Means-tested COVID-19 stimulus payment and consumer spending: Evidence from card transaction data in South Korea.

This study examines the effect of a means-tested COVID-19 stimulus payment, which was provided by the Seoul Metropolitan Government in South Korea, on consumer spending. The Seoul government issued a one-off payment in the spring of 2020 for residents in the city living below the national median income. We use daily card transaction data aggregated by users' age, income and location of residence, and apply a difference-in-differences approach to assess the effect of the stimulus payment. We compare consumption for the treatment (eligible for the payment) and control (ineligible but with a similar level of income) groups before and after the implementation of the payment. The results show that the payment increased consumer spending for the treatment group by about 12%. Recipients of the means-tested payment have a marginal propensity of consumption at no less than 59%, larger than that found for a universal emergency payment made by the Korean government and similar stimulus checks in other countries.

How Do Time Use and Social Relationships Affect the Life Satisfaction Trajectory of Korean Adolescents?

This study investigated the life satisfaction trajectory of Korean adolescents, and factors associated with changes in life satisfaction. Specifically, we focused on how changes in time use and social relationships were associated with changes in life satisfaction. Using three waves of the Korean Children and Youth Panel Survey, we conducted a series of multilevel growth curve modeling analyses. The results indicate that Korean adolescents' life satisfaction decreased over a three-year period, and that time spent on leisure and sleeping were both significant predictors of changes in life satisfaction. Life satisfaction decreased at a slower rate for adolescents whose relationships with peers and teachers positively increased over time. Findings highlight the importance of ensuring adequate amount of sleep and providing various opportunities for leisure activities in improving Korean adolescents' life satisfaction. Furthermore, social relationships, specifically with teachers and peers should be the focus of prevention and intervention for adolescents to maintain and improve their level of life satisfaction.