스트레스 DSR 규제가 저소득층의 가계부채에 미치는 영향: 이중차분법을 활용한 인과적 분석

This study empirically analyzed the impact of stress DSR regulations on household debt among low-income households. To this end, data from the Fiscal Panel Survey from 2021 to 2024 were utilized, and a difference-in-differences(DID) model was employed to causally estimate changes in debt resulting from the strengthening of DSR regulations, taking into account differences between low-income and non-low-income households. The analysis shows that, following the full implementation of the regulation, household debt among low-income groups increased by approximately 17.9% relative to higher-income groups, indicating a regressive effect. Notably, this effect remained significant even after controlling for credit card loans, suggesting that low-income households shifted to high-interest alternative financial products. Furthermore, the scenario analysis revealed that as the intensity of the regulation increased, financial exclusion among low-income groups worsened compared to non-low-income groups. Based on these findings, this study proposes the following policy recommendations: First, regulatory flexibility on credit card loans is needed to mitigate financial exclusion and ensure access to essential livelihood-based credit. Second, the accessibility and distribution channels of policy-based financial products should be enhanced by upgrading the online integrated platform and strengthening incentives for financial institutions, thereby establishing a complementary mechanism for financially vulnerable groups.