The effects of public spending in the green and the care economy: the case of South Korea

Ozlem Onaran and Cem Oyvat

No 38766, Greenwich Papers in Political Economy from University of Greenwich, Greenwich Political Economy Research Centre

Abstract: The aim of this article is to analyse the impact of public spending in the green economy and the care economy on employment of men and women and GDP in South Korea. We empirically estimate a vector autoregression (VAR) model. In analysing the green economy, we focus on renewable energy, energy efficiency and public transport. The care economy includes healthcare, social care, education, and childcare. The results show the employment creation potential of the green and the care economy to facilitate a just transition to a zero-carbon and caring economy. We analyse the gendered employment effects of different public spending categories and point at the importance of a policy mix to ensure that a green transition is gender-equitable and both the ecological transition and care needs of the countries are adequately addressed. The multiplier effects on GDP are positive and above one in both spending categories, albeit larger in the care economy in the medium run.

Keywords: green economy; care economy; fiscal policy; South Korea; VAR; multiplier; employment; gender gap (search for similar items in EconPapers)
JEL-codes: Q0 (search for similar items in EconPapers)
Date: 2023-03-06
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