한국의 토지공급관련 정책변화가 주택시장에 미치는 영향분석

This paper aims to examine what extent government policy measures related to land have influenced on the stabilization of housing prices in Korea. For the purpose, first, a qualitative analysis on the changes of land policy measures in the mid-1990s and mid-2000s and their implications for the stability of land and housing market in Korea was carried out. Then a quantitative analysis mobilizing multiple-regression and correlation analysis with time series data representing internal factors of housing market led by land supply, demographic and household factors and macro-economic factors was conducted. The integration of these analyses was thought to provide informations to figure out the factors which have significant influence on the changes of housing prices. The result of analyses showed that, firstly, the completion of legal and institutional systems related to land supply in the mid-1990s has contributed to the housing price stability and, secondly, since then the influence of demographic and macro-economic factors has increased instead of the massive supply of lands in new towns, etc. in stabilizing housing prices. This result implies that specified strategies are necessary for the balance between the housings supplied in newly developed residential sites and those in redevelopment and reconstruction sites inside of cities.