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Households Debts and Financial Market Participation in Korea

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보험연구원 (Korea Insurance Research Institute)|2016.05|보험금융연구 (Journal of Insurance and Finance)|제27권 제2호|pp. 3-43|DOI 10.23842/jif.2016.27.2.001

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참고문헌

키워드

가계부채Real estate가처분소득Disposable Income실물자산Household shareholdingsHousehold debtsFinancial Market Participation가계금융자산보유시장참여
주제분류경영학

초록

This paper examines household participation in the financial market in response to changes in household debts, disposable income, and real estate. Only less 11 percent of households have participated in the stock market, and less than 0.4 percent have participated in the bond market. However, the participation rate is twice as high in fund markets than in stock markets. Financial debt chiefly results in impingement on financial market participation and is strongly pronounced, especially in fund markets. In contrast, real estate and disposable income tends to boost market participation, offsetting the effect of household debts. In fact, real estate increases household’s likelihood of participating in financial markets by 5 percent or more while an increase in disposable income increases by a range of at least 8 percent in liquid markets to 15.3 percent in fund markets, respectively.

Abstract

This paper examines household participation in the financial market in response to changes in household debts, disposable income, and real estate. Only less 11 percent of households have participated in the stock market, and less than 0.4 percent have participated in the bond market. However, the participation rate is twice as high in fund markets than in stock markets. Financial debt chiefly results in impingement on financial market participation and is strongly pronounced, especially in fund markets. In contrast, real estate and disposable income tends to boost market participation, offsetting the effect of household debts. In fact, real estate increases household’s likelihood of participating in financial markets by 5 percent or more while an increase in disposable income increases by a range of at least 8 percent in liquid markets to 15.3 percent in fund markets, respectively.

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