Does a Government Public Transfer Program Crowd Out Intergenerational Transfers?

• 발행기관: 한국재정학회(구 한국재정·공공경제학회)
• 저자명: Kanghyock Koh Hyunjoo Yang
• 간행물 정보: 『한국재정학회 학술대회 논문집』2017년도 추계학술대회 논문집, 1~48쪽, 전체 48쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2017.09.30

영문 초록

Government public transfers through welfare programs are widely used to tackle elderly poverty. These programs often influence the level of pre-existing support from family members, and might displace such private support. In this paper, we analyze the effects of a new old-age pension program on intergenerational financial transfers in South Korea. Applying various empirical approaches, we find robust evidence that money transfers from adult children to parents was completely crowded out after the introduction of the public transfer program. We find little evidence for alternative hypotheses for crowding-out effects, such as the effects of endogenous change in living arrangement as a substitute for financial support, the endogenous labor supply of the elderly, and the global financial crisis. The results imply that the effectiveness of government antipoverty programs through public transfers 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

government public transfer program crowding out intergenerational transfer