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The role of social spending in Korea during the global financial crisis : An international comparison

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  • The role of social spending in Korea during the global financial crisis
  • Lim, Wan-sub
  • Korea Institute for Health and Social Affairs


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Title The role of social spending in Korea during the global financial crisis
Similar Titles
Sub Title

An international comparison

Material Type Reports
Author(English)

Lim, Wan-sub

Publisher

Sejong, South Korea : Korea Institute for Health and Social Affairs

Date 2017-06
Series Title; No Research in brief / 24
Pages 8
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Conditions
Social Development < Social Welfare
Holding Korea Institute for Health and Social Affairs
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Abstract

Economic shocks, accompanied usually by abrupt cyclical fluctuations, tend to degrade people’s living standards and conditions within a short period of time, and thus escalate the need for increased government intervention. A case in point for Korea can be illustrated by how the two past economic crises?one having transpired in 1997 and the other in 2008?augmented the role of government in response to major economic difficulties. The more recent of these two economic crises, coming about as it did on a global scale and having plunged many of the developed European countries all at once into economic distress, provides a context for comparison of social spending in different parts of the world in times of economic recession. This study gauges the effect that social expenditures as automatic stabilizers have brought about in cushioning the impact of the global financial crisis, especially on income distribution. (The rest omitted)