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      Effects of catastrophic financial loss on suicide risk: evidence from Korean stock market crash in October 2008

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          Abstract

          Purpose

          The negative effect of catastrophic financial loss on suicide risk is widely perceived but hardly studied in-depth because of various difficulties in designing studies. We empirically investigated the effect utilizing the stock market crash event in October 2008 in South Korea.

          Methods

          We extracted stock market investor data from Korea Exchanges, and mortality data from Microdata Integrated Service of individuals aged 30–60 years. We calculated age-standardized monthly suicide rate per 100,000 persons according to sex and age, and developed intervention analysis with multiplicative seasonal ARIMA model to isolate the effect of the stock market crash on suicide rate.

          Results

          More than 11% of people aged 30–60 years were directly investing in stocks during stock market crash. In October 2008, both KOSPI and KOSDAQ indexes dropped by 22.67% and 30.14%, respectively. In November 2008, the suicide rate in males 30–60 years increased by > 40% compared to the expected levels if there had been no market crash, and in females aged 30–40 and 40–50 years, it increased by 101.84% and 74.81%, respectively. The effect appeared to persist in males, whereas it degenerated with time in females during our sampling period. Suicide was more pronounced in younger age groups and females.

          Conclusion

          In this first in-depth study, the effect of catastrophic financial loss negatively affects suicide risk for an extended period, indicating health and financial authorities should provide a long-term financial and psychological support for people with extreme financial loss.

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          Most cited references41

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            Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case

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                Author and article information

                Contributors
                aquinasws@snu.ac.kr
                jinjooparkmd@gmail.com
                woongkook@snu.ac.kr
                Journal
                Soc Psychiatry Psychiatr Epidemiol
                Soc Psychiatry Psychiatr Epidemiol
                Social Psychiatry and Psychiatric Epidemiology
                Springer Berlin Heidelberg (Berlin/Heidelberg )
                0933-7954
                1433-9285
                26 May 2021
                : 1-10
                Affiliations
                [1 ]GRID grid.31501.36, ISNI 0000 0004 0470 5905, Department of Mathematical Sciences, , Seoul National University, ; GwanAkRo 1, Gwanak-Gu, Seoul, Republic of Korea
                [2 ]MetaEyes, 41, Yonsei-ro 5da-gil, Seodaemun-gu, Seoul, Republic of Korea
                [3 ]GRID grid.264381.a, ISNI 0000 0001 2181 989X, SKK Business School, , Sungkyunkwan University, ; Jongno-gu, Seoul, Republic of Korea
                [4 ]GRID grid.412480.b, ISNI 0000 0004 0647 3378, Cardiovascular Center, Division of Cardiology, Department of Internal Medicine, , Seoul National University Bundang Hospital, ; Gumiro 166, Bundang, Seongnam, Gyeonggi-do Republic of Korea
                Author information
                http://orcid.org/0000-0002-2931-1297
                Article
                2109
                10.1007/s00127-021-02109-6
                8152199
                34037839
                6c89f078-88cd-4fa8-b3d2-2f8c71bcde35
                © Springer-Verlag GmbH Germany, part of Springer Nature 2021

                This article is made available via the PMC Open Access Subset for unrestricted research re-use and secondary analysis in any form or by any means with acknowledgement of the original source. These permissions are granted for the duration of the World Health Organization (WHO) declaration of COVID-19 as a global pandemic.

                History
                : 25 November 2020
                : 18 May 2021
                Funding
                Funded by: FundRef http://dx.doi.org/10.13039/501100003725, National Research Foundation of Korea;
                Award ID: 2018R1A2A3075511
                Award ID: 2018R1A2A3075511
                Award ID: 2017R1A5A1015626
                Award ID: 2020R1I1A1A01073151
                Award Recipient :
                Funded by: FundRef http://dx.doi.org/10.13039/100004358, Samsung;
                Award ID: IO201211-08045-01
                Award Recipient :
                Categories
                Original Paper

                Clinical Psychology & Psychiatry
                catastrophic financial loss,suicide,mental health,mental disorder

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