주택가격이 소비와 저축에 미치는 효과

The Effect of Housing Price on Consumption and Savings - Focused on the Difference between Consumption Elasticity and Saving Elasticity by Age -

1. CONTENTS (1) RESEARCH OBJECTIVES The purpose of this study is to evaluate the consumption elasticity and saving elasticity of housing asset. Consumption elasticity and saving elasticity of assets were calculated by age to identify the differences in consumption and saving behavior depending on the age. (2) RESEARCH METHOD To confirm the consumption elasticity and saving elasticity by age through the 13th year(2010) data from KLIPS(Korean Labor and Income Panel Study), a cross-sectional regression analysis was conducted. (3) RESEARCH FINDINGS Major research findings are as follows. 1) Marginal propensity to consume rises as one gets older in both housing assets and financial assets. 2) Marginal propensity to consume from housing assets is higher than that of financial assets. On the other hand, marginal propensity to save from financial assets is higher than that of housing assets. 3) Even though saving elasticity to housing prices was not significant in all age groups, it was significant in the 35-44 group and 55 and above. 4) Analysis of elasticity and saving elasticity by the age revealed they are different between housing assets and financial assets. 2. RESULTS Housing is an asset that has the biggest impact on household consumption. unlike financial assets. In the age group most socially active(35-44), housing serves the role of asset accumulation for the future and a source of consumption after retirement (Consumption elasticity is the highest among those 55 and older). Therefore, it would be necessary for the government to consider it from various angles for housing asset value conservation.