연금제도의 특징에 따른 주식시장 참여율 국가별 비교
Pension Reforms and Household’s Stockholding Decisions: A Cross-country Analysis
0
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
이 논문은 한국과 유럽의 미시자료를 이용하여, 각 국의 연금제도의 특징에 따른주식시장 참여율의 차이를 비교한다. 패널자료 분석을 통해, 개별가계의 주식시장 참여결정에 영향을 미치는 요인들을 살펴보고, 각 나라별 노후소득보장제도의특성에 따라 주식시장 참여율에 어떠한 차이가 있는지를 살펴본다. 이 논문의 실증분석 결과는 노후소득보장제도에서 사적연금의 역할이 클수록, 공적연금의 소득대체율이 낮을수록, 그 나라의 주식시장 참여율이 월등하게 높은 것을 보여준다. 연금제도 개혁방안의 특징과 주식시장 참여율 간의 상관관계에 대해서도 살펴본다.
Abstract
Using micro data sets from Korea and 11 European countries, this study examines how the features of pension system affect stock market participation decision of households. Based on the results from panel data analysis, this study illustrates the major determinants of household’s stock market participation decision. Furthermore, using a pooled regression model, this study shows that the cross-country variation in stock market participation rates can be explained by the difference in pension system. This study suggests that private pension participation rates and income replacement rates of public pension are associated with the stock market participation rates.
참고문헌 (17)
- 가계의 주식보유 비중 결정 요인에 대한 연구: OECD 국가간 비교를 중심으로, "김재칠", 한국증권연구원, ~ (2005)
- Bertaut, C., "Household Portfolios in the United States, In Household Portfolios" (2002), MIT Press
- Bodie, Z, "Labor Supply Flexibility and Portfolio Choice in a Life-Cycle Model", Journal of Economic Dynamics and Control, 16, pp.427~439 (1992)
- The Effect of Housing on Portfolio Choice, "Chetty, R.", NBER, ~, pp.NBER Working Paper W15998 (2010)
- Christelis, D., "Cognitive Abilities and Portfolio Choice", European Economic Review, 54, pp.18~38 (2010)
- Gollier, C., "What Does the Classical Theory Have to Say about Household Portfolios?, In Household Portfolios" (2002), MIT Press
- Guiso, L, "Household Stockholding in Europe: Where do We Stand and Where do We Go?", Economic Policy, 18(36), pp.123~170 (2003)
- Haliassos, M., "Stockholding: Lessons from Theory and Consumptions, In Household Portfolios" (2002), MIT Press
- Heaton, J., "Market Frictions, Savings Behavior, and Portfolio Choice", Macroeconomic Dynamics, 1, pp.76~101 (1997)
- Hurd, M., "Portfolio Holdings by the Elderly, In Household Portfolios" (2001), MIT Press
- King, M., "Wealth and Portfolio Consumption: Theory and Evidence", Journal of Public Economics, 69, pp.155~193 (1998)
- Merton, R., "Lifetime Portfolio Selection Under Uncertainty : The Continuous Time Case", Review of Economics and Statistics, 51, pp.247~257 (1969)
- OECD, "Pensions at a Glance : Public Policies Across OECD Countries" (2007), OECD
- OECD, "Pensions at a Glance : Retirement Income Systems in OECD Countries" (2009), OECD
- Portfolio Choice and Health Status, "Rosen, H.", NBER, ~, pp.NBER Working Paper W9453 (2003)
- Samuelson, P., "Lifetime Portfolio Selection by Dynamic Stochastic Programming", Review of Economics and Statistics, 63, pp.465~490 (1969)
- Whiteford, P., "Pension Challenges and Pension Reforms in OECD Countries", Oxford Review of Economic Policy, 22(1), pp.78~94 (2006)