일본의 세대간 주택자산 이전: 증여세 면세를 통한 부모의 주택자금 지원
Intergenerational Asset Transfers in Japan: Parental Aid for Housing Purchases through Gift Tax Exemption
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일본에서는 2000년대 들어 증여세 면세를 통해 부모세대가 자녀세대에게 주택자금을 지원하는 세대간 자산 이전을 진작시켜 왔는바, 본 연구에서는 이렇게 부모세대가 지원해온 주택자금이 자녀가구의 연령 및 소득과 자산의 경제적 특성, 주택구입비용 및 주택금융구조와 어떠한 관계 하에서 결정되었는지를 탐색적으로 살펴보았다. 이를 위해 2004~2013년 게이오가구패널조사(Keio Household Panel Survey)에서 추출한 정보를 이용하여 부모지원금 결정요인에 관한 토빗분석과 주택구입비용 결정요인에 관한 다중회귀분석을 수행한 다음, 최종적으로 경로모형을 통해 그 상호관계를 구조화하였다. 그 결과 부모지원금은 연령에 의해서만 통계적으로 유의한 (-)의 영향을 받고, 소득과 자산의 경제적 특성에는 유의한 영향을 받지 않는 것으로 나타났다. 또한 부채와 주택구입비용에도 유의한 영향을 받지 않은 대신, 부모지원금은 주택구입비용에 유의한 영향을 미치는 것으로 추정되었다.
Abstract
Since 2003, the Japanese government has facilitated intergenerational asset transfers by granting gift tax exemptions on money that parents give to their offspring for the purchase of housing. This study explores the factors affecting this type of parental financial support, ranging from the offspring’s age, income and financial assets, which are associated with their capabilities for purchasing housing, to liabilities and house purchase prices which are related to housing finance. The sample was collected from 2004-2013 Keio Household Panel Survey data. Two exploratory models were set up to examine determinants of parental aid using a Tobit model and determinants of house purchase prices using a multiple regression model, which were converged and incorporated by a path model. The estimation results demonstrate that, as the children’s age increases, parental aid decreases. This implies that parents exercise their discretion by providing more housing subsidy to those who are younger. The results also demonstrate that the levels of parental monetary assistance do not correspond to the children’s incomes and financial assets, and thus are not a reflection of economic capabilities and needs. Furthermore, parental aid is not affected by house purchase prices and liabilities, but rather has an effect on the house purchase prices. This implies that parental aid is not used as a financial vehicle to purchase houses of higher prices, which otherwise would aggravate the social inequality caused by parental aid.
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