건강상태가 가계 금융자산 포트폴리오 결정에 미치는 영향 연구
The Effects of Health Status on Household Portfolio Allocations
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미국의 많은 선행연구들은 건강상태가 가계 금융자산 포트폴리오 결정에 어떤영향을 주는지 알아보기 위하여 실증연구를 수행하였다. 특히, 건강상태와 포트폴리오결정은 개인의 위험회피성향이나 동기, 정보와 같은 잠재적인 개인의 특성에 의해동시에 영향을 받을 수 있기 때문에 실증분석에서 이러한 잠재적인 개인특성을통제하는 것이 중요할 수 있다. 본 연구에서는 미국과 다른 보건의료제도를 시행하고있는 우리나라의 가구를 대상으로 건강상태가 위험자산 보유여부와 가계 금융자산 내위험자산의 지분비율에 미치는 영향에 대해 실증분석을 실시하였다. 먼저, 가구의건강상태를 대리하는 변수로 가계 총의료비에서 입원치료비가 차지하는 비중을사용하여 건강상태가 가계 금융자산 포트폴리오 결정과 유의미한 상관관계를 가지고있음을 발견하였다. 그러나 상관임의효과(Correlated Random Effects) 모형을 이용하여잠재적인 개인특성을 통제한 결과 건강상태가 독립적인 외생변수로 포트폴리오 결정에유의미한 영향을 미치지 못하는 것을 발견하였다.
Abstract
There have been many empirical studies in the United States to find a linkage between health status and portfolio choice of the individual households. In particular, it is important to account for the existence of unobserved characteristics such as risk attitudes, motivation, and information in the analysis because both health status and portfolio choice can be influenced by the unobserved heterogeneity. In this empirical study, we analyze how much the household portfolio decision is correlated with health status and whether this correlation is causal in Korea, where they have an obligatory national health care system different from the one in the United States. Most korean household panel data do not survey the subjective health status or, if ever, they do not survey the risky asset holdings of the households. We use the 2009-2013 waves of the National Survey of Tax and Benefit panel containing detailed information about the financial asset holdings of the households. As a proxy for the household's underlying health status, we construct a ratio of inpatient hospital costs over total medical costs of a household that can reflect its “poor” health status. Employing the random-effect probit and tobit models, we find that there is a statistically significant correlation between health status and portfolio choice. However, once we control for unobserved heterogeneity by applying the correlated random-effects models, we find that health status no longer serves as a significant independent variable for the individual household to decide whether to hold a risky asset or how much financial assets to be allocated in a risky asset.
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