Household Debt and Marital Instability: Evidence from the Korean Labor and Income Panel Study |
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Authors: | Yunhee Chang Ki Young Lee |
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Institution: | (1) University of Mississippi, P.O. Box 1848, University, MS 38677, USA;(2) Seoul National University, San 56-1, Sillim-dong, Gwanak-gu, Seoul, 151-742, Korea |
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Abstract: | Korean society has recently experienced rapid increases in household debt and divorce rates. This study investigates whether
household debt and debt ratios lower marital stability and increase the probability of divorce among Korean families. Six-year
panels from the Korean Labor and Income Panel Study (KLIPS) household surveys were used for analysis. The effect of household
debt upon the probability of divorce was estimated through pooled and population-averaged Logit models. The results suggest
that household financial strain measured by the amount of household debt and the debt-to-income ratios does not significantly
affect the probability of divorce. This finding contradicts the widespread notion that households’ excessive borrowing has
been partially responsible for the recent increase in divorce rates in Korea.
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Keywords: | Divorce Financial strain Household debt Korean families |
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