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KMID : 1124020160320020195
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Korean Social Security Studies
2016 Volume.32 No. 2 p.195 ~ p.217
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Research on the Quality of Life and Social Welfare Expenditure
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Lee Hyun-Boc
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Abstract
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The purpose of this study is to analysis on how subscribing to social welfare expenditure affects people’s quality of life. We test the relationship between weight of social welfare spending in GDP and individual’s perceived life satisfaction and happiness by analyzing panel data sets which were collected from 1990 to 2014 across 12 countries. We use the indices of life satisfaction and happiness that were collected by World Value Survey, and analyze the relationship between the indices and the insurance density based on Ordered Probit Regression Model and Panel Regression Analysis. The analysis results show that social welfare expenditure has a significantly positive effect on improvement of quality of life regardless of the size of GDP per capita in each country. The positive relationship between the social welfare expenditure and individuals’ perceived life satisfaction or happiness was stronger in countries with higher GDP. In conclusion, we argue that the expending social welfare expenditure enhances peoples’ quality of life by increasing their life satisfaction and happiness. However, It does not have clear results obtained in countries with low GDP. It should be noted that there are differences depending on the income level of the country.
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KEYWORD
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Social Welfare Expenditure, Quality of Life, Ordered Probit Regressions, Panel regression Analysis
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