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on the analysis of pending macroeconomic issues

International Economics

Policy Study

Regulatory Takings and Property Rights: Focusing on the Green Belt Regulation in Korea

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  • Author Hojun Lee
  • Date 2015/12/31
  • Series No. Policy Study 2015-09
  • Language Korean
SUMMARY This study considers the compensation issues of regulatory takings in Korea. We suggest a criteria to determine whether to compensate the losses due to a regulation. Under the assumption that the regulation satisfies ‘public necessity’ concept in the Constitution of Korea, the losses should be compensated if the regulation is implemented not based upon the state’s police power, there is a significant imbalance between the beneficiaries and the regulated, and the amount of the losses is significant. We studied the Green Belt regulation of Korea with the criteria, and showed that the compensation is necessary, which is consistent with the decision by the Constitution Court of Korea in 1998.
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