주택가격변화가 가구의 저축 및 자산축적에 미치는 영향

Abstract

This paper examines the effect of house price change on homeowner's saving and asset accumulation decision. Using the KLIPS panel data, empirical models were estimated to quantify the differential effect between housing price increase and house price decrease. In addition to existing studies, we further decomposed a change in non-housing wealth into financial asset, non-housing real estate asset, and debt and then analyzed the effect of house price change in each category. Our empirical results suggest that households experiencing real capital gains from currently owned homes decrease their saving, but increase their non-housing wealth. But households experiencing real capital losses also increase their non-housing wealth. Our further investigation shows that while households associated with real capital gains increase their non-housing real estate asset, households with real capital losses increase their financial assets. These results indicate that households make their investment decisions reflecting their experiences from the changes in house prices.