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Jiseob Kim
''Why household debt held by Korean seniors is problematic: An international comparison''
( 2016, Vol. 36 No.4 )
This paper analyzes why the household debt held by seniors in Korea is highly vulnerable, compared to the US and major European countries. Based on household-level micro data, seniors in Korea have lower income, lower income stability, and fewer financial assets than those in the US and European countries. In addition, the macro-financial environment over the last decade in Korea promoted debt accumulation. Hence, if Korean economy is hit by adverse macro-financial shocks, such as a sudden increase in interest rate or a decline in house prices, seniors in Korea are expected to be impacted most seriously.
Keywords: Household debt, Household asset, Household income, Income stability, Financial asset, Macro-financial environment
JEL: E3 - Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)
Manuscript Received : Jan 13 2016 Manuscript Accepted : Nov 09 2016

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