• The Journal of Asian Finance, Economics and Business
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• v.9 no.5
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• pp.19-27
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• 2022

The size of the government is one of the most fundamental debates of open economies. In any economy, government plays an important role, but a pertinent level of economic prosperity has never been obtained in history without government. Therefore, the objective of this paper investigates the association of government size, economic volatility, and institutional quality for 182 economies from the time period 1996-2016 is collected from the World Bank database. GE is defined as the General government's final consumption expenditure. Health expenditure is represented by HE. Government expenditure on education is denoted by EDUEXP. The economic volatility is measured by the rolling standard deviation of GDP per capita growth rate, Population growth, Trade openness, GINI represented Gini index which measures the degree to which the income distributed or consumption expenses among citizens deviates from a perfectly equal distribution. The results proposed that economic volatility has a significant effect on government size and institutional qualities. Moreover, the paper extends the investigation by finding the link between economic volatility with government health and education expenditure separately. The policy implication drawn from this analysis is that controlling economic volatility may reduce the size of government and also significantly affect health and education expenditures.

• Korean Journal of Social Welfare Studies
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• v.40 no.1
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• pp.235-260
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• 2009

This study aims to analyze consumption inequality of Korean elderly households. The justification for analyzing consumption inequality during old age could be summarized as follows. First, due to the rapid growth of elderly population, the intra generational inequality of older people will bring greater consequences to the society in the coming years. Second, inequality is more actualized during old age when income stops playing a major role and the everyday lives are based mostly on consumption activities. For analysis, this study used the 2nd, 5th, 7th and 9th wave of 『Korea Labor and Income Panel Study』. The findings are as follows. First, total consumption inequality of elderly households is gradually decreasing after the economic crisis. Also, the gini coefficient of consumption items representing modern consumption culture, such as expenditures on eating out and car maintenance is decreasing. However, the inequality contribution rate of such items is continually rising, indicating that whereas the elderly households in general are being assimilated to the mainstream consumption culture, the disparity between classes is continually expanding. Second, gini coefficient and inequality contribution rate of the essentials such as food and housing has decreased indicating that basic livelihoods in general has risen. Third, the inequality of education expenditure is increasing after the year 2000 which implies that the problem of education inequality in general might have an effect on elderly households.

• Journal of Families and Better Life
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• v.18 no.1
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• pp.43-52
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• 2000

The purpose of this study was to investigate the levels of subjective cost-of-living and its determinants. 328 housewives who live in Seoul were selected as the sample of this study and surveyed by questionnaire method. Results showed that the mean value of subjective cost-of living was 1,280 thousand won for the poverty level of living 1,990 thousand won for the standard level of living and 3,020 thousand won for the sufficient level of living. The determinants of the level very with the level of the living however the actual level of consumption expenditures and the education level of respondents were positively related with all three levels of the subjective cost-of-living while the self evaluation for own life was negatively related with them.

• Journal of Families and Better Life
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• v.15 no.1
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• pp.213-224
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• 1997

Emergency funds are usually identified as liquid assets because they are easily and quickly converted to cash for the needs of unexpected expenses. Empirical studies spplirf got American Households have found that most households do not have recommend levels of liquid savings and an analysis of the 1990 survey of consumer expenditures confirms revious findings. Family Income and Expenditure Survey in Korea is the data base for this study and the level of emergency fund as a flow asset is investigated. A three period model of optimal consumption is presented. The results suggest that many consumers who do not have the recommend levels of liquid assets may be acting rationally. The results may be useful for financial counselors and educators. as well as for insight into empircial patterns of savings.

• Korean System Dynamics Review
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• v.15 no.2
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• pp.27-50
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• 2014

Korea government established the energy technology development plan (2011-2020) and declared to be a leader of the green energy technologies. The plan aims for 10% market share in the green energy industry, 12% energy efficiency improvement, and 15% greenhouse gas reduction. In order to achieve these goals, the government has tried to calculate the whole scale of national energy R&D investment, annual budget and specific expenditures for new technologies by computer simulation. The simulation modules include the R&D investment model, GDP model, energy consumption and $CO_2$ emission model by System Dynamics. Based on these simulation modules, I tested various scenarios for effectiveness of energy R&D investments until 2020. The results show that Korea should increase national energy R&D investment to 2.3 billion U.S. dollars, and switch the investment from electricity and nuclear power to the renewable energy.

• Journal of the Korean Home Economics Association
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• v.26 no.1
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• pp.123-136
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• 1988

This study attempts to shed some lights on an effect of consumer education by using the formal education as a proxy variable and measuring the effect of the formal education on consumer behavior. This study utilizes economic theories and develops a theory to analyze the effect. Within the conceptual framework employed in this study, it is hypothesized that education raises productivity in the nonmarket sector and thereby affects consumer behavior in the same manner as money income affects behavior. the data are taken from the self-administered questionnaires among 553 housewives in July 1987. the procedure used is to fit separate engel curves for the expenditures on various goods by the weighted regression technique. The empirical results support the hpothesis. Therefore, this study shows positive effects of education on the productivity of household production functions. This result implies that consumer education would enhance efficiency in consumer behavior significantly.

• Journal of the Korean Home Economics Association
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• v.48 no.10
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• pp.105-119
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• 2010

This study investigated the association between the expenditures for childrearing and the intention to have the second childbirth applying the recursive equation models. The major results were as follows. First, more than half of the households with one child did not have an intention to have the second childbirth. Second, about 40% of the household expenditure was spent for childrearing. About 36% of the childrearing expenditure was spent on the childcare and education, and about 64% on purchase of goods and services for child. Third, the variables which had a significant effect on the intention to have the second childbirth were child's age, mother's education, father's income, the private educational expenditure, and consumption expenditure for child. The intention to have the second childbirth did not have a significant effect on the level of childrearing expenditure. The implications for the family policies were suggested.

• Journal of Family Resource Management and Policy Review
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• v.7 no.1
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• pp.135-152
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• 2003

This study examined which factors influence educational expenditure by family life cycle. Data for this study were from the 2001 Household Income and Expenditure Survey and consisted of a sample of 2,681 households. The results showed that the households having high school students had the highest educational expenditure and the households having middle school students had the highest ratio of educational expenditure to consumption expenditure. The education of household head, family type, the number of children, the age of the youngest child, and family income had significant effect on educational expenditure in all the stages of family life cycle. The results of this study will be useful for financial management of households and give suggestions for the government policy on education.

• Journal of Families and Better Life
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• v.19 no.5
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• pp.279-291
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• 2001

This study was peformed to identify a credit limit of the household. For this purpose, the differences in household economy by debt burden and the effects of debt burden on household economy was analyzed with the data of the Family Income and Expenditure Survey in 1999. The results showed that the household with debt burden, are likely to cut savings not consumption expenditures. The critical level of debt burden which distorts the household economy is found to be 25%. If the debt burden of the household exceeds 25%, they are no longer to save and ought to borrow to repay current debt.

• KDI Journal of Economic Policy
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• v.40 no.3
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• pp.45-68
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• 2018

We uncover a nexus between actual inflation, inflation perceptions and expectations in Korea through analyzing micro as well as aggregate data from the Consumer Survey. We document two novel findings. First, households' subjective perceptions of inflation exert more impact on expectation formation than actual inflation. Second, inflation perceptions are broadly in line with the trajectory of the inflation trend. This is attributable to the fact that changes in actual inflation have been generated mainly by the consumption items whose price changes are perceived more sensitively as those items are frequently bought or have a larger share in household expenditures. Conducting a cross-country comparison, we find that information rigidity in expectation formation process and the nexus between perceptions and expectations of inflation prove to be stronger in Korea. Additionally, we reconfirm the existing finding that the scope of information utilized for forming inflation expectations is fairly circumscribed.