주택보유가 가계금융자산 배분결정에 미치는 영향: 국제비교
The Impact of Homeownership on Household’s Financial Asset Investment Decision: International Comparison
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초록
이 연구는 Survey of Health, Ageing and Retirement in Europe (SHARE) 자료를 활용하여, 주택에 대한 투자가 가계의 금융자산 투자결정에 미치는 영향에 대한 실증분석을 수행한다. 이 연구는 주택투자와 금융자산투자 간 상관관계에 대해 다음과 같은 세 가지 중요한 실증근거를 제시한다. 첫째, 주택보유자는 위험금융자산 및 장기저축성자산 보유 가능성이 무주택자에 비해 현저히 낮다. 둘째, 주택보유자의 경우 위험금융자산 및 장기저축성자산에 투자하는 자산의 비중이 무주택자에 비해 낮다. 셋째, 주택에 대한 투자 비중이 높은 가계의 경우 위험금융자산 및 장기저축성자산에 대한 투자비중이 더 낮다. 이러한 실증분석 결과는 주택에 대한 투자가 금융자산 투자에 영향을 미치고 있다는 이론적 예측을 지지하는 결과이다. 또한 주택자산과 금융자산 간 대체 관계가 성립한다는 이론적 예측에 대한 실증근거를 제시하는 중요한 결과이기도 하다.
Abstract
Using the Survey of Health, Ageing, and Retirement in Europe (SHARE) data, this study examines whether owning a house influences a household’s portfolio decision on financial asset. This study reports three important findings on homeownership and household’s portfolio choices. First, homeowners have a significantly lower probability of owning both risky financial assets and investments for long-term savings than renters. Second, homeowners tend to allocate a lower share of their net wealth on both risky financial asset and investment for long-term savings compared to renters. Third, households with a higher home-wealth ratio are more likely invest a lower share of their wealth on both risky financial asset and investment for long-term savings. This empirical result provides support for the theoretical prediction that homeownership influences a household’s portfolio decision how to allocate its wealth on financial asset. In addition, this result also support another theoretical prediction that there exist a substitute relationship between housing asset and financial asset.
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