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Japanese Households Demand for Financial Assets in Ageing Society

老龄化社会下日本家庭对金融资产的需求

基本信息

批准号：
17530254
负责人：
KIKKAWA Takuya
金额：
$ 2.01万
依托单位：
Nakamura Gakuen College
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (C)
财政年份：
2005
资助国家：
日本
起止时间：
2005 至 2007
项目状态：
已结题

项目摘要

In this research, household portfolios in the aged society were analyzed, and the following results were obtained.1. Through the inspection of changes in the magnitude of relative risk aversion in Japanese households of different annual income classes, it was found that the risk assets demand is higher for classes with higher annual income. By analyzing the data of housing loan users, it was found that the housing loan repayment burden is lower for classes with higher annual income. Thus, households with smaller burden of the debt repayment and higher income are thought to have higher demand for the risk assets2. We also conducted a characteristic analysis of Japanese household demands for financial assets. It was found that, in addition to the safety and profitability of financial assets, there is a characteristic interpreted as the marketability of financial assets. (This characteristic shows the expansion of choices due to various financial assets.) This change from safety to marketability has been especially prominent in the first half of the 1980's.3. To analyze the influence of reverse mortgage on the life cycle, the demand for reverse mortgage was examined by a questionnaire survey on lifestyles after retirement. As a result, it was affirmed that the demand for reverse mortgage was high in women, youth, and low wealth-holders. Moreover, people who wanted to lend their properties and use them as assets and those who wanted to sell off their properties when they are older, had higher demand for the reverse mortgage. In addition, characteristics of housing loan holders were analyzed to examine how the debt holders select financial assets. As a result, a significantly positive relationship between housing loan and income and a significantly negative relationship between housing loan and financial assets were found. The negative relationship can be explained that after the down payment and housing loans, these households have less financial assets.

本研究对老龄化社会中的家庭投资组合进行了分析，得出以下结论.通过考察不同年收入阶层的日本家庭的相对风险厌恶程度的变化，发现年收入越高的阶层，对风险资产的需求越高。通过分析住房贷款用户的数据，发现年收入较高的阶层的住房贷款偿还负担较低。因此，债务偿还负担较轻和收入较高的家庭被认为对风险资产的需求较高2。我们还对日本家庭的金融资产需求进行了特征分析。研究发现，金融资产除了具有安全性和盈利性之外，还有一个特征被解释为金融资产的可销售性。(This特征显示了由于各种金融资产而扩大的选择。这种从安全性到可销售性的转变在20世纪80年代前半期尤为突出。为了分析反向抵押贷款对生命周期的影响，通过对退休后生活方式的问卷调查，对反向抵押贷款的需求进行了调查。因此，可以肯定的是，妇女、青年和低收入者对反向抵押贷款的需求很高。此外，那些想把他们的财产借给别人作为资产的人，以及那些想在他们年老时卖掉他们的财产的人，对反向抵押贷款的需求更高。此外，还分析了住房贷款持有人的特征，以考察债务持有人如何选择金融资产。研究结果表明，住房贷款与收入呈显著正相关，与金融资产呈显著负相关，这种负相关关系可以解释为在扣除首付和住房贷款后，这些家庭的金融资产较少。