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  • P-ISSN 1738-656X

한국개발연구. Vol. 28, No. 2, December 2006, pp. 1-49

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Impact of Demographic Change on the Composition of Consumption Expenditure: A Long-term Forecast

Dong seok Kim

Author & Article History

Manuscript .


Considering the fact that households' demographic characteristics affect consumption decision, it is conjectured that rapid demographic changes would lead to a substantial change in the composition of private consumption expenditure. This paper estimates the demand functions of various consumption items by applying the Quadratic Almost Ideal Demand System(QUAIDS) model to Household Income and Expenditure Survey data, and then provides a long-term forecast of the composition of household consumption expenditure for 2005-2020. The paper shows that Korea's consumption expenditure will maintain the recent years' rapid change, of which a considerable portion is due to rapid demographic changes. Results of the paper can be utilized in forecasting the change in the industrial structure of the economy, as well as in firms' investment planning.


인구구조 변화(Demographic Change), 가계소비지출(Household Consumption Expenditure), QUAIDS 모형(QUAIDS Model), 도시가계조사(Household Income and Expenditure Survey)

JEL Code

D12, J10

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