Dispersion of Household Debt and Its Macroeconomic Implications: Evidence from South Korea
0
조회
0
다운로드
5
인용
0
참고문헌
키워드
초록
This study establishes the stylized facts on economic inequality using KLIPS (Korean Labor & Income Panel Study) of 2001-2015 and presents empirical evidence on their macroeconomic implications. Firstly, we find that inequalities of after-tax disposable income and consumption have not increased in 2000s, contradicting public belief. However, dispersion of household debt by income group has steadily widened in 2000s as high-income group leads a run-up of household debt while low-income group faces more limited access to financial markets. Secondly, in addition to the widening debt dispersion, usages of debt are very different depending on income levels. Using fixed effects panel regressions and panel VARs, we find that high-income group tends to borrow in order to invest in real estate assets or buy houses even with reducing non-housing consumption. Meanwhile, low-income group seems to borrow for consumption, not for investment. Based on our finding, we discuss the role of widening debt dispersion in terms of macroeconomic instability and persistent economic inequality.
Abstract
This study establishes the stylized facts on economic inequality using KLIPS (Korean Labor & Income Panel Study) of 2001-2015 and presents empirical evidence on their macroeconomic implications. Firstly, we find that inequalities of after-tax disposable income and consumption have not increased in 2000s, contradicting public belief. However, dispersion of household debt by income group has steadily widened in 2000s as high-income group leads a run-up of household debt while low-income group faces more limited access to financial markets. Secondly, in addition to the widening debt dispersion, usages of debt are very different depending on income levels. Using fixed effects panel regressions and panel VARs, we find that high-income group tends to borrow in order to invest in real estate assets or buy houses even with reducing non-housing consumption. Meanwhile, low-income group seems to borrow for consumption, not for investment. Based on our finding, we discuss the role of widening debt dispersion in terms of macroeconomic instability and persistent economic inequality.
참고문헌 (42)
- Aguiar, M., "Has Consumption Inequality Mirrored Income Inequality?", American Economic Review, 105, pp.2725~2756 (2015)
- Household Debt and Consumption During the Financial Crisis: Evidence from Danish Micro Data, "Andersen, A. L.", Denmark Nationalbank, ~, pp.Denmark Nationalbank Working Papers, No. 89 (2014)
- Arcand, J. L., "Much Finance?", Journal of Economic Growth, 20, pp.105~148 (2015)
- Attanasio, O., "The Evolution of Income, Consumption, and Leisure Inequality in the United States, 1980–2010" (2015), University of Chicago Press
- Blundell, B. R., "Consumption Inequality and Partial Insurance", American Economic Review, 98, pp.1887~1921 (2008)
- Bonhomme, S., "The Cycle of Earnings Inequality: Evidence from Spanish Social Security Data", The Economic Journal (2016)
- Reassessing the Impact of Finance on Growth, July 2012, "Cecchetti, S. G.", BIS, ~, pp.BIS Working Paper, No. 381 (2012)
- Corak, M., "Income Inequality, Equality of Opportunity, and Intergenerational Mobility", Journal of Economic Perspectives, 27, pp.79~102 (2013)
- Finance and Economic growth in OECD and G20Countries, "Cournede, B.", OECD, ~, pp.OECD Economic Policy Paper, No. 14 (2015)
- De Nardi, M., "Wealth Inequality and Intergenerational Links", The Review of Economic Studies, 71, pp.743~768 (2004)
- Domanski, D., "Foreign Exchange Market Intervention in EMEs: What Has Changed?", BIS Quarterly Review, pp.65~80 (2016)
- Fisher, J. D., "Measuring the Trends in Inequality of Individuals and Families: Income and Consumption", American Economic Review, 103, pp.184~188 (2013)
- Galor, O., "Handbook of the Economics of Education, Vol. 4", pp.441~493 (2011)
- Heathcote, J., "Unequal We Stand: An Empirical Analysis of Economic Inequality in the United States: 1967-2006", Review of Economic Dynamics, 13, pp.15~51 (2010)
- Inequality Index and Income in KLIPS, "Hong, M.", KLI, ~ (2015)
- 홍민기, "보정 지니계수", 경제발전연구, 23(3), pp.1~22 (2017), 한국경제발전학회[DOI]
- 홍석철, "인구고령화와 소득불평등의 심화", 한국경제의 분석, 19(1), pp.71~122 (2013), 한국경제의 분석패널
- Iacoviello, M., "Household Debt and Income Inequality, 1963-2003", Journal of Money, Credit and Banking, 40, pp.929~965 (2008)
- Jeong, H., "An Empirical Analysis of Income Inequality in South Korea and Its Implication for Inclusive Growth", Humanities and Social Science Cooperative Research, pp.58~113 (2017)
- The Effects of Household Debt on Consumption and Economic Growth: Flow Effect and Stock Effect, "Kang J. K.", Economic Research Institute, The Bank of Korea, ~, pp.Working Papers 2017-1 (2017)
- Kaplan, G., "A Model of the Consumption Response to Fiscal Stimulus Payments", Econometrica, 82, pp.1199~1239 (2014)
- Kim, N. N., "Top Income in Korea, 1933-2010: Evidence from Income Tax Statistics", Hitotsubashi Journal of Economics, 56, pp.1~19 (2015)
- Krueger, D., "Does Income Inequality Lead to Consumption Inequality? Evidence and Theory", Review of Economic Studies, 73, pp.163~193 (2006)
- Krueger, D., "Cross-Sectional Facts for Macroeconomists", Review of Economic Dynamics, 13, pp.1~14 (2010)
- 이병희, "2000년대 소득불평등 증가요인 분석 ― 단계적 분석방법 ―", 경제발전연구, 20(1), pp.73~103 (2014), 한국경제발전학회
- The Real Effects of Household Debt in the Short and Long Run, "Lomberdi, M. J.", BIS, ~, pp.BIS Working Paper No. 607 (2017)
- Estimation of Panel Vector Autoregression in Stata: a Package of Programs, "Love, I.", University of Hawaii, ~ (2015)
- Lusarni, A., "Fragile Households:Evidence and Implications", Brooking Papers on Economic Activity, pp.83~134 (2011)
- Meyer, B. D., "Consumption and Income Inequality and the Great Recession", American Economic Review, 103, pp.178~183 (2013)
- Mian, A., "Household balance sheets, consumption, and the economic slump", Quarterly Journal of Economics, 128, pp.1687~1726 (2013)
- Mian, A., "House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again" (2014), University of Chicago Press
- Mian, A., "What Explains the 2007–2009 Drop in Employment?", Econometrica, 82, pp.2197~2223 (2014)
- Household Debt and Business Cycles Worldwide, "Mian, A.", NBER, ~, pp.NBER Working Paper, No. 21581 (2015)
- Income Inequality Remains High in the Face of Weak Recovery, "OECD", OECD Income Inequality Update, ~ (2016)
- The Squeezed Middle Class in OECD and Emerging Countries – Myth and Reality, "OECD", OECD, ~ (2016)
- 박기영, "The Wealthy Hand-to-Mouth Households in South Korea", Global Economic Review, 46(3), pp.299~324 (2017), 동서문제연구원
- Piketty, T., "Handbook of Income Distribution, Vol. 1", pp.429~476 (2000)
- 손종칠, "가구패널을 이용한 과다부채와 소비의 상관관계 분석", 한국경제학보(구 연세경제연구), 22(1), pp.133~144 (2015), 경제연구소
- Song, I. H., "Understanding Housing Cost in South Korea and International Comparisons", Real Estate Focus, 81, pp.21~29 (2015)
- Sung, M. J., "Effects of Tax and Benefits on Income Redistribution in Korea", Review of Income and Wealth, 57(2), pp.345~363 (2011)
- Household Wealth Trends in the United States, 1962 to 2016: Has Middle Class Wealth Recovered?, "Wolff, E. N.", NBER, ~, pp.NBER Working Paper, No. 24085 (2017)
- 원승연, "가계의 금융부채가 소득불평등에 미치는 영향", 한국사회정책, 22(3), pp.41~72 (2015), 한국사회정책학회[DOI]