가계부채의 디레버리징을 위한 전략적 접근

The levels of debt in household and company are higher than a generally suggested threshold. Falling into debt is negatively described in Bible. This could be interpreted as a debt should be paid back in case of a loan management and the debt which is not repayable is unacceptable. Therefore, this study is designed to investigate the level of debt according to empirical study data and to search for alternatives such as securitization through a combination of microeconomic policies by which the government makes an effort to reduce household debts. A plan for deleveraging the household debt needs to be strategically applied giving a thought to sustainability of the national economy. Government expenditure should be aimed at improving household income by creating job opportunities for the young people and anti-inflation policy should be focused on shifting money to real industries. In addition, a set of strict economic measures should be enforced to achieve restructuring in the areas where growth power has not been retained. The origin of debt settlement system could be traced to Israeli jubilee in the past. During this period, all debts are written off and people retrieve their lost lands, while slaves regain freedom. Similar to this tradition, it is necessary to adjust the repayment schedule for the household having temporary financial problems. At the same time, it is highly recommended to invigorate a system for Credit Counseling and Recovery Service. However, these solutions are only feasible where the market is highly active. If the market fails, a number of problems caused by a hard landing of economy. To achieve this, the government needs to make an effort to provide an institutional strategy for activation of the Covered Bonds market which allows changing mortgage loans to liquid assets. Meanwhile, build-up of the real estate dealer market is required for invigoration of the real estate market.