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KMID : 1124020090250020141
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Korean Social Security Studies
2009 Volume.25 No. 2 p.141 ~ p.169
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A Study on the Economic Effects of Social Investment Policies -Focused on the Interaction Effect with Income Security Policies
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Yoo Hee-Won
Choi Young
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Abstract
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There has been growing concerns in the western countries about the new social risks arising from the socio-economic structural changes in post-industrial society. Some scholars argued the social investment policies(or strategies) could be one of the policy options which coping with such risks. This study is purposed to examine the effect of social investment policies in interacting with social security policies on the labour supply including youth unemployment and women’s labour force participation. For this, 432 pooled time series data was selected from 18 OECD countries during the periods of 1980~2003. Pooled time series regression analysis was conducted to identify those effects. The results showed that the interaction term between social investment expenditure and social security expenditure has significant effects on the youth unemployment and women’s labour force participation. This means that the increase of social investment expenditure has an effect on the decrease of youth unemployment rate and the increase of women’s labour force participation rate. Those effects were magnified when they mixed with the high level of social security expenditure. Also, those effects were greater in the period of 1996~2003 than in the period of 1980~1995. These results confirmed that the social investment policies could be one of the good policy alternatives in coping with the new social risks.
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KEYWORD
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Pooled time series cross-section analysis, Social investment strategy, Income security policy, Interaction effect
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