전세 계약의 레버리지 가설과 운용소득 가설의 검정

Abstract

Jeonse is unique in the world, but universal in Korea. There are two different hypothesis that explain the reason why the system is existed, the interest-seeking hypothesis and leverage-effect hypothesis. The leverage-effect hypothesis by Lee et. al. (2002) has offered the new frame for interpreting the Korean housing rental market. Lee et. al. (2009) examined the two hypothesis by empirical analysis of a certain apartment market. They proved that the leverage-effect hypothesis is better to describe the jeonse system. To overcome the limited empirical data by Lee. et. al. (2009) and to verify the leverage-effect hypothesis and the interest-seeking hypothesis, this study is conducted for three different sub-markets. The interest-seeking hypothesis and leverage-effect hypothesis are tested in eac sub-market. The same as the result as Lee. et. al. (2009) showed, the interest-seeking hypothesis did not show a meaningful result for any sub-market. The leverage-effect hypothesis has been insisted that it is applicable for the apartment market by Lee. et. al. (2009). However, it does not show a significant result in the office-tel market by this researc. It means that the leverage-effect hypothesis cannot explain the opportunity cost of jeonse deposit for itself. The hypothesis is not universal on the unique jeonse system.