한국의 화폐환상에 관한 연구 (Money Illusion: Evidence from Korea)

61 Pages Posted: 30 Jun 2021

See all articles by Ohik Kwon

Ohik Kwon

Bank of Korea - Economic Research Institute

Kyusik Kim

The Bank of Korea

In Do Hwang

Department of Economics, University of Illinois at Urbana-Champaign; The Bank of Korea

Date Written: June 28, 2021

Abstract

Korean Abstract: 본고는 우리나라 성인들이 화폐환상(money illusion)을 지니는지 여부를 가계 설문조사를 통하여 검증하였다. 화폐환상이란 경제주체들이 물가변동을 고려한 후의 실질가치가 아닌 화폐의 명목가치를 중심으로 생각하고 판단하는 성향을 말한다. 우리나라 성인의 대표표본(전국 성인 남녀 500명)을 대상으로 검증한 결과, 기존 문헌의 질문을 이용한 설문조사에서는 화폐환상이 뚜렷이 발견되었다. 즉 일반거래나 주택거래, 금융거래의 손익과 임금 수준을 평가하는 데 있어 많은 응답자가 실질가격의 변화보다 명목가격의 변화를 중시하는 것으로 나타났다. 그러나 조금 다른 맥락의 질문을 제시한 경우에는 화폐환상 가설과 부합하지 않는 결과도 나타났다. 즉 명목가격을 명시적으로 제시하지 않고, 인플레이션이 발생하는 상황에서 앞으로의 투자계획을 바꿀 것인지 질문한 경우에는 인플레이션을 감안하여 포트폴리오를 조정하겠다는 합리적인 응답이 많이 나왔다. 또한 경제주체가 경험한 인플레이션율이 낮을수록 화폐환상이 높게 나타나는 등 합리적 무관심(rational inattention) 현상과 부합하는 결과도 발견되었다. 아울러 응답자들은 화폐환상 외에도 손실회피(loss aversion), 준거점 의존성(reference dependence), 프레이밍 효과(framing effect) 등 다양한 행태적 편향(behavioral biases)을 지닌 것으로 나타났다.

English Abstract: This paper tests whether Korean households exhibit money illusion by surveying a representative sample of the adult population, 500 men and women living in the nation. Money illusion refers to the tendency to think and assess in terms of nominal monetary values, rather than real values controlling for inflation. When the survey questions from the existing money illusion literature were used, compelling evidence of money illusion was found: A majority of respondents relied on the change in nominal rather than real prices when assessing the profitability of transactions of houses, consumer goods, and financial products. However, evidence inconsistent with the money illusion hypothesis was also found in the answers to questions in a different context where nominal prices were not explicitly presented: When asked whether they would like to change their investment plan in a situation where inflation was present, respondents answered rationally that they would change the investment portfolio in consideration of inflation. We further found evidence consistent with the rational inattention phenomenon?the lower the experienced inflation, the stronger the respondent’s money illusion. In addition, respondents were found to have various behavioral biases other than money illusion, such as loss aversion, reference dependence, and framing effects.

Keywords: money illusion, household finance, loss aversion

JEL Classification: C91, D14, D91, E21, E71, G11

Suggested Citation

Kwon, Ohik and Kim, Kyusik and Hwang, In Do and Hwang, In Do, 한국의 화폐환상에 관한 연구 (Money Illusion: Evidence from Korea) (June 28, 2021). Bank of Korea WP 2021-8, Available at SSRN: https://ssrn.com/abstract=3875032 or http://dx.doi.org/10.2139/ssrn.3875032

Ohik Kwon (Contact Author)

Bank of Korea - Economic Research Institute ( email )

110, 3-Ga, Namdaemunno, Jung-Gu
Seoul 100-794
Korea, Republic of (South Korea)

Kyusik Kim

The Bank of Korea ( email )

Korea, Republic of (South Korea)
82-2-750-6868 (Phone)

In Do Hwang

The Bank of Korea ( email )

Department of Economics, University of Illinois at Urbana-Champaign ( email )

214 David Kinley Hall, 1407 W. Gregory
Urbana, IL IL 61801
United States
(217) 333-0120 (Phone)

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