Earticle

초록

영어

In this paper, I investigate financial market participation of households using household level micro data. It is found that only less 11 percent of households participate in stock markets, fewer than 0.4 percent in bond markets, and 26 percent in fund markets. The equity market participation is about half that of other countries and this result is consistent with the evidence that high equity market non-participation in other countries has been documented. Of three interest variables, financial debts chiefly contribute to the financial market nonparticipation of households, especially, its force is pronounced in fund markets. Meanwhile real estate as well as disposable income tends to raise all the market participation rates to a various degree. Real estate makes households inclined to participate in all types of markets at 5 percent or more and the likely effect of income over market participation appears to range at least 8 percent in liquid markets to 15.3 percent in fund markets. Rather oddly, male households neither working nor having a home, but with large income, voluminous real estate, high education opt for stock market participation.

목차

Abstract
 1. Financial features of households in South Korea
 2. Determinants of financial asset holdings and households’ market non-participation
 3. Market nonparticipation of households
 4. Conclusion
 References
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키워드

저자

• Wonnho, Choi [ Visiting Researcher, Institute of Finance and Banking, 412, SK Building, College of Business Administration, Seoul National University ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330