SOAS University of London

Department of Economics

Hongseok Ryu

BA (Gyeongsang National University), MA (Hankook University of Foreign Studies)
  • Teaching
  • Research


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Hongseok Ryu
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Thesis title:
Finanalisation of housing in South Korea
Year of Study:
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PhD Research

South Korean housing has taken financialisation since the Asian Crisis in 1997. Particularly, the financialisation forms two noticeable features: (1) broadening mortgage borrowing (2) securitization of the mortgage. More significantly, the forms were introduced by South Korean government. The PhD thesis aims to explain these specific forms of financialisation systematically. The thesis presupposes that international division of labour and business cycle are basic conditions to the formation of the financialisation. And these grand economic power realise in financialisation through (1) capitalist state's policies to reproduce socioeconomic system, and (2) movement of rent and housing price effecting one other. Then, (3) the forms are moulded in the actual market. There governments, developers, banks and housing consumers' activities decide the particular form of housing financialsiation. After suggesting new methodology for the research, the thesis view state's role on housing market and rent movement. And then, it synthesizes them in the housing market situated by housing entities such as banks and consumers.


  • Increase of social housing supply in the era of supply in the era of neoliberalism in South Korea-how can we understand the 'brave' policy on social housing at the conference of Social Housing in Contemporary Europe, at Libera Universita di Bolzano. (19-21 April 2017)





  • Agricultural production
  • Farmland reverse mortgage in South Korea
  • Economic crisis theories
  • Foreign exchange rate
  • International value transfer
  • Social housing
  • Economic development and democracy
  • Financialisation of housing
  • 4th industrial revolution and new industrial policies
  • North Korea and anti-imperialism
  • States' role against crisis