공간-자본시장의 통합과 도시개발금융의 다양화 방법

Abstract

공간시장과 자본시장의 통합이 강화되면서 공간개발에 대한 자본시장의 영향력이 확대되고 있다. 따라서 도시공간의 생산과 변화는 자본시장의 역동적 움직임과 연계하여 파악할 필요가 있다. 공간시장과 자본시장의 통합논리와 이에 기초한 공간개발 투자상품 및 투자전략을 살펴보고, 도시개발 및 재개발 금융의 방법으로 활용할 수 있는 금융기법에는 어떠한 것들이 있는가를 검토한다.

Contrary to geographers' focus, there is growing recognition among academics and practitioners that finance capital exert important influences on the production of urban space. Increasingly production of space and urban spatial structure is configured by risk-return relationship and cash flow of urban development projects. In order to understand the production logic of space, it is very important to appreciate financial instruments based on securitization which finance the urban development through capital markets. As space-capital markets are now more closely linked than at any other historical period hitherto, space markets become more susceptible the movements of capital markets and tendencies toward crisis. For almost twenty years, academics have attempted to analytically integrate these two markets. This paper study the integration debate of space-capital market and financial instruments led by integration. Subsequently explore urban development financing methods focused on project financing, securitization of real estate, PFI, TIF.