Abstract
We investigate the impact of receiving a public pension on total expenditures, food expenditures, and private transfers of the elderly in South Korea. Using a natural experiment that occurred in 1999, we are able to explore the impacts of a large public pension program expansion which newly incorporated people who had been self-employed, unemployed, and out of the labor force. We find that receipt of a public pension did not allow the elderly to increase total expenditures or food expenditures because the expansion of public pensions largely crowded out financial transfers from adult children and/or own siblings.
Original language | English |
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Pages (from-to) | 455-477 |
Number of pages | 23 |
Journal | Journal of Pension Economics and Finance |
Volume | 15 |
Issue number | 4 |
DOIs | |
Publication status | Published - 2016 Oct 1 |
Externally published | Yes |
Bibliographical note
Publisher Copyright:© 2015 Cambridge University Press.
Keywords
- Public pensions
- food expenditures
- private transfers
- total expenditure
ASJC Scopus subject areas
- Finance
- Economics and Econometrics
- Organizational Behavior and Human Resource Management