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Identifier to cite or link to this item: https://doi.org/10.15057/19215
Identifier to cite or link to this item: https://hdl.handle.net/10086/19215

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Title
The Valuation and Redistribution Effect of the Korea National Pension
Creator
Creator Name
Yuh, Yoonkyung Yuh, Yoonkyung
Affiliation
Affiliation Name
Ewha Womans University
Creator Name
Yang, Jaehwan Yang, Jaehwan
Affiliation
Affiliation Name
University of Seoul
Key Word
Korea National Pension
Redistribution
Annuity Evaluation
Annuity Equivalent Wealth
Money's Worth Ratio
Bequest
JEL
C61
D91
J26
I38
Abstract
This paper evaluates the Korea National Pension (KNP) and investigates its redistribution effects. The educational level is used as a proxy for mortality and various socioeconomic factors are considered. The financial and utility-based analyses reveal strong progressive redistribution with income level. Also, the utility-based analysis indicates significant progressive redistribution with non-pension asset level but no significant redistribution with the educational level. Generally, the KNP is extremely valuable and its value seems higher with a pre-existing private annuity especially for the poor. Finally, when people are assumed to spend at least the minimum consumption level, it becomes more beneficial.
Publisher
Hitotsubashi University
Issued Date
2011-06
Language
English(eng)
Resource Type
departmental bulletin paper
Version Type
VoR
selfDOI
10.15057/19215
ISSN
0018-280x
NCID
AA00207547
Source Title
Hitotsubashi Journal of Economics
Volume Number
52
Issue Number
1
Page Start
113
Page End
142
Appears in Collections
Vol. 52, no. 1 (Jun. 2011)
URL
https://hdl.handle.net/10086/19215