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Do public pensions crowd out private transfers to the elderly?: evidence from South Korea

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  • JUNG, HAEIL
  • PIROG, MAUREEN
  • LEE, SANG KYOO

Abstract

We investigate the impact of receiving a public pension on total expenditures, food expenditures, and private transfers of the elderly in South Korea. Using a natural experiment that occurred in 1999, we are able to explore the impacts of a large public pension program expansion which newly incorporated people who had been self-employed, unemployed, and out of the labor force. We find that receipt of a public pension did not allow the elderly to increase total expenditures or food expenditures because the expansion of public pensions largely crowded out financial transfers from adult children and/or own siblings.

Suggested Citation

  • Jung, Haeil & Pirog, Maureen & Lee, Sang Kyoo, 2016. "Do public pensions crowd out private transfers to the elderly?: evidence from South Korea," Journal of Pension Economics and Finance, Cambridge University Press, vol. 15(4), pages 455-477, October.
    • Handle: RePEc:cup:jpenef:v:15:y:2016:i:04:p:455-477_00
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    Cited by:

    1. Sandra García & Jorge Cuartas, 2017. "With a Little Help from my Friends: the Multiplier Effect of Public Subsidies through Private Support," Documentos de trabajo 17647, Escuela de Gobierno - Universidad de los Andes.
    2. Nikolov, Plamen & Adelman, Alan, 2019. "Do private household transfers to the elderly respond to public pension benefits? Evidence from rural China," The Journal of the Economics of Ageing, Elsevier, vol. 14(C).

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