The Valuation and Redistribution Effect of the Korea National Pension

Yoonkyung Yuh and Jaehwan Yang

Hitotsubashi Journal of Economics, 2011, vol. 52, issue 1, 113-142

Abstract: This paper evaluates the Korea National Pension (KNP) and investigates its redistribution effects. The educational level is used as a proxy for mortality and various socioeconomic factors are considered. The financial and utility-based analyses reveal strong progressive redistribution with income level. Also, the utility-based analysis indicates significant progressive redistribution with non-pension asset level but no significant redistribution with the educational level. Generally, the KNP is extremely valuable and its value seems higher with a pre-existing private annuity especially for the poor. Finally, when people are assumed to spend at least the minimum consumption level, it becomes more beneficial.

Keywords: Korea National Pension; Redistribution; Annuity Evaluation; Annuity Equivalent Wealth; Money's Worth Ratio; Bequest (search for similar items in EconPapers)
JEL-codes: C61 D91 I38 J26 (search for similar items in EconPapers)
Date: 2011
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/19215/HJeco0520101130.pdf

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hit:hitjec:v:52:y:2011:i:1:p:113-142

DOI: 10.15057/19215

Access Statistics for this article

More articles in Hitotsubashi Journal of Economics from Hitotsubashi University Contact information at EDIRC.
Bibliographic data for series maintained by Digital Resources Section, Hitotsubashi University Library ().