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초록

We examine the effects of public mortgage on the behavior of individual household by analysing the interrelationship among the consumption rate, saving rate, and housing consumption. Adopting the 2017 Korean Housing Survey, we attempt to compare the marginal difference of consumption rate and saving rate of two distinct households; a household with public mortgage and one with private mortgage from private banks. In order to overcome the sample selection bias from the availability of the public mortgage since eligibility of public mortgage is not only based on qualification of mortgage but also the availability of public mortgage, we adopt the propensity score matching method to overcome the selection bias of two groups. We find a statistically significant difference between the household with public mortgage and one with private mortgage, a difference that the household with a public mortgage shows a higher the consumption rate and lower saving rate. We conclude that the overall benefit of supplying public mortgage to individual households such as increase of consumption and amount of housing asset exceeds the cost of supplying public mortgage to individual households by lowering mortgage interest rate.

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