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Why Do Koreans Save 'So Little' ?

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  • 저자 Jeffrey G. Williamson
  • 발행일 1977/12/01
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요약 This paper explores a theme which Martin Feldstein(1977)
raised recently when discussion "low" saving rates and current
capital shortages in American. Strangely enough, Feldstein's
theme also applies with equal force to one of the Third World's
most rapidly growing economies, South korea. Four key
questions are posed, and each is central to contemporary Korean
debate on saving policies for the future. First, if Korean
increased their rate of accumulating would society as a whole be
adequately compensated for the reduction in current
consumption? I believe the answer is unambiguously yes.
Second, have changes in rewards to private saving account for
significant portions of past changes in observed private domestic
saving rates in Korea? I believer the answer here is also an
unambiguous yes. Third, to what degree do korean individuals
save too little because the rate at which they discount future
consumption falls below the national rate of return on
investment? I believer the answer here is unambiguously " to a
large degree". Fourth, has policy mattered in accounting for low
private saving rates in Korea" Once again, I believer the answer
is unambiguously yes.

Section Ⅱ reviews the capital gains " saving deflection
issues. It then suggests that saving deflection is only one side
of a relative price of rate of return phenomenon in Korea.
Section Ⅲ develops a model capable of supplying an endogenous
explanation for saving, accumulation and the rate of return. The
model is then applied to the 1962-1976 period in an effort to
decompose the "source" of Korean savings and accumulation in
recent history. Section Ⅳ uses this model to explore the likely
impact of policy on the differential between individual discount
rates and national rates of return on investment. While the
calculations are necessarily crude, they do point the way
towards a strategy for achieving more nearly optimal rates of
accumulation.

(※ 서문에서 발췌한 내용임)
저자

Jeffrey G. Williamson

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