소득 분위별 가계자산 축적 동학

Household assets accumulation dynamics by income quintile in Korea

This study uses data from the Household Financial Welfare Survey (2010-2016). The Deaton normalization model shows the household asset accumulation dynamics in terms of age, cohort, and time effects, by dividing it into real estate assets and financial assets. As a result of analysis, age effect, cohort effect, and time effect were different in the household income accumulation process. First, if you do not divide the quartiles in the age effect, you will follow the life cycle model of the inverted U-shape in general. However, in the fifth quartile of income, the real estate is upwards even in the late 70s, and in the financial assets of the first income quintile, they appear to be downward sloping from the beginning. It differs from traditional models. Second, in the cohort effect, the relative deprivation effect of the 1960s birth group was found in real estate assets, but this did not occur in the first quartile or the fifth quartile. Third, In the time effect, mutual symmetrical patterns of real estate assets and financial assets appeared only in the third quartile, and in the other quartiles, different forms appeared, especially in the fifth quartile. This indicates that income plays a major role in the accumulation of wealth as a major source of income, and reflects the preference for real estate as an investment asset in the high income class.