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KMID : 0613620190390040249
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Health Social Welfare Review
2019 Volume.39 No. 4 p.249 ~ p.279
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An Estimation of the Crowding-Out Effect of Basic Old-Age Pension on Private Transfer Income Using KReIS Data
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Seol Gwi-Hwan
Lim Byung-In
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Abstract
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This study applies both the difference-in-difference and the difference-in-difference?in-difference methods to the 2-6th waves of the Korean Retirement and Income Study, and estimates the crowding-out effect of private transfer income on households receiving Basic Old-age Pension by classifying its effects into two types, i.e., contemporaneous effect and dynamic effect. Some of the findings are as follows: first, the contemporaneous crowding-out effect has no statistical significance. Second, if the basic old-age pension is continuously received for more than two years, the private transfer income transferred to the elderly household is not only crowded out, but the effect continues to proceed. This leads to the following policy implication: the system raise the income of both elderly households receiving Basic Old-age Pension and households that have provided transfer income privately. It results in increasing the expenditure of two types of household, and further being able to induce a sort of social cost, such as implementation cost.
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KEYWORD
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Basic Old-Aged Pension, Basic Pension, Private Transfer Income, Crowding-Out Effect, Korean Retirement and Income Study
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