한국가구의 자산선택 결정요인에 관한 연구

Abstract

This paper is to review the characteristics of household asset allocation in Korea and perform an empirical analysis of how population structure has an effect on the household asset portfolio-especially to real estate assets. Data from the “1999-2005 Korean Labor and Income Panel Study”, a national household survey conducted by Korea Labor Institute are used. We employ the probit model and maximum likelihood estimator. The residential housing is largely affected by level of net total assets as well as age range of householders. It is found that the number of family members, age, sex, residential area and net assets operate as principal factors of deciding people's habitation. In fact, the age range of householder is significant variables in the statistics that explain real estate assets. This paper concludes that the change in population structure do not bring decrease in housing demand.