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자료유형
학술저널
저자정보
Jusang Ahn (Sungkyunkwan University) Junsang Lee (Sungkyunkwan University)
저널정보
한국경제연구학회 Korea and the World Economy Korea and the World Economy Vol.17 No.3
발행연도
2016.12
수록면
295 - 326 (32page)

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초록· 키워드

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This paper empirically analyzes the effects of national pension contribution on household saving and consumption across income quintiles under financial indebtedness. We use the system GMM estimation for dynamic panel analysis to investigate these effects with the Korean Labor & Income Panel Study (KLIPS) data. We find that the household pension crowds out household saving as the previous
literature has found. This crowding-out effect, however, arises mainly from the less indebted households but not from the heavily indebted households. The pension benefit structure in Korea is known to have a positive wealth effect across all income quintiles such that pension increases households’ consumption, but the heavily indebted households cannot increase their consumption as much as the less indebted households do, and/or even reduce it by tight financial constraints. The different effects of public pension across financial indebtedness have an important implication in a current economic environment, where household debt and credit have grown more rapidly than household income.

목차

1. INTRODUCTION
2. BASIC CHARACTERISTICS OF NATIONAL PENSION PROGRAM IN KOREA
3. SIMPLE LIFECYCLE MODEL OF HOUSEHOLD
4. EMPIRICAL ANALYSIS
5. CONCLUSION
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