@article{ART001538093},
author={Chungyu Park and Young Lee},
title={An Analysis of Housing Wealth Effect from Micro Data},
journal={The Korea Spatial Planning Review},
issn={1229-8638},
year={2011},
volume={68},
pages={135-153},
doi={10.15793/kspr.2011.68..008}
TY - JOUR
AU - Chungyu Park
AU - Young Lee
TI - An Analysis of Housing Wealth Effect from Micro Data
JO - The Korea Spatial Planning Review
PY - 2011
VL - 68
IS - null
PB - 국토연구원
SP - 135
EP - 153
SN - 1229-8638
AB - The theme of the study is the housing wealth effect. The study uses micro data which examine household consumption and assets as well as demographic characteristics of households in detail. The summary of the findings and the implications of the study are the following. First, the consumption elasticity of housing assets is estimated to be 0.05. The consumption elasticity of housing assets is much higher than other assets. Second, the consumption elasticity of assets for the group that is more than 60 years old is higher than others, that is, a different result from American’s researches. This result shows that households maintain possession of their housing property even though their incomes decrease because of their retirements in Korea. Third, the consumption elasticity of housing assets for households living in apartments is higher than others. Compared to other types of housing, it demonstrates good liquidity and mobility of apartments and apartment owners in Korea. Fourth, households having low ratio of debt to assets have high consumption elasticity of assets because they are restricted in their consumption by a lot of debt.
KW - Wealth Effect;Two-period Life-cycle Model;Household Consumption;Capital Gain;Household Debt
DO - 10.15793/kspr.2011.68..008
ER -
Chungyu Park and Young Lee. (2011). An Analysis of Housing Wealth Effect from Micro Data. The Korea Spatial Planning Review, 68, 135-153.
Chungyu Park and Young Lee. 2011, "An Analysis of Housing Wealth Effect from Micro Data", The Korea Spatial Planning Review, vol.68, pp.135-153. Available from: doi:10.15793/kspr.2011.68..008
Chungyu Park, Young Lee "An Analysis of Housing Wealth Effect from Micro Data" The Korea Spatial Planning Review 68 pp.135-153 (2011) : 135.
Chungyu Park, Young Lee. An Analysis of Housing Wealth Effect from Micro Data. 2011; 68 135-153. Available from: doi:10.15793/kspr.2011.68..008
Chungyu Park and Young Lee. "An Analysis of Housing Wealth Effect from Micro Data" The Korea Spatial Planning Review 68(2011) : 135-153.doi: 10.15793/kspr.2011.68..008
Chungyu Park; Young Lee. An Analysis of Housing Wealth Effect from Micro Data. The Korea Spatial Planning Review, 68, 135-153. doi: 10.15793/kspr.2011.68..008
Chungyu Park; Young Lee. An Analysis of Housing Wealth Effect from Micro Data. The Korea Spatial Planning Review. 2011; 68 135-153. doi: 10.15793/kspr.2011.68..008
Chungyu Park, Young Lee. An Analysis of Housing Wealth Effect from Micro Data. 2011; 68 135-153. Available from: doi:10.15793/kspr.2011.68..008
Chungyu Park and Young Lee. "An Analysis of Housing Wealth Effect from Micro Data" The Korea Spatial Planning Review 68(2011) : 135-153.doi: 10.15793/kspr.2011.68..008
