文章基本信息

标题：Household Debt and Consumer Spending in Korea: Evidence from Household Data
本地全文：下载
作者：YOUNG IL KIM ; MIN HWANG
期刊名称：KDI Journal of Economic Policy
印刷版ISSN：2586-2995
电子版ISSN：2586-4130
出版年度：2016
卷号：38
期号：4
页码：23-44
DOI：10.23895/kdijep.2019.41.4.67
语种：English
出版社：Korea Development Institute
摘要：Household debt in Korea raises concerns about the resilience of the economy due to its size and quality.Against this backdrop,we investigate if household leverage matters for private consumption in adverse economic environments even without severe financial disruptions.We find that the balance sheet positions in terms of the leverage ratio may weaken consumption growth.We also find that the depressive effect of debt on consumption may differ across types of consumer spending and household characteristics.In particular,the effects of indebtedness have been much stronger in relation to durable goods expenditures than in other areas.In addition,debtors in high income (wealth) groups have also shown downward adjustments in consumption even more so than low–income (wealth) groups.These findings imply that debtors’ precautionary behavior may serve as an important channel from leverage to consumer spending.
关键词：Household debt;Consumption;Leverage