Since the sub-prime mortgage crisis from the US, 2008, Korean housing market was plummeted, however, indigenous Korean lease contract ;;Chonsei;; price have been increasing. This increase of Chonsei price can be threat to the low-income people because most of them prefer to live at the house of Chonsei contract. In order to solve this problem, Korean Government have implemented several ;;Chonsei’ policies to secure low-income people;;s residnece by decreasing price of Chonsei, however, due to the lack of understanding on housing and Chonsei market, Korean government policy seems to fail on getting effective results. In the housing and Chonsei market, there are many stakeholders with own interest, so simple thought about housing and Chonsei market such as more house supply will decrease house price would not work in a real complex housing market. This study suggested system dynamics conceptual model which is consists of each part of causal-loop-diagrams for the Chonsei market as well as the housing market. In addition, this study try to explain why the policy did not work effectively using the examples of government past measures. . In conclusion, Chonsei price have its own homeostasis characteristic and different price movement with housing price at the short-term and long-term period. Unless government does not have structural causation mind in implementing policy in real estate market, the government may not have intended effects on the certain market.
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System Dynamics Modeling of Korean Lease Contract Chonsei
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