earticle

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.