우리에게는 생소한 ‘주택의 금융화’ 논의, 어떻게 이해하고 활용할까? = How do we understand and apply the unfamiliar ‘financialization of housing’ discussion in Korean context?

다국어 초록 (Multilingual Abstract)

One of the major topics in the world housing academia recently is ‘financialization of housing’. This discussion, which appeared in academia before and after the 2008 global financial crisis, has become one of the mainstream discourses in housing research from around 2015. The recent discussion on financialization of housing has expanded its scope from the issue of risk loans and household debt to the discussion on the concept of housing and capital circulation, the increase of private rents and the problem of multi-homeowners, and the alternative and practical tasks of financialization.
This paper introduces the discussion of financialization of housing in the global housing academia, and explores how to understand and apply it in the context of Korea. While studies on housing finance are active in Korea, discussions on financialization of housing, which can be said to be more macroscopic and structural, are very rare. Therefore, along with an in-depth analysis of Korea's housing finance, this paper proposes researches on the relationship between asset disparity and inequality, and discussing asset-based welfare.

국문 초록 (Abstract)

최근 세계 주택학계의 주요 화두 중의 하나는 ‘주택의 금융화’(financialization of housing)다. 2008년 세계 금융위기를 전후하여 학계에 등장한 이 논의는 2015년경부터는 주택연구에서 주류적 담론의 하나가 되게 된다. 최근 주택의 금융화 논의는 ①주택에 대한 위험대출, 가계부채 문제에서부터 ②주택의 개념과 자본순환에 대한 논의, ③민간임대 증가와 다주택자 문제,　④금융화의 대안 및 실천 과제 논의 등으로 범위를 넓혀가고 있다.
이 연구 노트는 세계 주택학계의 금융화 논의를 소개하면서, 우리나라 맥락에서 이를 어떻게 이해하고 활용할 것인가를 고민했다. 우리나라는 주택금융에 대한 논의는 활발한 반면, 보다 거시적이고 구조적인 논의라고 할 수 있는 주택의 금융화 논의는 매우 드문 편이다. 따라서 우리나라 주택금융에 대한 심층적인 분석과 함께 자산격차와 불평등의 관계, 자산기반 복지 논의 등에 대한 연구를 제안한다.

참고문헌 (Reference)

1 이정은, "팬데믹 국면 속 주요국 리츠 시장의 유형별 특징" 자본시장연구원 2020

2 김수현, "집에 갇힌 나라 : 동아시아와 중국" 오월의 봄 2021

3 송하승, "주택시장 금융화에 따른 독점지대의 발생과 의미에 관한 연구" 국토연구원 104 : 57-78, 2020

4 윤성민, "주택매매가격과 가계부채 사이의 동태적 관계 연구" 한국부동산학회 (74) : 132-146, 2018

5 이희선 ; 하준경, "주택 소유와 부채 보유의 연령 및 세대효과" 한국주택학회 29 (29): 69-92, 2021

6 장영길, "저금리가 주택가격을 상승시키는가?" 한국부동산분석학회 23 (23): 39-48, 2017

7 Harvey, D., "자본의 한계" 한울 2007

8 김수현, "일본에 빈집이 많은 이유와 시사점" 한국주택학회 29 (29): 127-154, 2021

9 Adkins, L., "이 모든 것은 자산에서 시작되었다: 자산의 격차는 어떻게 개인의 삶을 가르는 핵심 요인이 되었는가" 사이 2021

10 엄근용 ; 진창하, "유동성의 변동이 주택가격 변동성에 미치는 영향" 한국주택학회 24 (24): 5-28, 2016

11 조태진, "연립방정식모형으로 분석한 주택담보대출이 주택가격에 미치는 영향에 관한 연구" 한국주택학회 24 (24): 49-65, 2016

12 유승동 ; 이태리 ; 김계홍, "부동산펀드의 효율성 점검: 국내투자 공모펀드를 중심으로" 한국주택학회 25 (25): 47-70, 2017

13 김선주 ; 오정석, "부동산자산보유가 가계부채에 미치는 영향" 한국지적학회 36 (36): 63-71, 2020

14 김정엽 ; 이현석, "부동산담보대출 보유 및 상환부담 결정요인에 관한 연구" 한국부동산분석학회 25 (25): 7-19, 2019

15 이석희 ; 임재만, "부동산 간접투자시장에서 동시투자의 메커니즘" 한국부동산분석학회 22 (22): 33-56, 2016

16 Harvey, D., "반란의 도시: 도시에 대한 권리에서 점령운동까지" 에이도스 2012

17 Ryan-Collins, J., "땅과 집값의 경제학" 사이 2017

18 김수현, "동아시아 주택시장과 주택체제론의 현 단계- 최근 동아시아 주택체제론이 정체된 이유" 한국주택학회 29 (29): 77-106, 2021

19 김준형 ; 고성수, "뉴스테이 리츠의 수익률 영향요인 연구 -임대형 리츠와의 비교를 중심으로-" 한국주택학회 27 (27): 91-116, 2019

20 "노벨 경제학상 수상자의 경고: 거품 낀 美 집값 2003년 같다"

21 진미윤, "꿈의 주택정책을 찾아서" 오월의 봄 2017

22 오도영, "금융화(financialization) 과정 속에서 본 영국의 저렴주택 제도" 한국공간환경학회 27 (27): 49-87, 2017

23 박진백 ; 이태리 ; 오민준, "금리의 주택가격 상승 기여도 추정" 한국주택학회 29 (29): 75-100, 2021

24 김재윤 ; 최창규, "금리 변동이 주택가격 순환변동에 미치는 영향" 한국부동산분석학회 27 (27): 7-30, 2021

25 윤성훈, "경제적 불평등과 빚투, 금융위기" 보험연구원 2021

26 최성호 ; 지규현, "거시변화 및 차주 특성을 반영한 주택담보대출 위험 예측모형" 한국주택학회 24 (24): 177-194, 2016

27 상민경 ; 진창하, "거시경제 충격에 따른 주택담보대출 보유가구의 위험평가에 관한 연구" 한국주택학회 24 (24): 101-127, 2016

28 조원진 ; 노승한, "개인의 임대주택 투자수요 영향요인에 관한 연구" 한국주택학회 26 (26): 75-104, 2018

29 김명수, "가계금융화의 굴절과 금융 불평등: 한국 가계의 금융통합 양상에 관한 경험적 고찰" 한국사회학회 54 (54): 139-179, 2020

30 Kemeny, J., "‘The Really Big Trade-Off’ between Home Ownership and Welfare : Castles' Evaluation of the 1980 Thesis, and a Reformulation 25Years on" 22 (22): 59-75, 2005

31 European Commission, "Who owns the city? Exploratory research activity on the financialisation of housing in EU cities"

32 Anita Aigner, "What's wrong with investment apartments? On the construction of a ‘financialized’ rental investment product in Vienna" Informa UK Limited 37 (37): 355-375, 2020

33 Poppe, C., "What has debt got to do with it? The Valuation of Homeownership in the Era of Financialization" 33 (33): 59-76, 2016

34 Ronald, R., "What ever happened to asset-based welfare? Shifting approaches to housing wealth and welfare security" 45 (45): 173-193, 2017

35 Desiree Fields, "Urban struggles with financialization" Wiley 11 (11): e12334-, 2017

36 Lima, V., "Urban austerity and activism : direct action against neoliberal housing policies" 36 (36): 258-277, 2021

37 Fields, D., "Unwilling Subjects of Financialization" 41 (41): 588-603, 2017

38 Stephens, M., "Towards a Multi-layered Housing Regime Framework:Responses to Commentators" 37 (37): 584-596, 2020

39 Harvey, D., "The urbanization of capital: Studies in the history and theory of capitalist urbanization" The Johns Hopkins University Press 1985

40 Harvey, D., "The urban process under capitalism : a framework for analysis" 2 (2): 101-131, 1978

41 Özlem Çelik, "The roles of the state in the financialisation of housing in Turkey" Informa UK Limited 1-21, 2021

42 Castles, F. G., "The really big trade-off: home-ownership and the welfare state in the new world and the old" 33 (33): 5-19, 1978

43 Fikse, E., "The really big contradiction homeownership discourses in times of financialization" 36 (36): 1600-1617, 2020

44 Anderson, K. M., "The politics of mortgage credit expansion in the small coordinated market economies" 43 (43): 366-389, 2020

45 Fuller, G. W., "The political economy of housing financialization" Agenda Publishing 2019

46 Forrest, R., "The ongoing financialisation of home ownership new times, new contexts" 15 (15): 1-5, 2015

47 Emanuele Belotti, "The invisible hand of the shareholding state: the financialization of Italian real-estate investment funds for social housing" Informa UK Limited 1-24, 2021

48 Van Gunten, T., "The inversion of the ‘really big tradeoff’ : homeownership and pensions in long-run perspective" 43 (43): 435-463, 2020

49 Wood, J. D. G., "The integrating role of private homeownership and mortgage credit in British neoliberalism" 33 (33): 993-1013, 2018

50 Suzanne Lanyi Charles, "The financialization of single-family rental housing: An examination of real estate investment trusts’ ownership of single-family houses in the Atlanta metropolitan area" Informa UK Limited 42 (42): 1321-1341, 2019

51 Lima, V., "The financialization of rental housing : Evictions and rent regulation" 105 : 1-9, 2020

52 Kalman-Lamb, G., "The financialization of housing in Canada : intensifying contradictions of neoliberal accumulation" 98 (98): 298-323, 2017

53 August, M., "The financialization of Canadian multi-family rental housing : From trailer to tower" 42 (42): 975-997, 2020

54 Forrest, R, "The financialisation of the social project:Embedded liberalism, neoliberalism and home ownership" 52 (52): 233-244, 2015

55 Desiree Fields, "The financialisation of rental housing: A comparative analysis of New York City and Berlin" SAGE Publications 53 (53): 1486-1502, 2014

56 Cook, N., "The financialisation of housing and the rise of the investor-activist" 58 (58): 2023-2039, 2021

57 Morris, A., "The financialisation of housing and the housing affordability crisis in Sydney" 32 (32): 63-69, 2018

58 Arundel, R., "The false promise of homeownership : Homeowner societies in an era of declining access and rising inequality" 58 (58): 1120-1140, 2021

59 Wijburg, G., "The de-financialization of housing : towards a research agenda" 36 (36): 1276-1293, 2021

60 Wijburg, G., "The alternative financialization of the German housing market" 32 (32): 968-989, 2017

61 Heslop, J., "The Politics of Crisis: Deconstructing the Dominant Narratives of the Housing Crisis" 52 (52): 145-163, 2020

62 Ansell, B., "The Political Economy of Ownership : Housing Markets and the Welfare State" 108 (108): 383-402, 2014

63 Aalbers, M. B., "The Financialization of Housing. A political economy approach" Routledge 2016

64 Aalbers, M. B., "The Financialization of Housing in Capitalism’s Peripheries" 30 (30): 481-485, 2020

65 Aalbers, M. B., "The Financialization of Home and the Mortgage Market Crisis" 12 (12): 148-166, 2008

66 Aalbers, M. B., "The Financialization of A Social Housing Provider" 41 (41): 572-587, 2017

67 Wijburg, G., "The Financialisation of Rental Housing 2.0: Releasing Housing into the Privatised Mainstream of Capital Accumulation" 50 (50): 1098-1119, 2018

68 Hulse, K., "The Everymen archetype : discursive reframing of private landlords in the financialization of rental housing" 35 (35): 981-1003, 2020

69 Aalbers, M. B., "The Death and Life of Private Landlordism: How financialized homeownership gave birth to the Buy-To-Let market" 38 (38): 541-563, 2020

70 Wind, B., "Secondary property ownership in Europe : contributing to asset-based welfare strategies and the ‘really big trade-off’" 20 (20): 25-52, 2020

71 Glass, M. R., "Saving the neighbourhood : understanding tenant activism in middle-class Manhattan" 35 (35): 1568-1585, 2020

72 Montgomerie, J., "Round the Houses : Homeownership and Failures of Asset-Based Welfare in the United Kingdom" 20 (20): 386-405, 2015

73 Pawson, H., "Rental property investment in disadvantaged areas : the means and motivations of Western Sydney’s new landlords" 36 (36): 621-643, 2021

74 Jennie Gustafsson, "Renovations as an investment strategy: circumscribing the right to housing in Sweden" Informa UK Limited 1-22, 2021

75 García-Lamarca, M., "Real estate crisis resolution regimes and residential REITs : emerging socio-spatial impacts in Barcelona" 36 (36): 1407-1426, 2021

76 Beibei Zhang, "Re-conceptualizing housing tenure beyond the owning-renting dichotomy: insights from housing and financialization" Informa UK Limited 1-24, 2021

77 Farha, "Protecting housing from financialization and building back a better future, Special Rapporteur on the right to adequate housing"

78 Wijburg, G., "Privatised Keynesianism and the state-enhanced diversification of credit : the case of the French housing market" 19 (19): 143-164, 2019

79 Hollanders, D., "Pension systems do not suffer from ageing or lack of homeownership but from financialisation" 16 (16): 404-408, 2016

80 Bohle, D., "Mortgaging Europe’s Periphery" 53 : 196-217, 2018

81 Sabate, I., "Mortgage indebtedness and home repossessions as symptoms of the financialisation of housing provisioning in Spain" 36 (36): 197-211, 2016

82 Kohl, S., "More Mortgages, More Homes? The Effect of Housing Financialization on Homeownership in Historical Perspective" 46 (46): 177-203, 2018

83 Hegedüus, J., "Limits of the Kemeny’s Housing Regime Theory: A Comment to Stephens’ Paper" 37 (37): 567-572, 2020

84 Rolnik, R., "Late Neoliberalism : The Financialization of Homeownership and Housing Rights" 37 (37): 1058-1066, 2013

85 Pósfai, Z., "Inequality and Uneven Development in the Post-Crisis World" Routledge 167-190, 2017

86 Stephens, M., "How Housing Systems are Changing and Why: A Critique of Kemeny’s Theory of Housing Regimes" 37 (37): 521-547, 2020

87 Gallent, N., "Housing supply, investment demand and money creation: A comment on the drivers of London’s housing crisis" 54 (54): 2204-2216, 2017

88 Grubbauer, M., "Housing microfinance and the financialisation of housing in Latin America and beyond : an agenda for future research" 19 (19): 436-447, 2019

89 Michael Byrne, "Housing market financialization, neoliberalism and everyday retrenchment of social housing" SAGE Publications 54 (54): 182-198, 2019

90 Fernandez, R., "Housing and capital in the 21st century : realigning housing studies and political economy" 34 (34): 151-158, 2017

91 Van Gent, W. P. C., "Housing Policy as a Lever for Change? The Politics of Welfare, Assets and Tenure" 25 (25): 735-753, 2010

92 "Housing Financialization: Trends, Actors, and Processes(Brochure)"

93 Fernandez, R., "Housing Financialization in the Global South : In Search of a Comparative Framework" 30 (30): 680-701, 2020

94 European Commission, "Housing Dualization: Divided Housing Careers and the Financialization of Housing Markets"

95 Stephens, M., "Housing : Asset-based Welfare or the Engine of Inequality" 2 (2): 22-31, 2015

96 Nethercote, M., "Homeowner investor subjects as providers of family care and assistance" 34 (34): 1037-1063, 2019

97 Norris, M., "Home-ownership, housing regimes and income inequalities in Western Europe" 21 (21): 127-138, 2012

98 Winterburn, M., "Home economics : reversing the financialisation of housing" 23 (23): 184-193, 2018

99 Michael Byrne, "Generation rent and the financialization of housing: a comparative exploration of the growth of the private rental sector in Ireland, the UK and Spain" Informa UK Limited 35 (35): 743-765, 2019

100 Norris, M., "Funding resilient and fragile social housing systems in Ireland and Denmark" 36 (36): 1469-1489, 2021

101 Kemeny, J., "From Public Housing to the Social Market : Rental Policy Strategies in Comparative Perspective" Routledge 1995

102 Lowe, S. G., "From Housing Wealth to Mortgage Debt : The Emergence of Britain’s Asset-Shaped Welfare State" 11 (11): 105-116, 2011

103 Erol, I., "Financialization of the Turkish Housing Market Since the Early 2000s" 43 (43): 724-740, 2019

104 Neto, P. N., "Financialization of housing policies in Latin America : a comparative perspective of Brazil and Mexico" 35 (35): 1633-1660, 2020

105 Fernandez, R, "Financialization and housing: Between globalization and Varieties of Capitalism" 20 (20): 71-88, 2016

106 Aalbers, M. B., "Financial geography III : The financialization of the city" 44 (44): 595-607, 2019

107 Aalbers, M. B., "Financial geography II : Financial geographies of housing and real estate" 43 (43): 376-387, 2018

108 Leijten, I., "Facing fainacialization in the housing sector : A human right to adequate housing for all" 38 (38): 94-114, 2020

109 Dewilde, C., "Explaining the declined affordability of housing for low-income private renters across Western Europe" 55 (55): 2618-2639, 2018

110 Tranøy, B. S., "Equality as a driver of inequality? Universalistic welfare, generalised creditworthiness and financialised housing markets" 43 (43): 390-411, 2020

111 Smyth, S., "Embedding financialization : a policy review of the English Affordable Homes Programme" 34 (34): 142-161, 2019

112 Caroline Dewilde, "Do housing regimes matter? Assessing the concept of housing regimes through configurations of housing outcomes" Wiley 26 (26): 384-404, 2017

113 Madden, D., "Deffense of Housing: The Politics of Crisis" Verso Books 2016

114 Fields, D., "Constructing a New Asset Class : Property-led Financial Accumulation after the Crisis" 94 (94): 118-140, 2018

115 Jacobs, K., "Conceptualising ‘financialisation’ : governance, organisational behaviour and social interaction in the UK housing" 20 (20): 184-202, 2020

116 Kemp, P. A., "Commentary on multiple property ownership" 20 (20): 144-155, 2020

117 Norris, M., "Commentary on Stephens’ How Housing Systems Are Changing and Why : A Critique of Kemeny’s Theory of Housing Regimes" 37 (37): 552-556, 2020

118 Aalbers, M. B., "Centring Housing in Political Economy" 31 (31): 373-394, 2014

119 Nethercote, M., "Build-to-Rent and the financialization of rental housing : future research directions" 35 (35): 839-874, 2020

120 Johnston, A., "Bricks in the wall : the politics of housing in Europe" 43 (43): 275-296, 2020

121 Lennartz, C., "Asset-based Welfare and Social Investment : Competing, Compatible, or Complementary Social Policy Strategies for the New Welfare State?" 34 (34): 201-220, 2017

122 박유현, "Are Housing Mortgage Loan Restrictions Effective for Housing Price Stabilization?" 한국주택학회 26 (26): 105-124, 2018

123 Acolin, A., "Accessing Homeownership With Credit Constraints" 29 (29): 108-125, 2019

124 송명관, "87년 이후 중산층 육성전략과 주택금융화" 86 : 13-27, 2020

125 Piletty, T., "21세기 자본" 글항아리 2014

126 서영수, "2022 피할 수 없는 부채위기" 에이지21 2021

127 Ronald, R., "'Generation Rent' and Intergenerational Relations in the Era of Housing Financialization" 5 (5): 14-26, 2018

128 Waldron, R., ""We’re just existing, not living!" Mortgage stress and the concealed costs of coping with crisis" 32 (32): 584-612, 2017