금융규제가 차주의 주택구매 여력에 미치는 영향에 대한 연구

This paper analyzes the impact of financial regulation such as the regulation of DTI(Debt to Income) on the mortgage market, by focusing on the relationship between the borrower’s repayment burden and house affordability. In order to measure this, it examines the factors associated with financial difficulties using micro-level data of 35,000 borrowers: loan-level securitised mortgage data from Korea Housing-Finance Corporation over the period 2011 – 2017. It is able to use the results of its empirical analysis to draw the following three conclusions. First, the positive relationship between interest rate and repayment burden strongly exists in the high income class, and the impact of financial regulation shows strongly in the class of low income. Second, the average rate of repayment burden is very low in the class of high income whereas it show high figure in case of the low income class. Specifically, the volatility of the rate is very high in the class of multi house owners. Third, the borrower’s house affordability increases in case of high income class while it decreases in the class of low income. And it drastically decreases under the strong financial regulation.