부동산가격지수를 활용한 파생금융상품 개발방안 연구

1. CONTENTS (1) RESEARCH OBJECTIVES The purpose of this study is to suggest the desirable direction to develop financial derivatives and index-linked securities based on real estate price indexes. (2) RESEARCH METHOD This study was focused on real estate market research and case study. The data for the analysis consist of the size of commercial/non-commercial real estate markets and capital markets in a group of advanced countries such as the US, UK, and Japan including Korea. Case study covers the examples of operating real estate derivatives markets in US and UK. (3) RESEARCH FINDINGS Unlike commercial real estate index, it is possible to develop not only real estate derivatives but also index-linked securities and funds once reliable housing real estate price indexes are publicly traded in Korea exchange. 2. RESULTS To determine underlying assets for real estate derivatives, it is recommended to benchmark KOSPI 200 index futures transactions. However, the time is not yet ripe for the development of financial derivatives based on commercial real estate market indexes in Korea because time-series available have a very short history and transaction is relatively opaque, private as well as scarce compared to that of advanced countries.