Support System over the Lifecycle: A Cross-Country Comparison
I describe the complex support systems around the world, focusing on their importance for economic growth and fiscal sustainability. Familial transfers for old age support are somewhat significant in some Asian economies including Korea, although they deteriorate quite rapidly. Public transfer syste...
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| Format: | Article |
| Language: | English |
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Korea Development Institute
2013-03-01
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| Series: | KDI Journal of Economic Policy |
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| Online Access: | https://doi.org/10.23895/kdijep.2013.35.1.33 |
| Summary: | I describe the complex support systems around the world, focusing on their importance for economic growth and fiscal sustainability. Familial transfers for old age support are somewhat significant in some Asian economies including Korea, although they deteriorate quite rapidly. Public transfer systems are less significant in Korea compared with most OECD member countries. This is important because Korea has had the opportunity to develop sustainable systems less encumbered by obligations made to current and future generations. Relying on accumulated assets rather than transfers helped countries create capital-intensive economies that can maintain standards of living. This is true for Korea, but the question of how the labor and capital market will respond to the rapidly changing social welfare system remains as a critical question. |
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| ISSN: | 2586-2995 2586-4130 |