The literature on consumption recognizes the challenge of identifying the presence of borrowing constraints at the household level. In this study, we utilize a unique Korean housing contract, a chonsei contract, to characterize the consumption response to housing deposit changes when households are not limited by borrowing constraints. More specifically, we derive a lower bound for consumption changes, the violation of which indicates the presence of binding borrowing constraints. Applying the result to Korean household data, we identify a group of borrowing-constrained households and confirm the association between borrowing constraints and the excess sensitivity of consumption.

有关消费的文献认识到在家庭层面确定借贷限制的挑战。在这项研究中，我们利用韩国独有的住房合同（chonsei合同）来表征当家庭不受借贷限制的情况下对住房存款变化的消费反应。更具体地说，我们得出了消费变化的下限，违反该下限表明存在约束性借款约束。将结果应用到韩国家庭数据中，我们确定了一组受到借款限制的家庭，并确认了借款限制与过度消费敏感性之间的关联。