|
Abstract:
These days, the aging speed in Korea has been going on much faster than ever before, which is causing Korean society to have significant riffle effects on the social and economic aspects and to add the burden of supporting the elderly to the economically active people. In this study, I empirically analyzed effects that changes in the structure of household consumption expenditure led by the aging population have on the total economy in Korea, using the QUAIDS model with the data "Household Income and Expenditure" compiled by Statistics Korea from 2006 to 2015. As a result, the income elasticities in the household with the elderly householder are bigger than those in the household without the elderly householder from all items except for the Food & soft drinks and Entertainment & culture, which means the consumption expenditure from the household with the elderly householder is significantly sensitive to volatility in the household income since the household with the elderly householder is not able to secure stable income sources. With the private consumption continuing to stagnate and the aging population going on fast, it is analyzed that the mounting elderly households with relatively lower level of income and consumption have high possibility to hinder fast-paced consumptions in Korean economy and have a negative impact on its economic growth in the future.
|
