부동산충격이 소비에 미치는 영향: 패널 자료를 중심으로
The Effect of Real Estate Shock on Consumption: Evidence from Panel Data
- 주제(키워드) 부동산 충격 , 가계 소비 , 완전소비보험가설 , Real estate shock , Household consumption , Full consumption insurance hypothesis
- 주제(기타) 성별경제학
- 설명문(URI) https://www.kci.go.kr/kciportal/ci/sereArticleSearch/ciSereArtiView.kci?sereArticleSearchBean.artiId=ART002681496
- 등재 KCI등재
- 발행기관 한국여성경제학회
- 발행년도 2021
- URI http://www.dcollection.net/handler/ewha/000000179972
- 본문언어 한국어
초록/요약
According to full consumption insurance hypothesis, individual consumption responds to aggregate shock but not to idiosyncratic shock. Thus, this study tests the implications of full consumption insurance by estimating the effect of real estate shock on consumption. This study involves regressing the change in household consumption onto the change in aggregate consumption and other right-hand-side variables such as the change in household income from immovables and change in real estate prices by using the Korean Labor and Income Panel Study(KLIPS) from 2009 to 2018. Empirical results are as follows. First, there are some positive correlations between real estate income and the consumption of Korea’s households, while also having negative correlations between real estate prices and consumption. Second, real estate income affects more various types of consumption for older householders. Also, unlike younger households, there are positive correlations between real estate prices and the consumption among the age group 65 and above. This result is consistent with heterogeneity in the wealth effect among age categories.
more