研究報告書

Analysis of micro and macro economic factors for household debt : The case of Korea

eng

150

1

21

2009-12-16

Version of Record

Household Finance : 家計と金融の国際比較;1

The purposes of this study are to exam the factors of household debt increase in Korea in the 2000s with the macro economical factors, and also to analyze it by using Korean Labor and Income Panel Study ( KLIPS ), which comprises household data from l998，with a view of micro economy. According to result, there were certain environmental factors including the low interest rate, financial deregulation, and constant increase in real estate prices, which led to the rapid increase in household debt in South Korea in the 2000s. Categorizing by characteristics and tasks，a microeconomic analysis considering the characteristics of individual households found that real assets such as real estate had a strong effect on the possession an scale of debt. Moreover, the　proxy　variables　for human capital, which were level for education and expenses for education，positively influenced the possession of debt.

Working Paper