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KMID : 0613620200400010428
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Health Social Welfare Review
2020 Volume.40 No. 1 p.428 ~ p.460
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An Analysis of Income Flow by Welfare Expenditure under the SOCX Scenario
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Noh Yong-Hwan
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Abstract
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This study analyzed the impact of welfare expenditure on income flows into household and economic activities by using the social accounting matrix (SAM) through the use of OECD Social Welfare Expenditure Statistics (SOCX). We established a welfare expenditure policy scenario under the SOCX scheme, which was overlooked in previous studies. We show that, firstly, the financial multiplier in the health and family policy sector, which has a high proportion of public investment, is higher than in the construction industry; while that of older and low-income families associated with high cash transfer expenditures is smaller than that of the construction industry. Second, the analysis shows that public expenditure in the health and welfare sector contributes more to household income than investment in the same amount in the construction industry. Third, government investment in the construction industry had a greater production effect than welfare expenditure, but proved to be contrary to income distribution by showing a greater contribution to income growth for the high-income class than the low-income class. Fourth, it was analyzed that the distribution of household income was greater by increasing welfare expenditure on the elderly and low-income sectors rather than the health and family sectors.
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KEYWORD
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Social Expenditure Database (SOCX), Classification of the Functions of Government (COFOG), Social Accounting Matrix (SAM), Fiscal Multiplier
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