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Harmonizing social welfare and economic growth : Case studies of European countries and implications for Korea

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Frame of Image epartment of Europe, Americas and Eurasia (hjeanlee@kiep.go.kr) Junyup Kim Researcher, Europe Team, Department of Europe, Americas and Eurasia (junyupkim@kiep.go.kr)
The Debt Crisis and Debate on Welfare Spending The debt crisis that afflicted several European countries has created a controversy regarding welfare policy in Korea, which has managed to achieve a relatively sound fiscal position. With welfare spending continuing to garner a bigger chunk of the national budget as illustrated in <Figure 1>, this has become a key economic issue attracting much public attention. Fiscal conservatives call for tighter controls on
welfare spending, because once spending starts growing, it tends to become hard to reduce and reverse. hand, some are calling for greater welfare spending in order to temper the effects of economic polarization, social unrest, unemployment and an aging population. In this context, this paper aims to examine the relationship between welfare spending and economic growth and propose a direction for welfare policy which can actually contribute to economic growth.
On the other
Harmonizing Social Welfare and Economic Growth: Case Studies of European Countries and Implications for Korea
2
Figure 1. Changes in Welfare Spending
(Unit: % of GDP)
Figure 2. Different Channels from Welfare Spending to Economic Growth
Source: OECD.
Relation between Economic Growth and Welfare Spending
over the proper size of welfare spending is based on the argument that large governments


Full Text
Title Harmonizing social welfare and economic growth
Similar Titles
Sub Title

Case studies of European countries and implications for Korea

Material Type Reports
Author(English)

Kang, Yoo-Duk; Lee, Cheol-Won; Oh,Tae Hyun; Lee, Hyun Jean; Kim, Junyup

Publisher

Korea Institute for International Economic Policy

Date 2014-05
Pages 9
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Economic Administration
Social Development < Social Welfare