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국민연금이 가계의 저축 및 자산구성에 미친 영향(A study of the effect of NPS on decision of household saving and asset based on income group and household debt) : 소득분위별 및 부채부담수준별 분석

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Title 국민연금이 가계의 저축 및 자산구성에 미친 영향(A study of the effect of NPS on decision of household saving and asset based on income group and household debt)
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Sub Title

소득분위별 및 부채부담수준별 분석

Material Type Reports
Author(Korean)

김성태; 이준상

Publisher

세종 : 한국개발연구원

Date 2016-12
Series Title; No 정책연구시리즈 / 2016-09
ISBN 979-11-5932-233-5
Pages 63
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Holding 한국개발연구원; KDI국제정책대학원
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Abstract

This study estimates the individual’s social security wealth using the Korea Labor Panel Data (KLIPS) and investigates the effect of pension wealth by income level on household savings and choice of asset composition respectively based on panel analysis. In addition, we analyze the marginal effect of pension wealth by income level according to the household debt burden level based on the mortgage recognition rate (LTV) of the household and examine the effect of pension wealth on household financial assets and non-financial assets. The results show that the pension wealth crowds out househole net worth and the crowding-out effect decreases as the income level increases. It is found both in household financial assets and non-financial assets. When the household debt burden level is taken into consideration, the households are analyzed to construct more savings and assets for consumption smoothing as the debt burden level increases. Financial assets and non-financial assets are analyzed in detail, and it is found that the pension wealth crowds out the real estate assets and the protection insurance which is a long-term saving to prepare for old age. These results suggest that current income inequality may lead to the imbalance of old-age income after retirement. At the same time, it is confirmed that the national pension plays a role of substitute for long-term savings by performing the old-income guarantee function. It means that the household’s non-financial assets can be used as a means of personal retirement.