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The effect of population composition by age on government spending policy

Title
The effect of population composition by age on government spending policy
Authors
Song H.Hwang J.
Ewha Authors
송호신
SCOPUS Author ID
송호신scopus
Issue Date
2020
Journal Title
Journal of Economic Theory and Econometrics
ISSN
1229-2893JCR Link
Citation
Journal of Economic Theory and Econometrics vol. 31, no. 2, pp. 1 - 18
Keywords
AgeingFiscal Spending PolicyPanel GMMPopulation Composition by AgeSpending Share
Publisher
Korean Econometric Society
Indexed
SCOPUS scopus
Document Type
Article
Abstract
There is a recurrent assertion that the elderly want more public resources to be spent on social protection and health, the young want more on education, and such preferences are reflected in the actual government spending policy. This study aims to empirically confirm whether the assertion is valid in OECD countries. For that goal, we propose an estimation method to exploit the comparison of the actual share of government expenditure and its theoretical share by using aggregate data. The empirical finding is consistent with the recurrent assertion in the sense that the fraction of the young has a significantly negative effect of the spending share of social protection and health but a positive effect on the spending share for education even though we can not find a significant effect of the elderly. In particular, ageing leads to a smaller fraction of the young and a larger fraction of the elderly. Hence, the empirical finding predicts that the ageing trend is likely to bring more public resources to the social protection and health areas, and less public resources to education. © 2020, Korean Econometric Society. All rights reserved.
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사회과학대학 > 경제학전공 > Journal papers
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