Author: Yong Hwan Kim
AIT Library Call Number: AIT Thesis no. HS-93-32
Year: 1993
Academic Program: Human Settlement (HS)
Type: Thesis (M.Sc.) – Asian Institute of Technology
Examination Committee: A.T.M. Nurul Amin (Chairperson); B.W.E. Wickramanayake, Fumihiko Nakamura, Foo Tuan Seik, (Examination Committee Members)
Abstract: In Korea, the chronic sl<.yrocketing of urban land price during┬╖ the last three decades has been observed and has eng┬╖endered serious social problems. The government's basic response to stabilize the urban land price, in particular, urban residential land price, was the implementation of rigorous anti- speculation policy measures especially in the latter half of the 1980s. However, these interventions were affected without a comprehensive and careful review of the underlying causes of urban residential land price increase. The outcome of such policy interventions may do more harm than good. Therefore, empirical studies on the underlying factors affecting urban residential land price are required to prevent unintended adverse effects which, in turn, would help to set the limits of government interventions and to identify proper policy measures. This empirical study has been conducted to meet such crucial needs. Using qualitative and quantitative method, the study focuses on the analysis of urban residential land price of 61 cities. The analysis are based on both demand and supply factors as well as government policy measures. To draw out more concrete policy directions, causal and consequent relationships between the trends of residential land price and macro-variables were analyzed using the Granger Causality Test technique . Macro-level determinants of urban residential land price were analyzed based on the portfolio balance concept. The analysis found that, at the national level, money supply is the most significant factor determining┬╖ urban residential land price. On the other hand, the determinants of urban residential land price variations across 61 cities were analyzed through multiple regTession technique using┬╖ the assumption of inter- city equilibrium of life quality concept. On the basis of this analysis, the study identified the most significant factors affecting urban residential land price to include: population size, population density, local economi Scholarship Donor(s): Federal Republic of Germany
Note: A thesis submitted in partial fulfillment of the requirement for the degree of Master of Science
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