우리나라 주택담보대출비율 (LTV)과 총부채상환비율(DTI)이 금융소외에 미치는 영향에 관한 연구

A Study on the Effects of LTV and DTI, on Financial Exclusion: Focus on the Confirming Loan Data

According to the findings of this study, regulations on the LTV ratio and the DTI ratio bring different consequences depending on which subjects they are applied to, and therefore differences in regulatory effects need to be taken into account when the regulations are used as a policy instrument to stabilize the real estate and financial markets. The paper shows that stricter regulations on the LTV ratio have posed more significant limitations on the young and mid-aged end users who try to buy their own house than those on the DTI have. The results imply that the LTV regulation can be eased for low-asset households, including first-time home buyers, who can afford to pay back their debts, while to build a separate risk-sharing system to manage the higher LTV ratios. Meanwhile, looking into effects of financial exclusion brought by stricter regulations on the DTI reveals that it is those aged 60 years old or older whom the financial exclusion affects strongest when regulations are strengthened-meaning lowering the DTI ratio from 60 percent to 50 percent and even 40 percent. In the case of the old-aged with, who hold secured assets but limited regular income after retiring, regulating the DTI ratio will directly lead them to face larger financial exclusion. Regulations on the loan-to-value (LTV) and debt-to-income (DTI) ratios are more effective with considerations of not only market stabilization but also the impacts of financial exclusion on home loan end users.