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Share of inheritance and gift in aggregate wealth in Korea 继承和赠予在韩国总财富中所占的份额
Korean Development Economics Association Pub Date : 2022-09-30 DOI: 10.20464/kdea.2022.28.3.3
Sungmun Choi
{"title":"Share of inheritance and gift in aggregate wealth in Korea","authors":"Sungmun Choi","doi":"10.20464/kdea.2022.28.3.3","DOIUrl":"https://doi.org/10.20464/kdea.2022.28.3.3","url":null,"abstract":"This study estimates the share of inheritance and gift in aggregate wealth in Korea. Assuming the capital income share of 30% and using long-term (20, 10, and 5-year) averages of the ratio of inheritance and gift flows to national income and saving rates, the share of inheritance and gift is estimated to be 37~38%. If the statistics for 2019 alone, which is the latest year that the data are available, are used, the estimate becomes 45%. In contrast, the estimate from National Survey of Tax and Benefit (NaSTaB), which is a household survey, is only 13~14%. Inheritance and gift flow estimated from NaSTaB is only about 30% of that from the official tax data and the gap is consistent with the gap in cumulated amounts. So the results imply the need for caution when we use household survey data for inheritance and gift. The estimate from this study (37~38%) is lower than the estimates for US and European countries (50~60%) from other studies. Korea has a shorter period of economic development and baby-boomers with significant wealth are beginning to retire. So the share of inheritance and gift is expected to rise in the future.","PeriodicalId":314783,"journal":{"name":"Korean Development Economics Association","volume":"722 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122994568","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Financial Institution Development and Economic Growth: Dynamic Panel Evidence from the Developing Economies 金融机构发展与经济增长:来自发展中经济体的动态面板证据
Korean Development Economics Association Pub Date : 2022-06-30 DOI: 10.20464/kdea.2022.28.2.1
Dahyun Kang, Sun Lee, S. Kang
{"title":"Financial Institution Development and Economic Growth: Dynamic Panel Evidence from the Developing Economies","authors":"Dahyun Kang, Sun Lee, S. Kang","doi":"10.20464/kdea.2022.28.2.1","DOIUrl":"https://doi.org/10.20464/kdea.2022.28.2.1","url":null,"abstract":"This study aims to explore the impact of financial institution development (FID) on economic growth for the world and 54 developing economies from 2000 to 2019 with dynamic panel system GMM estimation. With regard to FID, this study considers 4 different indicators: access, depth, efficiency, and stability. Estimation results are as follows. First, the FID indicators (access, depth, and efficiency) have positive impact on economic growth for the world group and developing economies with stronger effect of access in developing economies. Second, the stability as another FID indicator, liquid assets, is negative only for the developing economies. It means that the higher ratio of liquid assets, the more incentive for financial institution to take on risk. These results were also maintained in the robustness check. Overall, this study suggests that developing economies should enhance their access to financial institution and put in place the measures to manage liquid assets.","PeriodicalId":314783,"journal":{"name":"Korean Development Economics Association","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121440452","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Property rights institutions and the political budget cycle 产权制度和政治预算周期
Korean Development Economics Association Pub Date : 2022-06-30 DOI: 10.20464/kdea.2022.28.2.2
Sang O. Park, Sujin Min, Dongwon Lee
{"title":"Property rights institutions and the political budget cycle","authors":"Sang O. Park, Sujin Min, Dongwon Lee","doi":"10.20464/kdea.2022.28.2.2","DOIUrl":"https://doi.org/10.20464/kdea.2022.28.2.2","url":null,"abstract":"This study examines the impact of property rights institutions on the political budget cycle. A simple equilibrium model of political budget cycles suggests that property rights institutions implicitly constrain the electoral cycle by making pre-election fiscal manipulation less effective in gaining votes. Using a panel of 64 democracies over the period 1987-2016, we confirm that a political budget cycle is conditional on the strength of property rights institutions. Countries with stronger property rights institutions experience a smaller electoral cycle. Our findings imply that property rights institutions may provide a socially efficient mechanism for protecting the welfare of taxpayers.","PeriodicalId":314783,"journal":{"name":"Korean Development Economics Association","volume":"156 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115743278","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Structure and Implications of the Dynamic Model for Housing Market Based on Cash Flows 基于现金流的住房市场动态模型的结构与启示
Korean Development Economics Association Pub Date : 2022-06-30 DOI: 10.20464/kdea.2022.28.2.3
Chang-Uk Kim
{"title":"The Structure and Implications of the Dynamic Model for Housing Market Based on Cash Flows","authors":"Chang-Uk Kim","doi":"10.20464/kdea.2022.28.2.3","DOIUrl":"https://doi.org/10.20464/kdea.2022.28.2.3","url":null,"abstract":"It is not appropriate to apply the demand/supply approach to the housing market and it causes many problems. Unlike the premise of demand/supply approach, transactions of existing houses account for the majority of the domestic housing market, and transactions of houses with 'jeonse' are also significant. In this paper, an analysis based on cash flow is proposed as an alternative housing market analysis method. According to this, the house price is determined at the point where the amount of cash payment and the amount of cash receipt match for the sale in the period, and changes when a difference occurs between the amounts. As a result of constructing and simulating a dynamic model for housing market based on cash flow, it was estimated that more than half of the rise in Korean housing prices since 2000 was due to the rise in 'jeonse' prices, and the rest were due to the higher ratio of additional procurement cash than the equilibrium value. According to the cash flow-based analysis, heavy comprehensive real estate tax and transfer tax for multiple homeowners, house supply through the development of new cities and the unitary deregulation of reconstruction can also lead to a rise in housing prices, contrary to policy intentions. The cash flow-based dynamic market model presented in this paper can be expanded throughout the resell market where used goods with scarcity are traded","PeriodicalId":314783,"journal":{"name":"Korean Development Economics Association","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124390827","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A study on the increase in corporate savings and changes in asset composition since the 2000s 2000年代以来企业储蓄增长与资产构成变化研究
Korean Development Economics Association Pub Date : 2022-03-30 DOI: 10.20464/kdea.2022.28.1.3
Myoung-Hwan Kim
{"title":"A study on the increase in corporate savings and changes in asset composition since the 2000s","authors":"Myoung-Hwan Kim","doi":"10.20464/kdea.2022.28.1.3","DOIUrl":"https://doi.org/10.20464/kdea.2022.28.1.3","url":null,"abstract":"","PeriodicalId":314783,"journal":{"name":"Korean Development Economics Association","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125552619","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Coexistence of Democracy and Economic Development in Ancient Athens ― Cooperation between elite and mass ― 古代雅典民主与经济发展的共存——精英与大众的合作
Korean Development Economics Association Pub Date : 2022-03-30 DOI: 10.20464/kdea.2022.28.1.2
Soomyung Jang
{"title":"Coexistence of Democracy and Economic Development in Ancient Athens ― Cooperation between elite and mass ―","authors":"Soomyung Jang","doi":"10.20464/kdea.2022.28.1.2","DOIUrl":"https://doi.org/10.20464/kdea.2022.28.1.2","url":null,"abstract":"","PeriodicalId":314783,"journal":{"name":"Korean Development Economics Association","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131029791","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Economic Performances of Cooperative Financial Institutions: the Case of Korea 合作金融机构的经济绩效:以韩国为例
Korean Development Economics Association Pub Date : 2022-03-30 DOI: 10.20464/kdea.2022.28.1.1
Hyeon-Su Lee, Hyun-Woo Jeong, Keonbeom Lee
{"title":"Economic Performances of Cooperative Financial Institutions: the Case of Korea","authors":"Hyeon-Su Lee, Hyun-Woo Jeong, Keonbeom Lee","doi":"10.20464/kdea.2022.28.1.1","DOIUrl":"https://doi.org/10.20464/kdea.2022.28.1.1","url":null,"abstract":"","PeriodicalId":314783,"journal":{"name":"Korean Development Economics Association","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121091376","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
An Analysis on the Effect of Rent-seeking Behavior for Public Goods on Housing Prices: focusing on the case of changing the name of Jamsilsaenae station in Seoul 公共物品寻租行为对房价的影响分析——以首尔蚕室院车站更名为例
Korean Development Economics Association Pub Date : 2021-09-30 DOI: 10.20464/kdea.2021.27.3.3
H. Seo, Minsik Choi
{"title":"An Analysis on the Effect of Rent-seeking Behavior for Public Goods on Housing Prices: focusing on the case of changing the name of Jamsilsaenae station in Seoul","authors":"H. Seo, Minsik Choi","doi":"10.20464/kdea.2021.27.3.3","DOIUrl":"https://doi.org/10.20464/kdea.2021.27.3.3","url":null,"abstract":"","PeriodicalId":314783,"journal":{"name":"Korean Development Economics Association","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127636535","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Regional Finance and Regional Economic Development: Relationship Banking, Reciprocal Banking and Local Public Bank 区域金融与区域经济发展:关系银行、互惠银行与地方公共银行
Korean Development Economics Association Pub Date : 2021-09-30 DOI: 10.20464/kdea.2021.27.3.2
B. Cho
{"title":"Regional Finance and Regional Economic Development: Relationship Banking, Reciprocal Banking and Local Public Bank","authors":"B. Cho","doi":"10.20464/kdea.2021.27.3.2","DOIUrl":"https://doi.org/10.20464/kdea.2021.27.3.2","url":null,"abstract":"","PeriodicalId":314783,"journal":{"name":"Korean Development Economics Association","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125602690","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Volatility of Cryptoassets and the Stable Coin 加密资产的波动性与稳定币
Korean Development Economics Association Pub Date : 2021-09-30 DOI: 10.20464/kdea.2021.27.3.1
Jongsung Baek
{"title":"The Volatility of Cryptoassets and the Stable Coin","authors":"Jongsung Baek","doi":"10.20464/kdea.2021.27.3.1","DOIUrl":"https://doi.org/10.20464/kdea.2021.27.3.1","url":null,"abstract":"","PeriodicalId":314783,"journal":{"name":"Korean Development Economics Association","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128678119","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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