Journal of Families and Better Life (가정과삶의질연구)

Korean Home Management Association (가정과삶의질학회)
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An Analysis of Household Portfolio Changes and Household Characteristics : Financial decision making patterns during the economic crisis under IMF trusteeship

시장환경의 변화에 따른 가계포트폴리오 변화유형 및 각 유형별 가계특성 분석 : IMF 경제위기동안의 재무의사결정 유형

  • 박주영 (서울대학교 소비자학과) ;
  • 최현자 (서울대학교 소비자학과)
  • Published : 2002.12.01
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Abstract

The instability in the current financial market caused consumers a lot of difficulties in their financial decision making. The purpose of this study is to classify the changes in household portfolios during the economic crisis under IMF-trusteeship (IMF Crisis hereafter), and to examine the characteristics of the households according to the types of household portfolio changes. The data were taken from 1996 and 1999 Korean Household Panel Studies, and 1,293 households were selected for the final analysis. Methods of analysis included frequencies, percentages, Chi-square tests, F-tests, and t-tests. Major findings are as follows: 1. In the midst of the financial market changes during the period of the IMF crisis, consumers tended to manage their household portfolio differently according to their household characteristics. 2. The changes of household portfolio can be classified into two different types: the changed type (44.4%) and the unchanged type(55.6%). There are significant differences in the level of wealth, family life cycle stage, housing tenure, and the household head's job, between the changed type and the unchanged type. The family members of the unchanged type are more likely to be older and relatively wealthy compared with the families in the changed type. 3. The changes of household portfolio can be further classified into six different types: the unchanged-liquidity type (21%), the unchanged-multiplication type (24.6%), the unchanged-insurance type (9.8%), the changed-to-liquidity type (13.9%), the changed-to-multiplication type (13.0%), and the changed-to-insurance type (17.5%). There are significant differences in income level, wealth level, family life cycle stage, housing tenure, and the job of household head among the six types of changes.

Keywords

References

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