인구구조와 자산선택-부동산자산을 중심으로

This paper studies the effects of changes in population structure to the households’ asset portfolio-especially to the share of real estate assets. Data from the “2002 Survey of Self Support Program Participants”, a national household survey conducted by Korea Institute of Health and Social Affairs are used. We employ the sample selection model and maximum likelihood estimator. Households’ asset portfolio does not show significant change in 2002 compared to 1997, even after the currency crisis in 1997 and the nation-wide extension of national pension fund program in 1998. It appears that households increase the real estate assets through external financing during this period, but the share of real estate assets over the net household total assets does not change much. The share of real estate assets over the net household total assets is largely affected by the level of net total assets, not by the changes in householder’s age. In fact, the age of householder is not a statistically significant variable in explaining the share of real estate assets over the net household total assets. The householder’s age tends to increase the share of real estate up to the age of 60’s if the net household asset includes the human capital assets. This paper concludes that the change in population structure does not directly affect the household’s portfolio, but indirectly through the changes in net assets.