가계부문 유동성 위험 점검과 정책적 시사점 (Examining the Liquidity Risk in the Household Sector and the Policy Implications)

KDI Policy Forum No. 279(2020-04), kor.

9 Pages Posted: 4 Dec 2020

See all articles by Young Il Kim

Young Il Kim

Korea Development Institute (KDI)

Date Written: July 16, 2020

Abstract

Korean Abstract:
■ 코로나19 위기로 인한 가계수지(=수입-지출) 적자에 대응하여 활용할 수 있는 유동성 자산이 부족한 가구는 심각한 재무적 곤경을 겪게 됨.

■ 소득하락의 폭이 크고 소득하락 충격에 노출된 가구가 많을수록 유동성 위험 가구 규모가 증가

■ 코로나19 위기에 따른 가계 유동성 위험은 소득ㆍ순자산 기준으로는 하위 분위, 종사상 지위별로는 임시ㆍ일용직과 같은 경제적 취약계층에서 더욱 높게 나타남.

■ 유동성 위험 가구가 소득 하위 분위에 집중됨에 따라 적은 금액(예컨대 100만원)의 단기 소득지원만으로도 해당 가구의 유동성 위험 완화에 큰 도움

■ 유동성 위험 가구에 대한 지원은, 소득지원은 취약계층에 집중하되 담보여력이 있는 자산 보유 가구에 대해서는 신용(담보대출 등)을 지원하는 선별적 방식이 유동성 위험 완화와 재정절감 측면에서 효과적임.

English Abstract:
■ In the wake of an unprecedented health crisis, households who lack liquid assets that could tackle their growing deficit (=income-expenditure) will endure severe financial difficulties.

■ The share of households facing liquidity risk will increase as incomes fall by bigger margins and exposure to the shock intensifies.

■ The liquidity risk resulting from COVID-19 will be even more pronounced among the economically vulnerable; specifically, those in the bottom quintile in terms of income and net assets, and temporary and daily wage workers.

■ Households at liquidity risk are particularly concentrated in the low income quintile. As such, a short-term income support program offering even a small amount of aid (e.g. 1 million won) could greatly help to reduce their liquidity risk.

■ In terms of support for at-liquidity-risk households, a selective approach which focuses the income support on the economically vulnerable and provides credit support in the form of collateral loans to asset-owning households will be more effective in easing the liquidity risk and the government’s fiscal burden.

Note: Downloadable document in Korean.

Suggested Citation

Kim, Young Il, 가계부문 유동성 위험 점검과 정책적 시사점 (Examining the Liquidity Risk in the Household Sector and the Policy Implications) (July 16, 2020). KDI Policy Forum No. 279(2020-04), kor., Available at SSRN: https://ssrn.com/abstract=3741151

Young Il Kim (Contact Author)

Korea Development Institute (KDI) ( email )

263 Namsejong-ro
Sejong-si 30149
Korea, Republic of (South Korea)

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