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| Jiseob Kim |
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| ''Why household debt held by Korean seniors is problematic: An international comparison'' |
| ( 2016, Vol. 36 No.4 ) |
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| 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. |
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| 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)
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| Manuscript Received : Jan 13 2016 | | Manuscript Accepted : Nov 09 2016 |
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