Risky Asset Choice over the Life Cycle

국문 초록 (Abstract)

본 연구는 통계청의 ‘2006 가계자산조사’를 사용하여 생애주기와 위험자산과의 관계를 Tobit 모형을 이용하여 분석하였다. 본 연구의 주요결과는 크게 세 가지로 제시될 수 있다. 첫째, 생애주기에 따라서 위험자산의 비중은 분명한 차이를 보였다. 둘째, 같은 위험자산 부류 중에서도 clearly risky asset(stock)과 fairly risky asset의 비중은 생애주기에 따라서 매우 다른 패턴을 보였다. 셋째, 생애주기 이외의 다른 특성들을 통제한 상태에서 생애주기요소는 fairly risky asset의 비중에 중요한 영향을 미치는 요소로 나타난 반면, clearly risky asset의 비중에는 큰 영향을 미치지 못하는 것으로 밝혀졌다. 이러한 결과는 인구고령화의 진전이 주식수요와 그 밖의 위험자산 수요에 미치는 영향에 관한 주요한 시사점을 제공해 줄 수 있다.

다국어 초록 (Multilingual Abstract)

This study explores the relationship between life cycle and risky asset shares using cross-sectional evidence from the 2006 Korean Household Asset Survey by KNSO. This study estimates tobit models for risky asset shares as a function of the life cycle, both not controlling and controlling for household’s characteristics. The present study presents three major conclusions; First, there are important differences across in the shares of different risky assets at different ages. Second, the two types of risky assets, clearly risky and fairly risky assets, have very different share patterns over the life cycle. That is, the share of fairly risky asset increases until householder reaches the age of 60～69 and then begins to decline after that age, while that of clearly risky asset (stock) increases with age only until 40～49 and then begins to decline. Third, life cycle factor significantly affects the share of the fairly risky asset after controlling for household's characteristics, while that of the clearly risky asset is not much influenced by life cycle considerations when controlling the household’s characteristics. These results are important to recognize the effects of population aging on the stock shares of Korean households.

목차 (Table of Contents)

• Abstract
• I. Introduction
• II. Literature Review
• 1. A theoretical literature
• 2. An empirical evidence of life cycle effect
• 3. Other correlates affecting risky asset demand
• III. Methodology
• 1. Data
• 2. Measurement of Variables
• 3. Analysis
• IV. Results
• V. Discussion and Conclusions
• Appendix
• References
• 논문초록

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