패널모형을 이용한 다주택 자가가구의 자산 및 부채특성이 자산효과에 미치는 영향분석

초록

1. CONTENTS (1) RESEARCH OBJECTIVES The purpose of this study is to examine the effects of multi-house characteristics on the wealth effect in terms of assets and liabilities, and to suggest implications for the effectiveness and consistency of housing policy. (2) RESEARCH METHOD This study analyzed the research purpose using the panel model. For the analysis, this study used the national survey of tax and benefit produced by korea institute of public finance. (3) RESEARCH FINDINGS The results show that housing and financial assets are important factors in building the wealth effect. Especially, the income and realizable liquid assets have more influence on the effect than the asset that can realize the profit in the future. In case of debt, it is shown that the housing purchase through mortgage lending has positive wealth effect due to the recognition that the total assets of households increase. Moreover, it is more effective in the case of having multi-house owner than single-house owner for the wealth effect. Typically, having multiple houses has higher wealth effect than having other type of real estate. However, non-residing houses that multi-house owner hold are not found any wealth effect on the price increases. In addition, the multi-house owner shows the negative effect on the mortgage loan. So that it is confirmed that it is difficult to obtain the chain economic effect by activating the housing market through the loan for the multi-house purchase. 2. RESULTS This study shows that the existing policy of the government to obtain the economic effect by using the wealth effect through the activation of housing market is mainly possible through the increase of single-house owner, not multi-house owner.

키워드