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Why household debt held by Korean seniors is problematic: An international comparison

Jiseob Kim ()

Economics Bulletin, 2016, vol. 36, issue 4, 2080-2093

Abstract: This paper analyzes why the household debt held by seniors in Korea is highly vulnerable, compared to the US and major European countries. Based on household-level micro data, seniors in Korea have lower income, lower income stability, and fewer financial assets than those in the US and European countries. In addition, the macro-financial environment over the last decade in Korea promoted debt accumulation. Hence, if Korean economy is hit by adverse macro-financial shocks, such as a sudden increase in interest rate or a decline in house prices, seniors in Korea are expected to be impacted most seriously.

Keywords: Household debt; Household asset; Household income; Income stability; Financial asset; Macro-financial environment (search for similar items in EconPapers)
JEL-codes: E3 G0 (search for similar items in EconPapers)
Date: 2016-11-09
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