{"id":991,"date":"2020-04-28T17:16:31","date_gmt":"2020-04-28T09:16:31","guid":{"rendered":"http:\/\/localhost:8888\/?p=991"},"modified":"2025-12-24T20:49:20","modified_gmt":"2025-12-24T12:49:20","slug":"expectation-and-housing-price-dynamics-following-deregulation-in-korea","status":"publish","type":"post","link":"https:\/\/www.gssinst.org\/irer\/2020\/04\/28\/expectation-and-housing-price-dynamics-following-deregulation-in-korea\/","title":{"rendered":"Expectation and Housing Price Dynamics Following Deregulation in Korea"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"991\" class=\"elementor elementor-991\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7c56dedd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7c56dedd\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2f68f888\" data-id=\"2f68f888\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7e696789 elementor-widget elementor-widget-text-editor\" data-id=\"7e696789\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\"><div class=\"article_label\">Article<\/div><p class=\"article_title\">Expectation and Housing Price Dynamics Following Deregulation in Korea<\/p><div><p class=\"title_label_large\">Author<\/p><p class=\"title_label_large\">Start Page \/ End Page<\/p><p class=\"title_label\">Volume<\/p><p class=\"title_label\">Issue Number<\/p><p class=\"title_label\">Year<\/p><p class=\"title_label_large\">Publication<\/p><\/div><div><p><!-- Author \/ StartEndPage \/ Volume \/ IssueNumber \/ Year \/ Publication --><\/p><p class=\"title_text_large\">Kyung-Hwan Kim and Chung-Ho Kim<\/p><p class=\"title_text_large\">126 \/ 142<\/p><p class=\"title_text\">2<\/p><p class=\"title_text\">1<\/p><p class=\"title_text\">1999<\/p><p class=\"title_text_large\">International Real Estate Review<\/p><\/div><div class=\"empty\">\u00a0<\/div><p class=\"abstract_label\">Abstract<\/p><p><!-- Abstract Content --><br \/>This paper offers an explanation for the existence of price control on new houses in Korea, which is deemed both inefficient and inequitable. This phenomenon cannot be explained by the conventional model of rent-seeking or the capture theory of regulation. Instead, it is attributable to the popular belief that the removal of the price regulation will lead to the increase in the overall housing price by increasing the demand for existing houses that are a perfect substitute for new houses. However, the paper, using a stock-adjustment model of the housing market, demonstrates that the claimed outcome cannot materialize under perfect foresight or adaptive expectation. The outcome is possible in the short run under a peculiar expectation scheme of a self-fulfilling nature. But even in this case, the price increase will be a one-time event and in the long-run overall housing prices will fall below the level that would prevail if the price regulations were maintained.<\/p><p>\u00a0<\/p><p><!-- PDF DownloadLink --><\/p><p class=\"download\"><a href=\"http:\/\/www.gssinst.org\/irer\/wp-content\/uploads\/2020\/10\/1999-Vol-2-No-1-Expectation-and-Housing.pdf\"><strong>View PDF -https:\/\/doi.org\/10.53383\/100016<\/strong><\/a><\/p><div class=\"empty\">\u00a0<\/div><p><a class=\"backpage\">Back to Previous Page<\/a><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<div>\n<p class=\"title_label_large\">Author<\/p>\n<p class=\"title_label_large\">Start Page \/ End Page<\/p>\n<p class=\"title_label\">Volume<\/p>\n<p class=\"title_label\">Issue Number<\/p>\n<p class=\"title_label\">Year<\/p>\n<p class=\"title_label_large\">Publication<\/p>\n<\/div>\n<div>\n<!-- Author \/ StartEndPage \/ Volume \/ IssueNumber \/ Year \/ Publication --><\/p>\n<p class=\"title_text_large\">Kyung-Hwan Kim and Chung-Ho Kim<\/p>\n<p class=\"title_text_large\"> 126 \/ 142<\/p>\n<p class=\"title_text\">2<\/p>\n<p class=\"title_text\">1<\/p>\n<p class=\"title_text\">1999<\/p>\n<p class=\"title_text_large\">International Real Estate Review<\/p>\n<\/div>\n<p class=\"downloadLine\"><a href=\"https:\/\/www.um.edu.mo\/fba\/irer\/papers\/past\/vol2_pdf\/126-142Korea.pdf\">Download Entire Article.<img src=\"https:\/\/i.ibb.co\/m8rCXNQ\/download-pdf-large.png\" alt=\"download-pdf-large\" border=\"0\"> <\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"article-template.php","format":"standard","meta":[],"categories":[166,164],"tags":[],"_links":{"self":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/991"}],"collection":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/comments?post=991"}],"version-history":[{"count":3,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/991\/revisions"}],"predecessor-version":[{"id":4803,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/991\/revisions\/4803"}],"wp:attachment":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/media?parent=991"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/categories?post=991"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/tags?post=991"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}