생애주기가설과 개별 가구의 나이-부의 프로파일 추정
The Life-Cycle Hypothesis and The Age-Wealth Profile
0
조회
0
다운로드
11
인용
0
참고문헌
키워드
초록
Abstract
Using 1990～2000 Korean Annual Report on the Household Income and Expenditure Survey this paper investigates that age-wealth profile shows hump shape and hence it supports life-cycle hypothesis. Using calculated wealth and consumption from Korean Household Income and Expenditure Survey we estimate the age-wealth profile and age-consumption profile under two different identification assumptions about age, cohort and time effects. In particular, polynomials are considered to reflect cohort effect. According to empirical results, cohort effect is found to be between 0.8 and 0.9 percent but there is no absolute increase with year of birth. Furthermore, age-wealth profile is different from each educational level of household head. In case of household head finishing elementary and middle school and without regard to cohort effect, wealth decumulation is found in earlier age such as 53 years old for household head graduating high school and 51 years old for graduating college respectively unless the model includes cohort effect. However, households behave as if their horizon is infinite and wealth doesn't decline when household head graduates high school or college if cohort and time effect are introduced.
참고문헌 (43)
- 고광수, "인구고령화와 우리나라의 자본시장: 가계의 주식보유와 3층 사회보장제도를 중심으로", 금융연구, 19, pp.61~128 (2005)
- 남주하, "한국가구에 대한 소비의 유동성제약 검정", 국제경제연구, 9(3), pp.209~233 (2003)
- 한국의 저축률 추이에 관한 연구: Synthetic Cohort분석, "박대근", 한국조세연구원, ~, pp.연구보고서, 97-06 (1997)
- 금융자산과 소비와의 관계분석(통계청), "박대근", ~, pp.1996 가구소비실태조사 종합분석 사업 보고서, 5-2 (1998)
- 이명훈, "우리나라 소비지출의 행태분석", 한국은행 조사통계월보, 9(1), pp.3~24 (1992)
- 이민원, "한국의 예비적 저축에 관한 패널 분석", 국제경제연구, 5(1), pp.65~89 (1999)
- 이우헌, "외환위기와 한국의 가계소비: 예비적 저축을 중심으로", 국제경제연구, 7(2), pp.57~77 (2001)
- 최희갑, "불확실성하에서의 소비지출에 대한 실증분석", 국제경제연구, 9(1), pp.187~206 (2003)
- 통계청, "도시가계연보, 각 연도", ~
- 통계청, "장래인구추계결과", ~ (2001)
- 통계청, "가구소비실태조사, 1991, 1996, 2000", ~
- 한국은행, "국민계정", ~ (2000)
- 한국은행, "월중 금융시장동향", ~ (2003)
- 한국은행, "조사통계월보, 각 연도", ~
- Ando, A, "The Life-Cycle Hypothesis of Saving: Aggregate Implications and Tests", American Economic Review, 53, pp.55~84 (1963)
- Barro, R. J, "Are Government Bonds net Wealth?", Journal of Political Economy, 81, pp.1095~1117 (1974)
- Bernheim D, "The Strategic Bequest Motive", Journal of Political Economy, 93, pp.1045~1076 (1985)
- Brugiavini, Agar, "Empirical evidence on wealth accumulation and the effects of wealth : an application to Italian cross-section data(Financial Markets Group, Discussion Paper 20)" (1987), London School of Economics
- Caballero, Ricardo, "Earnings uncertainty and aggregate wealth accumulation", American Economic Review, 76, pp.676~91 (1991)
- Carroll, Christopher, "How Does Future Income Affect Current Consumption?", Journal of Economics, 109, pp.111~148 (1994)
- Collins, Susan M, "Savings and Growth Experiences of Korea and Japan", Journal of Japanese and International Economics, 2, pp.328~350 (1988)
- Davies, James D, "Uncertain lifetime, Consumption and Dissaving in Retirement", Journal of Political Economy, 89, pp.561~77 (1981)
- Deaton, Angus, "Panel Data from Time Series of Cross Sections", Journal of Econometrics, 30, pp.109~126 (1985)
- Deaton, Angus, "Growth and saving: What do we know, what do we need to know, and what might we learn?" (1995), Princeton University, mimeo
- Deaton, Angus, "Saving, aging and growth in Taiwan, in Studies in the Economics of Aging" (1994), Chicago : University of Chicago Press
- Deaton, Angus, "The effects of economic and population growth on national saving and inequality", Demography, 34, pp.97~114 (1997)
- Denton, Frank T, "Age, trend, and cohort effects in a macro model of Canadian expenditure patterns", Journal of business and Economic Statistics, 17(4) (1999)
- Diamond, Peter A, "Individual Retirement and Savings Behavior", Journal of Public Economics, 23, pp.81~114 (1984)
- Ehrlich, Issac, "Intergenerational Trade, Longevity, and Economic Growth", Journal of Political Economy, 99, pp.1029~59 (1991)
- Gourinchas, Pierre-Oliver, "Consumption over the Life Cycle", National Bureau of Economic Research, (7271) (1999), Working Paper
- Guiso, Luigi, "Intergenerational Transfers, Borrowing Constraints and the Timing of Home Ownership", Temidi Discussione, (275) (1996), Rome: Bank of Italy
- Hubbard, Glenn R, "The Importance of Precautionary Motives in Explaining Individual and Aggregate Saving", Carnegie-Rochester Conference Series on Public Policy, 40, pp.59~126 (1994)
- Hurd, Michael D, "Savings of the Elderly and Desired Bequests", American Economic Review, 77, pp.298~312 (1987)
- Hurd, Michael D, "Mortality Risk and Bequests", Econometrica, 57, pp.779~813 (1989)
- Jappelli, Tullio, "The Age-wealth Profile and the Life-cycle Hypothesis : A Cohort Analysis with a Time Series of Cross-sections of Italian Households", Review of Income and Wealth, 45, pp.7~75 (1999)
- King, Mervyn, "Asset Holdings and the Life-cycle", Economic Journal, 92, pp.247~67 (1982)
- Kwack, Sung Yeung, "The Impact of Aging Population in Korea and Household Saving Rate Behavior", The 2003 KDI-KAEA Conference (2003)
- Mace, Barbara, "Full Insurance in the Presense of Aggregate Uncertainty", Journal of Political Economy, 99, pp.928~956 (1991)
- Park, Daekeun, "Saving, growth, and demographic change in Korea", The Japanese and international economics, 19, pp.394~413 (2005)
- Shorrocks, A. F, "The Age-wealth Relationship: A Cross-section and Cohort Analysis", Review of Economics and Statistics, 57, pp.155~63 (1975)
- Skinner, Jonathan, "Risky Income, Life Cycle Consumption, and Precautionary Savings", Journal of Monetary Economics, 22, pp.237~255 (1988)
- Kniesner, Thomas J, "Life-Cycle Consumption and the Age-Adjusted Value of Life, Article 4", Contributions to Economic Analysis & Policy, 5(1) (2006)
- Weil, Philippe, "Precautionary Savings and The Permanent Income Hypothesis", Review of Economic Studies, 60, pp.367~384 (1993)