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KDI - Korea Development Institute

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KDI FOCUS Protecting Customer Funds for Emerging Financial Products

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KDI News What‘s Up Newsletter Vol.15

The 15th issue of the KDI What's Up newsletter is now available!

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News The 2024 APN Conference successfully ended

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The inaugural 2024 KED took place successfully from October 31 (Thu) to November 1 (Fri), hosted by the MOEF and organized by KDI and GKEDC.

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News KDI-Brookings Joint Research Book Launch Event

KDI and the Brookings Institution held an event in Washington, DC to commemorate the release of their third joint research report.

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News 2024 KSP Dissemination Conference

Celebrating the 20th anniversary of Knowledge Sharing Program (KSP), "2024 KSP Dissemination Conference: 20th Anniversary of Knowledge Sharing Program(KSP)" was held on Friday, September 6, 2024.

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News 2024 Global Economy & Financial Stability Conference

Korea Development Institute (KDI) and The Ministry of Economy and Finance hosted the "2024 Global Economy & Financial Stability Conference" on September 3rd and 4th at the Plaza Hotel in Seoul.

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KDI FOCUS Impact of Policy Incentives on Adoption of Electric Vehicles in South Korea

South Korea’s strategies for deploying battery electric vehicles (BEVs) primarily include providing purchase subsidies and expanding charging infrastructure.

July 03, 2024
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Summary

Policy Study KOR Application of Project-Based Learning and Impact Evaluation for Fostering Economic Education in Middle School
This report evaluates the impacts of KDI Economic Information and Education Center (EIEC)’s economic education program to middle school students in Sejong city in 2016. The program was designed to give 7th grade students a two-hour weekly economic education session for 8 weeks. Students participated in a group-based project to provide financial advice for clients while hosting a virtual TV show ‘Master of Financial Planning.’ It is expected that students come to understand the core economic concepts such as income, expenditure, asset, credit, and reasonable consumption when engaging in the program.

In order to evaluate the program impacts, we restricted the sample to schools where two classes sequentially participated in the economic education program and used difference-in-differences specification by exploiting the variation of students’ program participation timing within a school. 264 students in six middle schools in Sejong city participated in the surveys with the informed consents from students, parents, and schools. The baseline survey was conducted in August 2016 right before the economic education program started, The endline survey was conducted in October 2016 after completing the eight-week program for the first batch of students. We collected students’ economic knowledge, financial literacy, behaviors, preference, rational decision making, and other background information such as socio-economic status through self-reported questionnaire and lab experiments.

We find that the economic education program has some positive impacts on students’ economic knowledge but does not have significant impacts on behaviors, preference, quality of decision making. Considering the fact that the EIEC’s economic education program was only for eight weeks (16 hours in total), the short-term economic education may have limitations on influencing behaviors, preferences, and decision making quality. Meanwhile, we find heterogeneity on students’ economic knowledge, behaviors, preferences, decision making quality by cognitive ability and gender. Those who have higher cognitive ability tend to have higher economic knowledge, risk-loving preference, and rational decision making. Female students are more risk-averse, are likely to experience more imitative consumption, are less consistent and stationary in time preference, compared to male students even after controlling cognitive ability and household characteristics.