토지공개념의 경제적 효과분석

The Economic Effects of Public Concept of Land

The public concept of land, which was introduced by Korean goverment in 1990 mainly to curb the land speculation. consists of three parts: the upper limit on the residential building site, the development levy and the excessive land capital gains tax. We analyse the effects of these three laws in terms of price stabilization, efficiencv and equity. Our main findings are as follows. Firstly, the law will stabilize the land. price theoretically, even though it is impossible to verify it empiricallv. However, it is noteworthy that the traditional capital gains tax turns out to be inehecuve. Secondly, the law would enhance the efficient use of land under the assumption of risk-aversion. Finally, the law will have both income and wealth redistribution effects even though they are marginal.