• 가정과삶의질연구
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• 제17권4호
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• pp.193-206
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• 1999

This study analyzed the household portfolio according to wealth levels using a survey data of 1997 Korea Household Panel Study. The major findings of this study are as follows: (1) A household in high wealth level has invested relatively large proportion of his asset into real estate (2) A household in middle wealth level has invested relatively large proportion of his asset into risky financial asset(3) A household in low wealth level has invested relatively large proportion of his asset into secure financial asset. These findings accorded with risky pyramid model.

• 한국주거학회논문집
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• 제26권3호
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• pp.45-54
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• 2015

The purpose of this research is to analyze the wealth effects of home-owning baby-boomers on household consumption on non-durable goods in the Seoul Metropolitan Area. In so doing, this empirical study utilized the Korean Labor and Income Panel Study (KLIPS) of 2002 and 2012. The statistical findings reveal that household wealth in the period had sharply risen in household income, asset, debt and consumption, and the substantial increase came from growing income and consumption embedded into an expansionary stage of the family life cycle. Further, housing wealth had a much greater effect on consumption expenditure than did financial asset in 2012 while financial wealth effect was larger than housing wealth effect in 2002. Housing wealth effects had become far stronger as the age of the baby-boomer householders increased. As the baby-boomers are close to the retirement stage, post-retirement income security becomes of concern, so that the wealth effect of real estate income as an income alternative for retirees is explicit. The results imply that retirement of baby-boomers is likely to reduce consumer spending, aggravating slowdown of the real economy. Thus, diversification of household asset portfolio in a pre-retirement period is of great significance in maintaining adequate household consumption in later life.

• 한국주거학회논문집
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• 제28권1호
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• pp.83-93
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• 2017

This research intends to find out the impact of housing wealth of home-owning pre-retirees and older adults consisting of young-old, middle-old and old-old groups on their household consumption. In doing so, this research analyzes 2,350 home-owning households by utilizing the 17th Korean Labour and Income Panel Study (KLIPS). The results show that housing wealth has a statistically significant effect on non-durable consumption of the pre-retirees, and young-old and middle-old groups of older adults, and housing wealth has a much stronger effect on household expenditure than does financial wealth or real estate. It's found that the consumption elasticity is particularly greater for female-headed households living in SMA, residing in apartments, holding a lower debt-to-asset ratio and being a pensioner. The empirical findings imply that the old-old group of older adults is unlikely to actively tap into their housing windfalls since housing asset becomes the last to dispose in the course of an individual's life. As housing wealth effects are especially strong when liquidity constraints faced by older adults are removed, it's of significance to substantially reduce household debt before retirement in order to constantly maintain an adequate level of household consumption or to promptly prepare for future contingencies.

• 가족자원경영과 정책
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• 제7권2호
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• pp.45-57
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• 2003

This study analyzed the differences in household debt characteristics by wealth levels. The dataset used was the 2000 National Survey of Family Income and Expenditure. The major findings of this study were as follows; First, about 49% of sample owned some amounts of debt. Household in high wealth levels had lowest debt burden while households in low wealth level had highest debt burden. Second, the amounts of debt owed to financial agents were highest regardless of wealth levels. Third, all groups borrowed money for the purpose of purchasing real estate.

• 한국경제지리학회지
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• 제22권2호
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• pp.196-213
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• 2019

본 논문은 2018년 가계금융복지조사 원자료를 대상으로 기존 O-B(Oaxaca-Blinder) 요인분해를 일반화하고 정교화한 가중화 및 RIF(Recentered Influence Function) 회귀 기반의 2단계 O-B 요인분해 기법을 사용하여 순자산 불평등의 수도권과 비수도권 격차 요인들을 분석한다. 이는 소득, 연령, 교육, 가구유형 등과 같은 사회 경제적 요인들의 지역 간 분포 차이가 순자산 불평등의 지역 간 격차에 어떻게 기여했는지를 밝히는 것이다. 자료의 한계에도 불구하고, 분석 결과는 소득, 이혼, 농림어업과 기능조립직, 다문화가구 변수들의 지역 간 차이는 순자산 불평등의 수도권과 비수도권 간 격차를 심화시키지만, 상용직, 관리전문사무직, 서비스판매직, 가구규모 변수들은 그 격차를 완화시키고, 생애주기의 지역 간 차이는 상쇄적인 역할을 한다는 것을 보여준다.

• 한국주거학회논문집
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• 제27권6호
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• pp.95-104
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• 2016

The purpose of this research is to compare housing wealth effects of home-owning single income couples (SIC) and dual income couples (DIC) on their non-durable consumption and to assess the effects by location, age groups, housing structure type, debt-to-asset ratio and employment status. Using the Korean Labor and Income Panel Study (KLIPS) of 2014, this empirical study identified 1,198 SIC households and 1,044 DIC households, and employed multiple regression analysis. The main results reveal that the difference of financial portfolios between SIC and DIC households was little but housing wealth effects were stronger among SIC households than DIC counterpart. It's evident that housing wealth effects were conspicuous for SIC and DIC households who were headed by wage earners aged over 40s, and resided in apartment outside the Seoul Metropolitan Area. However, household debt became a determinant in contradicting housing wealth effects of SIC and DIC households. While the household financial dimension was in proportion to income, DIC households didn't gain much financial security due to increasing expenditure. Further, this research imply that liquidity constraints explicitly posed a more serious threat to SIC households whose dependence on housing asset is larger than their counterpart.

• 한국주거학회논문집
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• 제26권1호
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• pp.109-118
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• 2015

The purpose of this research is to examine generational distinctions of housing investment and household wealth for two different age cohorts - 'baby-boomers' and 'eco-boomers'. In so doing, national survey data of two different periods were analyzed and the primary results are summarized as follows; aggregate assets of both generations have risen, and the rising household debt for baby-boomers was related to loans for living expenses while eco-boomer's debt was ascribed to home-buying loans. In the midst of economic slowdown, the age cohorts had conservative asset allocation in preference for risk-averting investment like savings. The main purpose of saving and investment was distinctive across the groups? retirement for baby-boomers and home purchase for eco-boomers. Both groups prioritized reduction of household liabilities and also were cautious on investing in real estate. Still home-buying was considered to be an important driver for asset accumulation. While baby-boomers were unwilling to dispose any form of owned real estate, eco-boomers found it challenging to take on a long-term investment like home-buying, especially in economic uncertainties. Rather the young generation would diversify asset allocation with better-returning investment commodities like stocks, bonds and derivatives.

• KDI Journal of Economic Policy
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• 제38권4호
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• pp.23-44
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• 2016

Household debt in Korea raises concerns about the resilience of the economy due to its size and quality. Against this backdrop, we investigate if household leverage matters for private consumption in adverse economic environments even without severe financial disruptions. We find that the balance sheet positions in terms of the leverage ratio may weaken consumption growth. We also find that the depressive effect of debt on consumption may differ across types of consumer spending and household characteristics. In particular, the effects of indebtedness have been much stronger in relation to durable goods expenditures than in other areas. In addition, debtors in high-income (wealth) groups have also shown downward adjustments in consumption even more so than low-income (wealth) groups. These findings imply that debtors' precautionary behavior may serve as an important channel from leverage to consumer spending.

• 한국주거학회:학술대회논문집
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• 한국주거학회 2011년도 춘계학술발표대회 논문집
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• pp.296-300
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• 2011

It's well known that housing is one of the largest holdings in household wealth and at the same time the majority of households highly concentrate on it for their wealth accumulation. Coupled with a low interest rate and increasing housing price, the rationale is conspicuous and the propensity to debt-financed consumption becomes strengthened. This research was to examine the risk of home financing. In doing so, the study utilized several secondary data to identify the characteristics of households who finance loans for home buying in three regions of the nation - so-called Bubble 7, Seoul Metropolitan Area, and others. Based on the 2009 KB survey, the major findings were as follows: the majority of the studied households in Seoul Metropolitan Area who owned a house lived in rental housing, housing accounted for 89% of the household wealth, and home loans taken on were a ballon payment amortized for a short-term period (5 years) with an adjustable interest rate. In addition, the payment method most of the households depend on is income. The financing mechanism fueled debt load of the households, and further they are financially very vulnerable to such factors as increase in interest rate, unemployment and market downturn. In the absence of understanding the financial system, the consumption behavior leads to house-poor, so that financial accountability and ethics are addressed while the intervention of the government in home financing system should be more cautious but stimulate financial soundness in household wealth accumulation.

• 산업노동연구
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• 제24권3호
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• pp.1-34
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• 2018

본 논문은 2010년대 한국의 소득불평등 구조와 그의 변화를 분석하기 위하여 새로운 전체적인(holistic) 이론적 논의를 제시하고 그에 기초한 경험적 분석을 시도한다. 사회학, 노동경제학과 페미니즘에서 이루어진 불평등에 관한 논의는 특정한 영역의 불평등을 중심으로 하는 국지적 불평등에 초점을 맞추었다. 사회 불평등은 국지적 불평등을 넘어서는 전체적인 차원의 불평등에 대한 논의를 필요로 한다. 이는 이들 국지적 불평등을 통합하는 통합적 접근을 필요로 하며, 계급, 노동시장, 인구와 가족 차원의 논의를 포괄한다. 회귀분석 기반 불평등 분해 방법을 활용하여, 전체적 불평등에 영향을 미치는 젠더, 교육, 고용상의 지위, 직업, 가구구성과 재산이 전체 불평등에 기여하는 정도를 분해하여 분석한다. 본 연구는 기존의 국지적 불평등 연구에서 밝혀진 요인들 이외에 기존의 논의에서 간과된 가구 구성과 재산이 소득 불평등에 커다란 영향을 미친다는 점을 밝힌다.