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Income volatility, household leverage, and consumption in Korea

机译：韩国的收入波动，家庭杠杆和消费

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摘要

Using the micro household data in Korea, we examine the effects of income volatility changes on households' leverage and consumption. We found that households who faced increased income volatility lowered their leverage ratio. A one standard deviation increase in income volatility was associated with 1.3 similar to 1.5 percentage point decrease in the leverage ratio. The effects of income volatility changes on households' leverage choices varied with households' borrowing constraints and other socioeconomic backgrounds. We also found that when faced with enlarged income uncertainty, households' income coefficients on consumption were lowered. The income coefficient of average households was estimated to be around 0.16, while households with increased income volatility were around 0.12. In particular, similar to the relations in leverage ratio changes, consumptions among potentially borrowing-constrained households and those with 'net-short' position in real estate assets were more affected by increases in income volatility. This can be understood that households smoothed their consumption during the periods of increased income volatility, and this was shown in the smaller consumption elasticity on income. This can be attributed to the fact that faced with increased income volatility, households lower the risk exposure of their financial net wealth by lowering their leverage ratio.
机译：利用韩国的微型家庭数据，我们研究了收入波动对家庭杠杆和消费的影响。我们发现，收入波动加剧的家庭降低了杠杆比率。收入波动率的一个标准差增加与1.3相关，类似于杠杆率下降1.5个百分点。收入波动性变化对家庭杠杆选择的影响随家庭借贷限制和其他社会经济背景而变化。我们还发现，面对更大的收入不确定性，家庭的消费收入系数降低了。平均家庭的收入系数估计约为0.16，而收入波动性增加的家庭约为0.12。尤其是，与杠杆比率变化的关系类似，受潜在借款限制的家庭和房地产资产中具有“净空头”头寸的家庭的消费受到收入波动性增加的影响更大。可以理解，在收入波动加剧的时期，家庭使消费趋于平稳，这表现为收入的消费弹性较小。这可以归因于这样一个事实：面对收入波动加剧，家庭通过降低杠杆比率来降低其金融净财富的风险敞口。

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