Did Public Transfers Crowd Out Private Transfers in Korea During the Financial Crisis?
Did Public Transfers Crowd Out Private Transfers in Korea During the Financial Crisis?
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DOI：
10.1080/00220380802265017
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发表时间：
2009-01
期刊：
影响因子：
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通讯作者：
S. Kang;Y. Sawada
中科院分区：
文献类型：
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作者：
S. Kang;Y. Sawada
公共转移支付在保护家庭免受金融危机引发的负面冲击方面效果如何？现有研究尚未仔细考虑公共转移与现有私人转移网络之间的相互关系。本文以韩国金融危机为背景，通过明确考虑私人转移对公共转移的内生反应，研究了公共转移对私人转移可能产生的挤出效应。通过使用1995-1998年和1998-2003年期间的两个韩国家庭水平面板数据集，我们发现公共转移存在危机后而非危机前的挤出效应；更重要的是，在危机期间观察到一种拥挤效应。研究结果表明，在金融危机的初始阶段，私人转移网络得到了加强，由于缺乏有效的正式安全网，这可能是对公共转移的补充，而公共转移在危机后变得有效，从而取代了私人转移。我们的研究结果表明，特别是在危机的初始阶段，政府本可以在帮助家庭抵御危机的负面影响方面发挥重要作用。
Abstract How effective are public transfers in protecting households facing financial crisis-induced negative shocks? Existing studies have not yet carefully considered the inter-relationship between public transfers and the existing private transfer network. In the context of the financial crisis in Korea, this paper investigates the possible crowding-out effect of public transfers on private transfers by explicitly considering the endogenous responses of private transfers against public transfers. By using two Korean household-level panel data sets for the periods of 1995–1998 and 1998–2003, we found a post-crisis, but not pre-crisis crowding-out effect of public transfers; more importantly, a crowding-in effect is observed during the crisis. The results suggest that private transfer networks were strengthened under the initial phase of the financial crisis, which possibly complemented public transfers due to the lack of effective formal safety nets, while public transfers became effective after the crisis, thereby replacing private transfers. Our results suggest that particularly at the initial stage of the crisis, the government could have played an important role in assisting households to weather the negative impacts of the crisis.