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030 Department Bulletin Papers = 本学紀要論文
*Hitotsubashi journal of economics
Vol. 64, no. 2(Dec. 2023)
Vol. 64, no. 1(Jun. 2023)
Vol. 63, no. 2(Dec. 2022)
Vol. 63, no. 1(Jun. 2022)
Vol. 62, no. 2(Dec. 2021)
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Vol. 61, no. 1 (Jun. 2020)
Vol. 60, no. 2 (Dec. 2019)
Vol. 60, no. 1 (Jun. 2019)
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Vol. 56, no. 2 (Dec. 2015)
Vol. 56, no. 1 (Jun. 2015)
Vol. 55, no. 2 (Dec. 2014)
Vol. 55, no. 1 (Jun. 2014)
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Vol. 52, no. 2 (Dec. 2011)
Vol. 52, no. 1 (Jun. 2011)
Vol. 51, no. 2 (Dec. 2010)
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Vol. 48, no. 1 (Jun. 2007)
Vol. 47, no. 2 (Dec. 2006)
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Vol. 34, Special Issue (Dec. 1993)
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Vol. 03, no. 1 (Oct. 1962)
Vol. 02, no. 2 (Mar. 1962)
Vol. 02, no. 1 (Sep. 1961)
Vol. 01, no. 1 (Oct. 1960)
Number of Access this item:
694
(
2024-04-19
05:29 Counts
)
Identifier to cite or link to this item: https://doi.org/10.15057/30360
Identifier to cite or link to this item: https://hdl.handle.net/10086/30360
Link to primary information
File
Format
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Description
cover_30360
pdf
HJeco0600100210
pdf
559 KB
399
Item Information
Output File
Title
Reverse Mortgages for Managing Longevity Risk in Korea
Creator
Creator Name
Yang, Jaehwan
Yang, Jaehwan
Affiliation
Affiliation Name
University of Seoul
Creator Name
Yuh, Yoonkyung
Yuh, Yoonkyung
Affiliation
Affiliation Name
Ewha Womans University
Key Word
reverse mortgage
longevity risk
expected utility function
optimization
bequest
JEL
C61
D14
G22
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.
Publisher
Hitotsubashi University
Issued Date
2019-06
Language
English(eng)
Resource Type
departmental bulletin paper
Version Type
VoR
selfDOI
10.15057/30360
ISSN
0018-280x
NCID
AA00207547
Source Title
Hitotsubashi Journal of Economics
Volume Number
60
Issue Number
1
Page Start
21
Page End
40
Appears in Collections
Vol. 60, no. 1 (Jun. 2019)
URL
https://hdl.handle.net/10086/30360
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