This paper deals with the changes of aged dependency and aged-child ratios across the administrative districts of South Korea between 1992 and 2010. South Korea faces the most rapidly aging population at present. However, the generational imbalance is highly differentbetween the districts. The...

In the standard generalized method of moments estimation of dynamic panel data models, the constant term is usually omitted from instrument sets. As a result, adding a constant to the dependent variable affects the estimates for models without full period dummies. Omitting the constant term from...