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The Political Economy of Korean Government Policies on Real Estate

The Political Economy of Korean Government Policies on Real Estate This paper investigates the driving forces behind the Korean government's real-estate policy decision-making. In particular, it tries to explain why inefficient and inequitable policies have persisted for so long, and why policy reform has been so sluggish. In order to do this, a few key regulations governing housing supply and land use are described and evaluated. These are the price control on new apartments, control on land-use conversion, green belts and spatial deconcentration policies. Next, it is demonstrated that the standard economic theory of interest-group politics is not appropriate in explaining the behaviour of the government officials in charge of these regulations. It is then suggested that a piecemeal and lukewarm approach to policy reform could be better understood in light of the behaviour of risk-averse government officials taking the political ramifications of their decisions very seriously. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Urban Studies: An International Journal of Research in Urban Studies SAGE

The Political Economy of Korean Government Policies on Real Estate

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References (15)

Publisher
SAGE
Copyright
Copyright © by SAGE Publications
ISSN
0042-0980
eISSN
1360-063X
DOI
10.1080/00420980020080071
Publisher site
See Article on Publisher Site

Abstract

This paper investigates the driving forces behind the Korean government's real-estate policy decision-making. In particular, it tries to explain why inefficient and inequitable policies have persisted for so long, and why policy reform has been so sluggish. In order to do this, a few key regulations governing housing supply and land use are described and evaluated. These are the price control on new apartments, control on land-use conversion, green belts and spatial deconcentration policies. Next, it is demonstrated that the standard economic theory of interest-group politics is not appropriate in explaining the behaviour of the government officials in charge of these regulations. It is then suggested that a piecemeal and lukewarm approach to policy reform could be better understood in light of the behaviour of risk-averse government officials taking the political ramifications of their decisions very seriously.

Journal

Urban Studies: An International Journal of Research in Urban StudiesSAGE

Published: Jun 1, 2000

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