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KMID : 1124020140300020165
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Korean Social Security Studies
2014 Volume.30 No. 2 p.165 ~ p.190
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An Analysis on the Behavior of Household on Financial Debt and Consumption before and after the Global Financial Crisis: Focused on the Differences by Income Levels
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Park Sang-Hyun
Kim Tae-Il
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Abstract
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In this study, we analyzed to compare changes of the behavior of household on financial debt and consumption, and influential factor by income levels before and after the global financial crisis. The main findings are as follows. Firstly, in the case of high-income group, the change of financial debt was caused by strategic choices for asset portfolio, and in the case of low-income group, it was caused by changing the expenditures of health, education and a deposit. Secondly, after global financial crisis, the power of influence in relation to income and asset has increased, especially this phenomenon has happened remarkably in low-income group. The results suggest that the Government`s policy for low-income group is necessary to increase their consumption competencies by decreasing a burden on housing, health and education.
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KEYWORD
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Financial Crisis, Financial Debt, Consumption, Income Levels, Role of government
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