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The Fiscal Burden of Korean Reunification: A Generational Accounting Approach

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Author Info

  • Ilho Yoo
  • Alan J. Auerbach
  • Young Jun Chun

Abstract

This paper uses Generational Accounting to assess the fiscal impacts of Korean reunification. Our findings suggest that early reunification will result in a large increase in the fiscal burden for most current and future generations of South Koreans. The Korean reunification’s fiscal impact appears much larger than that of German reunification, due to a wider gap in productivity between the two Koreas and North Korea’s much larger share of the unified country’s population. The projected large-scale fiscal burden on South Korea is attributable primarily to the rapid increase in social welfare expenditure for North Korean residents, rather than to the direct reconstruction cost of the North Korean economic system after the disintegration of its old economic regime

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Bibliographic Info

Paper provided by Econometric Society in its series Econometric Society 2004 Latin American Meetings with number 313.

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Date of creation: 11 Aug 2004
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Handle: RePEc:ecm:latm04:313

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Keywords: Generational Accounts; Reunification Cost; Social Welfare Expenditure;

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References

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  1. A. Bovenberg & Harry Rele, 2000. "Generational Accounts for The Netherlands: An Update," International Tax and Public Finance, Springer, vol. 7(4), pages 411-430, August.
  2. Laurence J. Kotlikoff & Willi Leibfritz, 1998. "An International Comparison of Generational Accounts," NBER Working Papers 6447, National Bureau of Economic Research, Inc.
  3. Auerbach, Alan J. & Chun, Young Jun, 2006. "Generational accounting in Korea," Journal of the Japanese and International Economies, Elsevier, vol. 20(2), pages 234-268, June.
  4. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1991. "Generational Accounts: A Meaningful Alternative to Deficit Accounting," NBER Chapters, in: Tax Policy and the Economy, Volume 5, pages 55-110 National Bureau of Economic Research, Inc.
  5. Bernd Raffelhuschen & Laurence J. Kotlikoff, 1999. "Generational Accounting around the Globe," American Economic Review, American Economic Association, vol. 89(2), pages 161-166, May.
  6. Jagadeesh Gokhale & Bernd Raffelhuschen & Jan Walliser, 1994. "The burden of German unification: a generational accounting approach," Working Paper 9412, Federal Reserve Bank of Cleveland.
  7. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1992. "Social security and Medicare policy from the perspective of generational accounting," Working Paper 9206, Federal Reserve Bank of Cleveland.
  8. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1991. "Generational accounting: a new approach for understanding the effects of fiscal policy on saving," Working Paper 9107, Federal Reserve Bank of Cleveland.
  9. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1994. "Generational Accounting: A Meaningful Way to Evaluate Fiscal Policy," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 73-94, Winter.
  10. Bernd Raffelhuschen & Jan Walliser & Willi Leibfritz, 1999. "Unification and Aging in Germany: Who Pays and When?," NBER Chapters, in: Generational Accounting around the World, pages 277-298 National Bureau of Economic Research, Inc.
  11. Gerdtham, Ulf-G. & Sogaard, Jes & Andersson, Fredrik & Jonsson, Bengt, 1992. "An econometric analysis of health care expenditure: A cross-section study of the OECD countries," Journal of Health Economics, Elsevier, vol. 11(1), pages 63-84, May.
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Cited by:
  1. Funke, Michael & Strulik, Holger, 2005. "Growth and convergence in a two-region model: The hypothetical case of Korean unification," Journal of Asian Economics, Elsevier, vol. 16(2), pages 255-279, April.
  2. Laurence J. Kotlikoff, 2007. "Comment on "Population Aging, Fiscal Policies, and National Saving: Predictions for the Korean Economy"," NBER Chapters, in: Fiscal Policy and Management in East Asia, NBER-EASE, Volume 16, pages 372-373 National Bureau of Economic Research, Inc.
  3. Young Jun Chun, 2006. "Population Aging, Fiscal Policies, and National Saving: Predictions for Korean Economy," NBER Working Papers 12265, National Bureau of Economic Research, Inc.

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