글로벌 부동산 버블 위험 진단 및 영향 분석 (A Diagnosis of Bubble Risk in the Global Real Estate Sector and Prospective Impacts on Financial Crises)

252 Pages Posted: 14 Dec 2018

See all articles by Young SIk Jeong

Young SIk Jeong

Korea Institute for International Economic Policy

Kyunghun Kim

Korea Institute for International Economic Policy

Hyo Sang Kim

Korea Institute for International Economic Policy

Da Young Yang

Korea Institute for International Economic Policy

Eun Jung Kang

Korea Institute for International Economic Policy

Date Written: May 20, 2018

Abstract

Korean Abstract: 본 연구는 글로벌 부동산 시장의 현황을 살펴본 후 버블 위험을 진단하고 부동산 버블의 금융위기 및 실물경제 영향을 분석하는 한편, 과거 부동산발 금융위기 사례와 최근 글로벌 상황을 비교분석하였다. 이를 위해 세계 주요국을 대상으로 시계열 분석과 국가패널 분석을 실시하였고, 1990년대 초반의 스웨덴 핀란드, 일본 사례와 2008년 미국발 글로벌 금융위기 사례를 조사하였다. 본 연구를 통해 글로벌 부동산 버블 위험에 주목하는 한편, 우리나라의 해외 부동산발 대외 리스크 관리와 국내 부동산 안정화방안 마련에 분석결과를 활용할 수 있을 것으로 기대된다.

English Abstract: Real estate prices, which plummeted shortly after the global financial crisis in 2008, have risen sharply to exceed pre-crisis levels, raising concerns about global real estate bubbles. In response, this study diagnoses the bubble risk in the global real estate market and analyzes the impact of real estate bubbles on financial crises and the real economy. In addition, we examine previous bubble-oriented financial crises in the real estate sector and compare them against recent global situations.

Note: Downloadable document is in Korean.

Keywords: Bubble risk, global real estate sector, financial crisis

Suggested Citation

Jeong, Young SIk and KIim, Kyunghun and Kim, Hyo Sang and Yang, Da Young and Kang, Eun Jung, 글로벌 부동산 버블 위험 진단 및 영향 분석 (A Diagnosis of Bubble Risk in the Global Real Estate Sector and Prospective Impacts on Financial Crises) (May 20, 2018). KIEP No. KIEP Research Paper. Policy Analysis 18-01. Available at SSRN: https://ssrn.com/abstract=3300034 or http://dx.doi.org/10.2139/ssrn.3300034

Young SIk Jeong (Contact Author)

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Kyunghun KIim

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Hyo Sang Kim

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Da Young Yang

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Eun Jung Kang

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

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