[Title Page]
Copyright
Contents
[Abstract] 5
I. Introduction 6
II. Relevant Studies 10
III. Data Description 12
1. Household Micro Data 12
1.1. Household Survey Data: KLIPS 12
1.2. Homeownership-Tenure Status Structure 13
1.3. Descriptive Statistics 14
2. Aggregate Data 14
2.1. Measure of House Asset Value 14
2.2. Other Aggregate Variables 17
IV. Estimation Strategies and Estimation Results 17
1. Estimation Model 17
2. Estimation Method 19
3. Estimation Results 20
3.1. Baseline Result 20
3.2. Responses Across Homeownership 21
3.3. Responses to Rising and Falling Housing Prices 22
3.4. Responses to Rising and Falling Housing Prices Across Homeownership 23
4. Impact on Aggregate Household Consumption 24
V. Heterogeneous Households and Channels in Operation 25
1. Homeownership and Tenure Status 26
2. Householder's Age 27
3. Size of House 29
4. Borrowing Constraints 30
VI. Robustness Test 31
VII. Conclusion 35
References 36
Abstract in Korean 38
BOK 경제연구 발간목록 39
[Back Cover] 48