[雙語翻譯]房地產(chǎn)外文翻譯--韓國政府住房政策和住房市場不穩(wěn)定（節(jié)選）

1、2550 英文單詞， 英文單詞，15000 英文字符，中文 英文字符，中文 4250 字文獻出處： 文獻出處：Yu H J, Lee S. Government housing policies and housing market instability in Korea[J]. Habitat International, 2010, 34(2):145-153.Government housing policies and hou

2、sing market instability in KoreaHyeon Ji Yu, Sugie LeeAbstract This study examines the impact of housing policies and macroeconomic variables on housing price instability during the Roh, Mu Hyun Administration (2003–2008

3、) in Korea. Although researchers have documented the role of macroeconomic variables on changes in housing prices, few have addressed the relationship between governmental housing stabilization policies and housing price

4、 fluctuations. Using a statistical method, this research focuses on whether policy initiatives taken by the Roh Administration to stabilize housing prices resulted in the expected outcome of a stabilized housing market.

5、Controlling for macroeconomic variables, our empirical analysis reveals that the housing price stability policies of the Roh Administration had no observable impact on the stabilization of the Korean housing market. Conv

6、entional macroeconomic variablesd the money supply, corporate bond returns, and the number of permits for building construction and actual orders for building construction have a statistically significant association wit

7、h housing price instability in Korea. This research discusses policy implications resulting from the ineffectiveness of housing stability initiatives in the Roh Administration.Keywords: Housing market instability, Housin

8、g price, Housing policy, Roh administrationIntroductionSince the housing market is an imperfect, competitive market, governments have always justified intervention in the housing market. In particular, governmental inter

9、vention that aims to stabilize prices in the housing market has been a popular approach taken by Korean governments over the past several decades. Rather than depending on the housing market that may correct itself, the

10、Korean government, in an effort to control for speculative demands, has been actively engaged in the stabilization of the housing market. During the national financial crisis of 1998, the government of Kim, Dae Jung took

11、 dramatic measures to stabilize the real estate market, but the deregulation policies of his administration led to a decrease in the housing supply and an increase in housing prices (Hong, Kim, Kim, 2005; Kim, 2007; Kim

12、 Jung, 2007). Kim (2007) identified the relationship between housing policies and housing costs after the foreign currency crisis in 1998. He claimed that real estate policies were unable to accomplish the expected goals

13、. Similarly, Kim (2005) argued that real estate policies failed to stabilize the market by decreasing housing prices as intended. Clearly, the timely imple- mentation of the policy did not achieve the expected results, a

14、nd government regulations aimed at Kim, Dae Jung Administration, however, housing prices rose almost 40% from 1998 to 2003. The priority of the new administration of Roh, Mu Hyun in 2003 was to stabilize the housing mark

15、et and deter speculative demand.Housing prices experienced significant fluctuation during two periods between 2001 and 2006. After housing prices plummeted during the Asian financial crisis in 1998 and bounced back in 19

16、99, they soared in 2002 and again in 2006 (Jones Jones & Yokoyama, 2008). Housing prices rose 23.9% over the next 5 years until the end of 2007, showing a 64.6% increase over the previous ten years. In addition, a r

17、eal estate bubble rose in the geographically limited area of Gangnam and in some suburban cities (Jones & Yokoyama, 2008).The Korean government has traditionally relied on a package of regulation, taxation, and finan

18、ce to stabilize the housing market. Between 2003 and 2007, the Roh, Mu Hyun Administration announced diverse real estate and housing polices for housing market stabilization. These policies were aimed at removing th

19、e instability surrounding the real estate market as quickly as possible and intended to shape real estate regulations for a stabilized and advanced real estate market in the long-term. The campaign was convincing and the

20、 policies were geared toward achieving the goals of stabilizing housing for ordinary people and restraining specula- tive demand. While firmly pushing ahead with the core policies, the government intended to minimize the

21、 inconvenience and burden placed on ordinary people from. Practicable and tangible supply policies along with strong anti-speculative actions were formulated to ensure maximum utilization of readily usable land for housi

22、ng. In addition, an institutional mechanism, that laid a solid foundation for stabilizing real estate prices, was put into place (Ministry of Strategy and Finance in Korea, 2005a).Real estate and housing policies in the

23、Roh Administration were comprised of three parts: an increase in the housing supply, a decrease in housing demand, and a decrease in housing prices. To increase housing supply, the Roh Administration expanded monetary s

24、upport for public and rental housing projects. The government also provided incentives in terms of regulation and taxes to encourage the private sector to purchase the supply of rental housing units. In addition, the Roh

25、 Administration intended to regulate speculative housing demand. For example, it limited mortgage loans to only one per person in the designated speculation zones. The administration simplified the complicated patch- wor

26、k of regulations that were improved by the Land Use Regulation Rationalization Act. Finally, the administration tried to depress inflated housing prices by implementing a new housing stabilization policy referred to as t

27、he 8.31 Measure (August 31, 2005). The primary goal of the measure was to stabilize the housing market, controlling for speculative demand in real estate submarkets such as the Gangnam area (the southern part of Seoul).

28、This measure imposed stiff penalties on the violation of permits and development charges for new construction. The regulations also restricted the height at which an elevator becomes compulsory. To increase the supply of

29、 affordable housing units, the regulation legalized small previously illegal structures or expansions upon the submission of written acknowledgment. Despite these measures, housing prices soared in the Gangnam area in ea

30、rly 2006 and then spread into the Gangbuk area (located in the northern part of Seoul).Housing market instability and its determinant factorsInstability is defined as frequent and unexpected changes in fiscal, monetary,