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KMID : 1170320190250030021
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Korean Journal of Health Economics and Policy
2019 Volume.25 No. 3 p.21 ~ p.53
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The effect of medical expenditure on household debt and the impact of population aging
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Jeon Seong-Ae
Hyung Nam-Won
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Abstract
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This study analyzes the relationship between medical expenditure by age group and household debt and we show that the future household debt projections derived from medical expenditure by age group. We use ‘Household Financial and Welfare Survey of National Statistics Office of Korea’ panel data from 2015 to 2017. We estimate panel tobit model to examine the effect of medical expenditure due to population ageing on household debt. As a result of the analysis, the medical expenditure, medical expenditure of elderly household were significantly increasing the household debt. We also calibrate long-term household debt and health expenditure in 2015-2045 using the ‘Household Projections’ data. It turns out that Household debt are expected to increase by 2030 but will decline later on. On the other hand, in the case of medical expenditure by age which reflects the rapid progress of aging and household debt by age of the medical expenses have increased more rapidly.
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KEYWORD
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medical expenditure, household debt, population ageing, panel tobit model, Household Financial and Welfare Survey
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