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Economic Analysis of Urban Land Use and Housing Supply: An Application of Urban Land Use and a CGE Model for Seoul

In: Computable General Equilibrium Approaches In Urban And Regional Policy Studies

Author

Listed:
  • EUIJUNE KIM

    (Department of Agricultural Economics and Rural Development, Seoul National University, Seoul, Korea and Regional Economics Applications Laboratory, University of Illinois, Urbana, IL, USA)

  • JAEUK JU

    (Department of City and Regional Planning, Cornell University, Ithaca NY, USA)

Abstract

This paper assesses economic effects of housing supplies on the urban growth and income distribution of Seoul, using an urban land use and Computable General Equilibrium (CGE) model of Seoul economy. The simulation shows that the housing development with the transformation of the green or the industrial land uses into the residential land use leads to an increase of the Gross Regional Product (GRP) by approximately 1% at the worse income inequality. The aggregate welfare effects in terms of Hicksian Compensating Variation range from 1.746 trillion Korean Won to 1.768 trillion Korean Won on a ten-period average, depending on the type of the land use re-designation.

Suggested Citation

  • Euijune Kim & Jaeuk Ju, 2006. "Economic Analysis of Urban Land Use and Housing Supply: An Application of Urban Land Use and a CGE Model for Seoul," World Scientific Book Chapters, in: Masayuki Doi (ed.), Computable General Equilibrium Approaches In Urban And Regional Policy Studies, chapter 9, pages 167-186, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812707116_0009
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    More about this item

    Keywords

    Computable General Equilibrium (CGE) Model; Social Accounting Matrix (SAM); Urban and Regional Policies (or Urban and Regional Policy Evaluation); Each Industry's Market Clearance; Structural and Long-Term Policy Impacts;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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