| This paper examines the increases in homeownership rates that took place during the 1990s in Korea. We examine whether the increases have been primarily the result of demographic and economic changes or that of reduced liquidity constraints as a result of financial market liberalization measures during this time. Using household data from the Family Income and Expenditure Surveys for the years 1986 to 2000, we find that demographic and economic changes account for most of the increases in ownership rates. Evidence supporting declining liquidity constraints is also found, however, there still remains a large portion of the population that face a high degree of borrowing constraints, particularly for those who are monthly renters. |
