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Support system over the lifecycle : A cross-country comparison

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Title Support system over the lifecycle
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Sub Title

A cross-country comparison

Material Type Articles
Author(English)

Lee, Sang-Hyop

Publisher

[서울]:한국개발연구원

Date 2013-03
Journal Title; Vol./Issue 한국개발연구:제35권(제1호)(통권 제118호)
Pages 29
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Social Development < Population
Social Development < Social Welfare
Holding 한국개발연구원;KDI국제정책대학원

Abstract

I describe the complex support systems around the world, focusing on their importance for economic growth and fiscal sustainability. Familial transfers for old age support are somewhat significant in some Asian economies including Korea, although they deteriorate quite rapidly. Public transfer systems are less significant in Korea compared with most OECD member countries. This is important because Korea has had the opportunity to develop sustainable systems less encumbered by obligations made to current and future generations. Relying on accumulated assets rather than transfers helped countries create capital-intensive economies that can maintain standards of living. This is true for Korea, but the question of how the labor and capital market will respond to the rapidly changing social welfare system remains as a critical question.