Crowding Out Effects of an Old-Age Pension Program on Intergenerational Transfers:Evidence from South Korea

• 발행기관: 한국재정학회(구 한국재정·공공경제학회)
• 저자명: Kanghyock Koh Hyunjoo Yang
• 간행물 정보: 『한국재정학회 학술대회 논문집』2017년도 경제학 공동학술대회, 1~39쪽, 전체 39쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2017.02.28

영문 초록

Governmental public transfers through welfare programs are widely used to tackle elderly poverty. These programs often influence the level of pre-existing supports from other family members, and may crowd out private supports. In this paper, we study the effects of new old-age pension program on intergenerational financial transfer in South Korea. Applying various empirical approaches, we find robust evidence that the pension program completely crowded out financial transfers from adult children to parents. We find little evidence for other alternative hypotheses for crowding out effects such as the effects of global financial crisis and endogenous labor supply of the elderly. The results imply that the effectiveness of governmental antipoverty program through public transfer could be dampened by a reduction in intergenerational transfers.

목차

1. Introduction

2. Background

3. Data

4. Empirical Strategy

5. Empirical Results

6. Concluding Remarks

키워드

crowding out old-age pension program public transfers intergenerational transfers