Abstract
The bubble burst, and the South Korean property market plummeted. Thousands of Koreans should not be able to afford their debts and choose to commit suicide. Prior to this, South Koreas real estate market soared rapidly, and no one noticed the abnormality and the future direction of the real estate market. That was a miracle, but it only lasted for a while, and one of the most important factors that accelerated its destruction was a rental system called Jeonse. The purpose of this paper is to explore the impact of Jeonse, a unique rental system, on the Korean real estate market. Housing prices in South Korea have soared amidst the global pandemic. By studying macroeconomics, the global capital chain, and policy-related factors that affect the market, it seems necessary for the government to understand the importance of controlling leverage and properly using quantitative easing. Those methods can theoretically prevent the economic crisis, slow down the creation of bubbles, or decrease the influence made by the contagions it creates.
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