Econ Papers Daily / 期刊论文
收紧所有权制度下的农地流动性：韩国的城乡异质性
Farmland Liquidity Under a Tightened Ownership Regime: Urban–Rural Heterogeneity in South Korea
摘要
In real estate markets featuring substantial search friction and strong seller loss aversion, external shocks that shift buyer valuations are largely reflected in liquidity fluctuations, while price adjustments tend to be rigid. This study examines market liquidity shifts following the tightening of South Korean farmland ownership regulations, utilizing the 2021 Farmland Act amendment and nationwide parcel‐level transaction data (2013−2023). We estimate the relationships between land liquidity, policy change, and key macro variables (i.e. interest rates) using a monthly county fixed‐effects model. We find that the amendment is significantly associated with a 10%−11% reduction in nationwide market liquidity, as measured by the turnover rate. This negative relationship is geographically heterogeneous, being more pronounced in rural areas while statistically insignificant in investment‐driven urban areas. Furthermore, our decomposition analysis reveals that the post‐enforcement drop in observed market liquidity is mostly associated with rising interest rates. The role of interest rates is more dominant in urbanized areas than rural ones, reflecting the higher concentration of investment‐driven buyers and substantial capital requirements for land acquisition in these regions. Our findings demonstrate that the market response to ownership regulation is strongly mediated by local market conditions, highlighting the challenges of enforcing stringent policies in areas with high investment potential.
中文摘要
在具有显著搜索摩擦和强烈卖方损失厌恶特征的房地产市场中，改变买方估值的外部冲击主要反映在流动性波动上，而价格调整往往呈现刚性。本研究利用2021年《农地法》修正案及2013-2023年全国地块层面交易数据，考察韩国农地所有权监管收紧后的市场流动性变化。我们采用月度县级固定效应模型，估计土地流动性、政策变化与关键宏观变量（如利率）之间的关系。研究发现，该修正案与全国市场流动性（以周转率衡量）显著下降10%-11%相关。这种负向关系存在地理异质性：在农村地区更为显著，而在投资驱动的城市地区统计上不显著。此外，分解分析表明，政策实施后观察到的市场流动性下降主要与利率上升相关。利率在城市化地区的作用比农村地区更为突出，这反映了这些地区投资驱动型买家的高度集中以及土地收购所需的大量资本。我们的研究结果表明，市场对所有权监管的反应受到当地市场条件的强烈调节，凸显了在高投资潜力地区实施严格政策的挑战。