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Social Spending in Korea

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  • Selim Elekdag
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    Abstract

    Going forward, Korea faces two closely related challenges: sustaining economic growth against the backdrop of a rapidly aging population and ameliorating income inequality. This paper argues that a gradual increase in social spending could promote more sustainable and inclusive growth in Korea. In particular, simulation results suggest that social spending which supports labor market reforms can boost longer-term growth. However, despite rapid increases recently—albeit from a low base—there is still a social spending gap relative to Korea’s OECD peers. Because of several fiscal challenges in the coming decades, increases in social spending should be incremental, and would be usefully guided by a longer-term fiscal framework.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 12/250.

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    Length: 21
    Date of creation: 19 Oct 2012
    Date of revision:
    Handle: RePEc:imf:imfwpa:12/250

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    Related research

    Keywords: Government expenditures; Korea; Republic of; Social safety nets; Labor market reforms; Economic growth; social spending; income inequality; fiscal policy; labor market participation; relative poverty; competitive labor market; labor force; temporary workers; gini coefficient; female labor market participation; labor force participation; social welfare; inequality indicators; labor supply; labor market dualism; jobs; low-income households; rigid labor market; income equality; temporary employment; dependent variable; paying jobs; labor market policies; reducing inequality; labor costs; active labor; labor market rigidity; labor union; labour; active labor market policies; purchasing power; rising inequality; efficiency of resource allocation; social indicators; measures of inequality; distributive politics; average wage; high-income countries; social mobility;

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Selim Elekdag & Saade Chami & Ivan Tchakarov, 2004. "What Are the Potential Economic Benefits of Enlarging the Gulf Cooperation Council?," IMF Working Papers 04/152, International Monetary Fund.
    2. Isabell Koske & Jean-Marc Fournier & Isabelle Wanner, 2012. "Less Income Inequality and More Growth – Are They Compatible? Part 2. The Distribution of Labour Income," OECD Economics Department Working Papers 925, OECD Publishing.
    3. Selim Elekdag & Alejandro Justiniano & Ivan Tchakarov, 2006. "An Estimated Small Open Economy Model of the Financial Accelerator," IMF Staff Papers, Palgrave Macmillan, vol. 53(2), pages 2.
    4. Murtaza H. Syed & Michael Skaarup & Tarhan Feyzioglu, 2008. "Addressing Korea's Long-Term Fiscal Challenges," IMF Working Papers 08/27, International Monetary Fund.
    5. Subir Lall & Selim Elekdag & Harun Alp, 2012. "Did Korean Monetary Policy Help Soften the Impact of the Global Financial Crisis of 2008-2009?," IMF Working Papers 12/5, International Monetary Fund.
    6. repec:sae:niesru:v:145:y::i:1:p:43-63 is not listed on IDEAS
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