The Evolution of Income Risk and Consumption Insurance in South Korea over the Last Two Decades*
利用韩国劳动收入面板数据，研究了近二十年收入风险与消费保险的演变，发现收入与消费风险下降，永久性收入冲击的47.6%传导至消费，且社会保障体系改善对低教育及临近退休群体保险作用显著。
Abstract Using data from the Korea Labor Income Panel Study, we study the evolution of income risk and consumption insurance against transitory and permanent income shocks in South Korea over the last two decades. We find a decreasing trend in both income and consumption risks. Furthermore, we estimate that 47.6% of permanent income shocks and 9.8% of transitory income shocks pass through to consumption. We also provide evidence of substantial improvements in consumption insurance among the less educated and the older cohort nearing retirement. Our results suggest that recent developments of social safety net and welfare system may have played an important role in insuring income shocks in South Korea.