가구 소득과 금융투자 포트폴리오가 금융소득에 미치는 영향

This study investigates the effects of households’ income and variability, financial status, and financial asset portfolios on their financial market investment and income from financial assets in Korea by using various factors and data surveyed provided by the Korean Labor & Income Panel Study (KLIPS) from 1998 to 2019 with respect to 5,000 households each year, eventually with 302,150 observations after excluding a few extreme outliers. By applying fixed effects multivariate regression models (FEMM), fixed effects logit regression models (FELM), and two-stage instrumental variable (IV) models, we find the following results. First, the high-level education of householders did not affect income from financial assets, while higher weights in the portfolios in cash and savings, private lending, and financial market investments affect positively income from financial investments. Second, the ownership of their own house, high-level education, higher weights in the portfolios in financial market investments, and the higher variability of household’s income affect positively their investments in financial market goods. Third, the high-level education of householders negatively affects investments in financial market goods, while higher weights in the portfolios in savings, long-term insurance contracts, private lending, and financial market investments affect positively investments in financial market goods. Last, it verifies most of above-mentioned results, with two-stage instrumental variable regressions.