreciation costs, holding taxes, and leases, and identifies the relationship between the current housing prices and each factor. Housing rent is expressed as the current price. This overcomes the shortcomings that implicitly assume fluctuations in housing prices or do not include current housing prices in the conversion rate of jeonse price to monthly rent. This study found that the conversion rate of jeonse price to monthly rent is the required rate of return or required rate of renter, not market interest rate, by expressing the supply cost of rental housing as a combination of components. This not only explained the fact that the conversion rate of jeonse price to monthly rent was always higher than the market interest rate, but also explained the regional differences. It also explained why the conversion rate of jeonse price to monthly rent varies by type of housing.

  • https://doi.org/10.5392/JKCA.2020.20.03.245 인용 PDF KSCI HTML

Analysis on Recent Changes in the Covered Interest Rate Parity Condition (글로벌 금융위기 전후 무위험 이자율 평형조건의 동태성 변화 분석)

  • Kim, Jung Sung;Kang, Kyu Ho
    • KDI Journal of Economic Policy
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    • v.36 no.2
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    • pp.103-136
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    • 2014

  • The covered interest rate parity condition (CIRP) has been widely used in open macroeconomic analysis, risk management, exchange rate forecasts, and so forth. Due to the recent global financial crises, there have been remarkable changes in the financial markets of the emerging markets. These changes possibly influenced the dynamics of the covered interest rate parity condition. In this paper, we investigate whether the CIRP dynamics has changed, and what is the nature of the regime changes. To do this, we propose and estimate multiple-state Markov regime switching models using a Bayesian MCMC method. Our estimation results indicate that the default risk or the deviation from the CIRP has been decreased after the crisis. It seems to be associated with the more active interaction between the short-term bond market and the short-term foreign exchange market than before. The tightened relation of these two financial markets is caused by the arbitrage transaction of foreign investors.

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The Long-Run Relation of Public Debt and Fiscal Balance to Government Bond Rates: An Empirical Study on the Validity of Modern Monetary Theory (국가부채 및 재정수지와 국채이자율의 장기적 관계: 현대화폐이론 검증을 중심으로)

  • Kangwoo Park
    • Analyses & Alternatives
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    • v.7 no.3
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    • pp.181-230
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    • 2023

  • Evaluating the empirical validity of Modern Monetary Theory, this study implements panel cointegration analysis on annual panel data (2000-2022) of OECD countries. Specifically, the sample countries are divided into groups based on the presence of their own sovereign currencies, and for each group, the long-run equilibrium relation (cointegration) between the ratio of public debt or fiscal deficit and government bond rates is tested and estimated. Main findings are as follows: applying the pooled mean-group estimation for panel cointegration, it is found that both the ratios of public debt and fiscal deficit have significantly positive long-run correlation with government bond rates in countries without sovereign currency such as the Euro-zone or fixed exchange rate regime countries. However, in countries with sovereign currency such as non-Euro-zone or floating exchange rate regime countries, the long-run correlation is either negative or not statistically significant. Particularly, in countries without sovereign currency, the ratio of public debt has significantly positive correlation with the real government bond rates in the short run as well as the long run. These results are consistent with the prediction of Modern Monetary Theory, thus providing a supporting evidence for the empirical validity of the theory.

  • https://doi.org/10.22931/aanda.2023.7.3.007 인용 PDF