PRESS RELEASE
February Issue of Health and Welfare Policy Forum Released

Focus of the Month: The Role and Policy Direction of Long-Term Care Insurance for the Elderly in a Super-Aged Society

  • February Issue of Health and Welfare Policy Forum Released
  • 2024 KIHASA-KASWEA Joint Forum
  • New Year's Greetings for 2024 from KIHASA President Lee Taesoo
  • KIHASA Holds Joint Fall Conference with Korean Pension Association and National Pension Research Institute
  • November Issue of Health and Welfare Policy Forum Released
  • February Issue of Health and Welfare Policy Forum Released

    February Issue of Health and Welfare Policy Forum Released

  • 2024 KIHASA-KASWEA Joint Forum

    2024 KIHASA-KASWEA Joint Forum

  • New Year's Greetings for 2024 from KIHASA President Lee Taesoo

    New Year's Greetings for 2024 from KIHASA President Lee Taesoo

  • KIHASA Holds Joint Fall Conference with Korean Pension Association and National Pension Research Institute

    KIHASA Holds Joint Fall Conference with Korean Pension Association and National Pension Research Institute

  • November Issue of Health and Welfare Policy Forum Released

    November Issue of Health and Welfare Policy Forum Released

Publications

Reports
Study for Virtuous Cycle of 'Social Policy-employment-Economy'
Study for Virtuous Cycle of 'Social Policy-employment-Economy'

Author Kim, Hyeon-kyeong

This study aims to obtain policy implications for the virtuous cycle of ‘Social Policy-Employment-Economy’ to work. The main route through which the increase in social spending affects the economy is to improve labor productivity and employability through human capital investment by expanding health, child and elderly care, and labor market policies. Social policy increases the possibility of employment through the improvement of individual human capital, and enables technological progress and adaptability to it. It reduces information uncertainty for the vulnerable, enabling efficient resource allocation. This study conducted Panel Vector Autoregressive(PVAR) model analysis and Panel Corrected Standard Error(PCSE) analysis using OECD panel data during 1990-2019. PVAR analysis reports social expenditure shocks, which initially negatively affect employment, but have a continuous and positive effect. In the case of the full-time employment rate shock, it immediately brings a positive response to economic growth immediately after the shock, and then gradually decreases and converges to zero. Therefore, the social expenditure shock can be interpreted as a circular structure that sequentially affects the economy through changes in the employment rate. PCSE analysis shows health and family policies demonstrated the effect of increasing the overall and women's employment rate. For the virtuous cycle, social policy should play a role in mitigating the social risks of working age in economic activities as in northern european countries with generous levels of cash benefits and high-quality social services for people of working age.

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Periodicals
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