Lee, Chang-Moo; Chung, Eui-Chul - In: Journal of Housing Economics 19 (2010) 4, pp. 315-323
In this paper, we describe the structure of the monthly-rent-with-variable-deposit (MRVD) contract, a distinct type of rental contract in Korea. We demonstrate that the Chonsei contract is one variant of the MRVD contract. To explain the MRVD contract, we propose a leverage-effect-seeking...