가계부채 결정요인과 부채부담취약계층의재무곤경 및 신용위험 분석

초록

The objective of the paper is to investigate the determinants of household debt and identify the vulnerable socio-economic groups of overindebted households in Korea. Using the 2014 Household Finance and Welfare Survey of National Statistics Office of Korea, we estimate models of household debt and assess the financial distress of household debt vulnerable groups. We also estimate the proportion of households which will face deficiency judgement after the liquidation of housing collaterals as well as loss rates of lenders both with and without macro shocks. We find that old age, low income, and self-employed segments of the population are vulnerable groups that are exposed to greater financial distress due to household debt than comparison groups; and the financial distress due to macro shocks increases more for the vulnerable groups than the comparison groups. However, we find that the credit loss of lenders from the vulnerable groups is relatively limited both with and without macro shocks suggesting a policy approach that emphasizes the strengthening of the social safety net for the household debt vulnerable groups in Korea.

키워드