우리 나라의 논가격 및 생산성, 1700-2000 = Paddy Land Price and Productivity in Korea, 1700-2000

다국어 초록 (Multilingual Abstract)

This paper estimates trends in paddy land price during the past three centuries. Results from hedonic regression using more than ten thousand land price observations in different parts of Korea indicate that the real paddy land price (nominal paddy land price as standardized by rice price) remained stable during the eighteenth century, which was followed by a falling trend in the nineteenth century. As the interest rate hardly changed during the two centuries, it follows that paddy land productivity suffered long term decline during the nineteenth century. Land price data collected by the colonial and South Korea government indicate rapidly rising real paddy land price during the twentieth century. Although the interest rate fell during the century, this accounts for only a small fraction of the rising paddy land price.