Intergenerational Transfers and Old-Age Security in Korea

Hisam Kim

in The Economic Consequences of Demographic Change in East Asia

Published by University of Chicago Press

Published in print October 2010 | ISBN: 9780226386850
Published online February 2013 | e-ISBN: 9780226386881 | DOI:
Intergenerational Transfers and Old-Age Security in Korea

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This chapter explains variables regarding intergenerational transfers in three Korean data sets and compares them with those in a Health and Retirement Study (HRS), which is an elderly panel data set. It is found that two or three out of five Korean households in the study provided some type of financial support for their aged parents. In the face of rapid population aging and prevailing individualism, the social norm for supporting the elderly is changing from transfers to self-responsibilities. As such, individuals might have to consider longevity risk as well as keeping a balance between savings for their old age and spending on their children, and investing in their own human capital. Before introducing new welfare programs, the existence and magnitude of latent demands for the service and potential crowding-out effect of the program on private sectors should be accounted for and measured in a reasonable way.

Keywords: intergenerational transfers; Korean data sets; Health and Retirement Study; population; aging; old-age security

Chapter.  20718 words. 

Subjects: Business and Management

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