The Global Financial Crisis and transition out of homeownership in Korea

Kim, Kyung-Hwan; You, Seung Dong

doi:10.1016/j.jhe.2021.101803

Cited by 5 publications

(4 citation statements)

References 41 publications

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“…This is primarily due to local financial conditions, where households cannot afford to borrow at the high rates that banks may require to cover their risks. The state, through its mechanisms, can enable such contracts (for example, by paying part of the mortgage for households, or by providing additional guarantees for banks to lower interest rates) (Kim & You, 2021). Such a policy would achieve a much higher level of efficiency in the functioning of the mortgage credit market in the country.…”

Section: Discussionmentioning

confidence: 99%

Untitled

2024

Scientific Bulletin of Mukachevo State University Series “Economics”

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Many scholars have studied the development of digitalization in individual countries and the world. Thus, C.S. Pereira et al. (2022) considered general trends in digital transformation based on data from Portuguese companies. They propose a model to increase the efficiency of companies in this country in terms of their transition to the latest technology. However, this methodology cannot be applied to enterprises in other countries, which makes this study somewhat limited.The process of digitalization in developing countries was considered by M. Matthess & S. Kunkel (2020). Scientists describe the positive impact of digital transformation on these states but pay little attention to the problems associated with this transition. In turn, A. Małkowska et al. (2021) described both the features of the process of digitalization in general and its trends in the European Union. However, although this study was published in 2021, it does not look at changes after the start of the COVID-19 pandemic. The study of digitalization trends in Azerbaijan was conducted by G. Mykhailiuk et al. (2021).Thus, the research aims to describe the current state of digital transformation in various industries and sectors of the Azerbaijan. This will not only provide a better understanding of the peculiarities of the country's development in general but will also enable better implementation of the state policy in this area. Materials and MethodsOne of the sources that did provide some data on the level of digitalization development was the official website of the World Bank (2020). To estimate the average speed of the Internet in Azerbaijan and some other countries, the Speedtest Global Index (n.d.), developed by them, calculate the average speed per month, measured on the service by users, in different countries and cities was used. The study used

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Section: Discussionmentioning

confidence: 99%

Untitled

2024

Scientific Bulletin of Mukachevo State University Series “Economics”

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Section: Discussionmentioning

confidence: 99%

Choosing a mortgage lending model in the Kyrgyz Republic

Orozonova,

Nazaralieva,

Aitaliev

et al. 2024

Scientific Bulletin of Mukachevo State University Series “Economics”

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In the modern world, mortgage plays an important role in the life of the citizens of the country due to its important role in providing their housing needs. Thus, it is important to find the most effective model of mortgage lending for the country to maximize the living standards of its citizens. The aim of the work is to choose the most effective model of mortgage lending that can be used in the country and bring the greatest benefit to it. The main methods used in the research were analysis, deduction, induction, and abstraction. The paper examined various aspects of mortgage lending, focusing on the different payment models and their implications for borrowers. Two types of mortgage loans were considered: with annuity and differentiated payments, their main differences in terms of payment rates were described, and mathematical formulae for their calculation were specified. To illustrate the impact on the borrower of each of them, a theoretical example was provided, on the basis of which the differences between the two systems were described. The paper also describes three models for organizing mortgage lending systems: a closed (stand-alone) mortgage system, a truncated open model and an extended open model. The suitability of these models for the development of the Kyrgyz mortgage market was assessed based on their characteristics and features, positive and negative components. The work brings new knowledge in the context of studying the peculiarities of mortgage lending as a whole, as well as allows finding opportunities for improving its functioning in the Kyrgyz Republic

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“…Alternative housing options, such as hybrid Chonsei, have been developed due to the cyclic shortage and surplus of Chonsei housing during economic booms and busts (Ronald and Jin 2015;Ryu and Kim 2018). Since the early 2000s, reduced interest rates have diminished Chonsei's appeal for landlords, leading to a preference for monthly rentals that offer better financial returns (Yoon 2003;Kim and You 2021). Nevertheless, the persistence of Chonsei can be explained through several factors.…”

Section: Development Of Chonsei In the Korean Contextmentioning

confidence: 99%

Predicting the Non-Return of Chonsei Lease Deposits in the Republic of Korea

Park,

Choi,

Ngayo

2023

JRFM

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Chonsei, a Korean housing lease system, enables landlords to acquire direct housing purchase funds without mortgages and offers tenants a cost-effective rental option. However, public concerns have arisen about potential landlord defaults, causing financial distress for tenants. This study examined the risk of non-return of the Chonsei deposit and developed a default prediction model using Chonsei contract data from the Korea Housing and Urban Guarantee Corporation. Starting with the components from Merton’s bond pricing model, we included variables that reflect contract-specific factors, macroeconomic conditions, and the Korean Chonsei practices. The findings revealed that higher house price volatility, elevated debt-to-house value, and risk-free interest rates positively correlate with non-return risk. Meanwhile, certain factors, such as longer remaining maturity, favorable macroeconomic conditions, and rising market Chonsei price trends, demonstrated negative correlations with non-return risk. Consequently, a logistic regression-based default prediction model, with eight risk factors that predict the deposit non-return, was suggested. By identifying risk factors and predicting the non-return risk of deposits, this study contributes to an informed policy decision in planning and practicing Chonsei contracts in the Korean housing market.

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The Global Financial Crisis and transition out of homeownership in Korea

Cited by 5 publications

References 41 publications

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Choosing a mortgage lending model in the Kyrgyz Republic

Predicting the Non-Return of Chonsei Lease Deposits in the Republic of Korea

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