|
KMID : 0379220110310040855
|
|
Journal of Korea Gerontological Society
2011 Volume.31 No. 4 p.855 ~ p.870
|
|
|
Retirement-related Subjective Expectations and the Capital Accumulation of the Korean Baby-boom Generation
|
|
Lee Yoon-Soo
Woo Seok-Jin
|
|
|
Abstract
|
|
|
|
This paper investigates the effect of retirement-related subjective expectations on the capital accumulation of the Korean baby-boom generation. Using the 1st, 2nd waves of the KLoSA (2006, 2008), we estimate the distributional effects with quantile regression. In addition, the endogeneity of the expectation variables is handled using the fixed effect model. The quantile regression results reveal that the schooling, gender and the number of children are important determinants, but their effects are heterogenous across quantiles to a significant margin. The expectations of the stronger bequest motives and longer lifespan turned out to lead to more capital accumulation. The expectation regarding the expanded role of government retirement support seemed to crowd out private savings for the baby boomers with the total assets over 0.7 percentile.
|
|
|
KEYWORD
|
|
|
Baby-boom generation, subjective expectations, capital accumulation, quantile regression
|
|
|
FullTexts / Linksout information
|
|
|
|
|
|
Listed journal information
|
|
|