{"title":"韩国用于管理长寿风险的反向抵押贷款","authors":"Jaehwan Yang, Yoonkyung Yuh","doi":"10.15057/30360","DOIUrl":null,"url":null,"abstract":"This study examines how longevity risk can be alleviated by using reverse mortgage loan system in Korea, Joo-Taek-Yeon-Keum (JTYK). We compare the expected utility value of JTYK borrowers during retirement with that of non-JTYK borrowers, and identify characteristics of groups earning the greatest benefits from the JTYK. The results imply that it is especially beneficial for homeowners aged 67 and older, and its benefit increases if the bequest value is included. We also calculate the Moneyʼs Worth Ratio (MWR) of the JTYK, and show that MWRs increase as the opt-in age increases if the bequest is considered as financial gain.","PeriodicalId":43705,"journal":{"name":"Hitotsubashi Journal of Economics","volume":"60 1","pages":"21-40"},"PeriodicalIF":0.2000,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"REVERSE MORTGAGES FOR MANAGING LONGEVITY RISK IN KOREA\",\"authors\":\"Jaehwan Yang, Yoonkyung Yuh\",\"doi\":\"10.15057/30360\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This study examines how longevity risk can be alleviated by using reverse mortgage loan system in Korea, Joo-Taek-Yeon-Keum (JTYK). We compare the expected utility value of JTYK borrowers during retirement with that of non-JTYK borrowers, and identify characteristics of groups earning the greatest benefits from the JTYK. The results imply that it is especially beneficial for homeowners aged 67 and older, and its benefit increases if the bequest value is included. We also calculate the Moneyʼs Worth Ratio (MWR) of the JTYK, and show that MWRs increase as the opt-in age increases if the bequest is considered as financial gain.\",\"PeriodicalId\":43705,\"journal\":{\"name\":\"Hitotsubashi Journal of Economics\",\"volume\":\"60 1\",\"pages\":\"21-40\"},\"PeriodicalIF\":0.2000,\"publicationDate\":\"2019-06-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Hitotsubashi Journal of Economics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://doi.org/10.15057/30360\",\"RegionNum\":4,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q4\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Hitotsubashi Journal of Economics","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.15057/30360","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"ECONOMICS","Score":null,"Total":0}
REVERSE MORTGAGES FOR MANAGING LONGEVITY RISK IN KOREA
This study examines how longevity risk can be alleviated by using reverse mortgage loan system in Korea, Joo-Taek-Yeon-Keum (JTYK). We compare the expected utility value of JTYK borrowers during retirement with that of non-JTYK borrowers, and identify characteristics of groups earning the greatest benefits from the JTYK. The results imply that it is especially beneficial for homeowners aged 67 and older, and its benefit increases if the bequest value is included. We also calculate the Moneyʼs Worth Ratio (MWR) of the JTYK, and show that MWRs increase as the opt-in age increases if the bequest is considered as financial gain.
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