근로장려세제가 수혜가구의 소비에 미치는 영향 = The Effect of EITC on the Consumption of Low-Income Households

다국어 초록 (Multilingual Abstract)

In Korea, EITC system was introduced and executed in 2009. The aim of this paper demonstrates how Earned Income Tax Credit (EITC) affects the consumption of EITC group, classified as working-poor, using Differences-in-Differences-in-Differences (DDD) technique. After pre-specifying EITC and non-EITC group using the research that provides the monthly data in 2008 and 2010 of Household Income and Expenditure Survey by National Statistical Office, we analyze the effect of EITC on the actual expenditures on total consumption, durable goods consumption, non-durable goods consumption, savings and reducing on debts or liability.
It turns out whereas the EITC group booted their consumption on durable goods in the overseas research, the consumption of EITC group has not increased in our study. The domestic EITC group can be regarded as households pursuing consumption smoothing. We can guess that this group would regard a subsidy due to EITC as transitory incomes so it does not increase consumption in accordance with permanent income hypothesis. Considering the increase in savings, the EITC group who gets benefits from the program seems to prefer to save up instead. This result represents that the uncertainty of the future make them consider and choose to save up instead of the current consumption. This is considered this way due to the fact that the EITC group relatively comparing to non-EITC group would not be well-prepared for their future finance issues that might occur in the future in an effort of them to reduce the financial insecurity.

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