한국 가계의 주식시장 참가 결정요인 분석
Determinants of Stock Market Participation Decision: The Case of Korean Households
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Abstract
Using household survey data set during 1993～1998 period, this paper analyzes patterns and determinants of household stock market participation. The results shows that the age profile of stock market participation in Korean household is humped-shaped as in other developed countries. Also, households with a higher level and lower variability of income, bigger financial asset, and higher education level are more likely to be stockholders. The stock market participation rate of the self-employed is substantially lower than that of the employed. In Korea, the high proportion of self-employed among total labor force seems to lower the stock market participation rate.
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