• International Area Studies Review
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• v.15 no.3
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• pp.191-213
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• 2011

This study empirically examines whether income smoothing effectively contributes to consumption smoothing. Since international factor movement plays an important role for income smoothing across countries, net factor income across countries deserves more attention in considering income smoothing than attention having been paid by previous studies in the literature. Most of previous studies assume that net factor income has the same degree of effects on consumption as GDP. For the case of 12 EU countries during the period from 1999 to 2010, our empirical investigation observes that the response of consumption with respect to net factor income is severely lower than the response of consumption with respect to GDP, and further net factor income has ignorable effects on the consumption. This evidence implies that the income smoothing via international factor movement is less significant in contributing to the consumption smoothing. In the sequel, our finding suggests that legal and institutional process for transferring net factor income across countries should be eased further to improve contribution of income smoothing to consumption smoothing.

• Journal of the Korea Society for Simulation
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• v.33 no.1
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• pp.27-34
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• 2024

This study aims to propose an optimal asset allocation that minimizes the risk of insufficient realized replacement rates compared to the OECD average replacement rate. To do this, we set the shortfall risk of replacement rates and calculates an asset allocation plan to minimize this risk based on the period of enrollment, the income level and additional contribution. We consider stocks and deposits as investment assets, using Monte Carlo simulation with a GBM model to generate return distributions for stocks. Our result show that, for individuals with a enrollment period of less than 30 years, participants should invest a minimum of 70-80% of their funds in risky assets to minimize the shortfall risk. However, the proportion of funds that need to be invested in risky assets declines significantly when participants contribute an additional premiums. This effect is particularly pronounced among low-income individuals. Therefore, to achieve OECD average replacement rates, the government needs to incentivize participants to invest more in risky assets, while also providing policies to encourage additional contributions, especially for the low-income population.

• Journal of Korean Society of Rural Planning
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• v.30 no.3
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• pp.63-73
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• 2024

기후변화 및 수산자원 보호 등으로 인한 어획량 감소 그리고 어업경영비의 증가에 따라 어가의 어업 소득 의존도는 낮아지고 있다. 2020년 어업총조사에 따르면 62.9%의 어가가 어업 외 경제활동에 참여하고 있는 것으로 나타났다. 본 연구는 어업 외 활동이 대체 소득원으로서의 역할 뿐만 아니라 어업 생산에서 발생되는 위험을 관리하는 수단으로도 기능할 수 있는지를 분석하였다. 어가의 경우 외생적 위험을 직접 통제하는 것에는 한계가 있으나 어업 외 활동 등 소득원 다각화를 통하여 어가경제의 총괄적 위험도를 관리할 수 있다. 본 연구에서는 생산 위험의 대리변수로 가격 위험을 사용하고 위계선형모형을 적용하여 가격위험 변화에 따른 어업 외 소득 비중의 조정 여부를 분석하였다. 분석 결과, 어업 외 활동이 어업 생산과 관련된 위험을 관리하는데 활용되고 있음을 확인하였다. 또한 어가의 규모에 따라 대응 양상이 다르게 나타났는데, 소규모 어가가 대규모 어가에 비해 어업 외 활동에 더 많이 의존하는 것으로 나타났다. 이는 어업 외 활동의 확대가 어업 생산의 축소 및 지속가능한 수산자원 관리의 직·간접적인 방법이 될 수 있음을 시사하기도 한다. 본 연구는 어업 부문의 생산 위험 관리 전략으로써 어업 외 활동의 잠재적역할을 분석한 최초의 연구라는 점에서 의의가 있다.

• The Journal of the Korea Contents Association
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• v.18 no.10
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• pp.145-157
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• 2018

In this study, we analyzed the effect of the income level of cancer, stroke, and myocardial infarction on mortality by using National Health Insurance Service(NHIS) Cohort 2.0 DB. Patients who newly developed the disease in 2007 were observed till 2015. The analysis used the Cox probability proportional risk model and the competing risk model. The income level used information at the time of the onset of the disease in 2007, categorized into low / mid / high. The results showed that there were differences in the risks of death and secondary disease in patients with cancer, stroke, or myocardial infarction according to the income level. In addition to the need for a social safety net to lower the incidence of early deaths in low-income families, it seems necessary to continue to strengthen universal protection for serious diseases similar to the current policy.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.8 no.2
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• pp.53-61
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• 2013

This study investigated the tax compliance applying framing effect, with the influence of detection rates, client advocacy, risk seeking tendency on the amount of income declared. Questionaires were filled in by CFA in Busan. Questionaires involve three cases (newly founded company, loss-expected company, gain-expected company). Respondents declared least in newly founded company, next loss-expected company, to gain-expected company. Respondents declared more as detection rates rose. As client advocacy increases, newly founded company and loss-expected company declare less, while gain-expected company declare more. As risk seeking tendency increases, newly founded company and loss-expected company declare less, but gain-expected company. Finally the interaction effect between client advocacy and risk seeking tendency is supported.

• Journal of the Korea Convergence Society
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• v.10 no.12
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• pp.337-343
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• 2019

The need for preparation for old life has been further increased due to the increase of the elderly population and changes in economic conditions today. The purpose of this study is to analyze the relationship between income instability and the degree of preparation for old life and satisfaction of current life. The key variables were extracted through prior study review. And the data collected through the survey were statistically analyzed with a structural equation model. The analysis found that the indirect effect of the current income risk on the satisfaction of current life through the preparation for old life had a significant negative effect under the statistically significant level of 0.05. However, it was found that the direct effects of current income risk on the satisfaction of current life were not statistically significant. An additional analysis was conducted by dividing the age, the number of dependents by two groups respectively. To summarize the results, preparation for old life played a significant role as a prerequisite for improving the satisfaction of current life. And the variability(risk) of current income played an important role in preparing for old life. At this time, the degree of relevance between the factors(potential variables) differed somewhat between the two groups. The results of this analysis will be meaningful in providing basic source of data to prepare for a satisfactory life in each individual's current situation. This study, meanwhile, has limitations that have only been done with cross-sectional analysis and would like to analyze time-series changes in the future.

• Journal of Labour Economics
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• v.41 no.4
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• pp.31-62
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• 2018

Using matching and difference-in-differences estimation method, this study estimates causal effects of health shocks on employment and income of full-time workers aged 40-55. Acute hospital admissions lower significantly the employment probability and earnings. The changes in employment and earnings persist up to three years after the health shock. The economic impacts of health shocks vary by socioeconomic status and job characteristics among individuals. Irregular workers are more likely to leave their jobs after health shocks than regular workers. Among irregular workers, the probability of leaving labor market after health shock decreases with the size of the firm.

• The Journal of the Korea Contents Association
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• v.22 no.9
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• pp.561-569
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• 2022

A study was conducted to determine whether there is a difference in the incidence of kidney cancer according to income level and the difference in delayed diagnosis. To this end, the incidence of kidney cancer in Korea was analyzed by income level and by stage. From 2015 to 2017, a national kidney cancer cohort was established by linking the KCCR(Korea Central Cancer Registry), NHISS(National health insurance sharing service), and the HIRA(Health insirance review and assessment service) database to calculate the kidney cancer incidence by stage and income level. During the study period, the incidence of kidney cancer in Korea increased in all income deciles, but decreased only in the medical aid population. The incidence of kidney cancer in Korea was 7.35 per 100,000 people, and 83.54% of them were locoregional kidney cancer. In the top 20% of the income decile, there was a high incidence of 21.46 cases per 100,000 people, among which 18.37 cases were locoregional kidney cancer. On the other hand, even after adjusting for risk factors related to kidney cancer, it was confirmed that the lower the income level, the higher the risk of being diagnosed with kidney cancer with distant metastasis (lowest income 20% adj.OR 1.807, 95% CI 1.411-2.222). In the insured population, the risk ratio of being diagnosed with unknown stage was 1.926 (95% CI 1.317, 2.816). The higher the income level, the higher the frequency of early cancer diagnosis, but the lower the income level, the higher the risk of being diagnosed with metastatic kidney cancer or an unknown stage, so health inequality according to income level was observed.

• Journal of Labour Economics
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• v.37 no.4
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• pp.89-112
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• 2014

This paper characterizes an optimal combination of grant and income-contingent loans (ICL) from efficiency and equity points of view as a government subsidy program for higher-education. In particular, we show that it is always desirable to introduce ICL for students regardless of their household incomes, and also provide arguments for the superiority of tax-financing system to loans with risk-premium as a financing mechanism of ICL. From policy point of view, this paper suggests a need for the extended coverage of our ICL system, while justifying its current tax-financing system.

• Korean Journal of Social Welfare
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• v.64 no.4
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• pp.337-357
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• 2012

This study explores a changing social expenditure structure of welfare states on new social risks, using logistic regression analysis with Panel Corrected Standard Errors Model on panel data of 1997-2007 years from 27 OECD nations. The result of this study presents that social expenditure structures have been adjusted with new social risk structure due to trade openness, female employment rates, and child population rates. Greater trade openness, higher women's employment rates, and lower child population rates are, more social investment expenditures are than income security expenditures. Rates of employment in service industries and elderly population rates are not statistically significant on the change of social expenditure structure. This result does not imply a complete switch from demand-based to supply-based social policy, but somewhat reflects transitions of a social welfare system for changing economic and social environments in order to sustain welfare state economically.