抄録 | The global financial crisis that started from the sub?prime loan problem in the United States has exerted a big infl uence on the South Korean economy. Of particular notice has been the fi nancial institution’s increasing prudence in lending to the real estate market due to the slip in stock prices and fall of the Korean won. As a result, the real estate market has rapidly grown cold. The government authority has taken measures to boost the economy centering on tax?free and reduction options for the revitalization of the real estate market. Within the land taxation system, the tax rate of the capital gain tax has been reduced. The tax on the possession of real property has been abolished, and, in its stead, the role of the property tax has been strengthened.There are many points in this type of situation that are similar to those in the South Korean monetary crisis that occurred in 1998. At that time, the price of land greatly fell due to the effects of the economic crisis. As a result, the amount of recently constructed housing that went unsold increased, housing construction greatly decreased and bankruptcy was declared out of necessity by many construction companies. Then, the Government authority carried out a land taxation reform centering on deregulation. In particular, the institution of the public concept of land ownership, which up until that time had played a central role in rectifying the land problem, was abolished, and the comprehensive land tax alone took on that role. As a result, the price of land rose but did not stop rising, bringing about the land problem, in spite of the rising. In this study, the trend of the real estate market in South Korea is considered in the context of the current global financial crisis and how it compares to the monetary crisis. In particular are discussed what features the two crises have in common as well as a clarifi cation of what kind of differences exist. In addition, a close inquiry into theappropriateness of the measures taken to boost the economy for the revitalization of the real estate market is made. The results show that in order to solve the problem of housing remaining unsold and revitalize the real estate market, tax?free and reduction measures should be executed for a limited time rather than completely abolished. This is preferable when considering long?term tax policy in regards to tax on the possession of real property. |