Do public pensions crowd out private transfers to the elderly?: evidence from South Korea*

Haeil Jung, Maureen Pirog and Sang Kyoo Lee

Journal of Pension Economics and Finance, 2016, vol. 15, issue 4, 455-477

Abstract: We investigate the impact of receiving a public pension on total expenditures, food expenditures, and private transfers of the elderly in South Korea. Using a natural experiment that occurred in 1999, we are able to explore the impacts of a large public pension program expansion which newly incorporated people who had been self-employed, unemployed, and out of the labor force. We find that receipt of a public pension did not allow the elderly to increase total expenditures or food expenditures because the expansion of public pensions largely crowded out financial transfers from adult children and/or own siblings.

Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:cup:jpenef:v:15:y:2016:i:04:p:455-477_00

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