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KMID : 1001320170440020029
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Social Welfare Policy
2017 Volume.44 No. 2 p.29 ~ p.53
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Accounting for Changes in Income Inequality of Korea, 1990-2016
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Jeong Jun-Ho
Cheon Byung-You
Chang Ji-Yeun
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Abstract
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This study analyzed the factors that led to the transition of income inequality from 2008 to the mitigation in Korea. Before 2008, we analyzed whether the factors that led to the increase in income inequality changed direction or whether new inequality factors were generated. The analysis shows that the decrease in income inequality since 2008 is due to the fact that househead income, which was a factor of increase in inequality in the previous period, and househead`s education, occupation, and job status turned to inequality mitigation. Increase in spouse earned income, increase in dual income, and aging population continued to cause inequality, but they could not offset the effects of inequality mitigation in the labor market. We also confirmed the fact that property income (housing rental income) has emerged as a new factor of inequality increase since 2008, that the effect of mitigation of inequality before the public is still insignificant, and that the public expenditure functions as an automatic stabilization of inequality. The policy implication is that reducing labor market gaps is a priority for mitigating inequality, but there is a high possibility that new income inequality will emerge as a result of property income, double income, and population aging. However, that the public transfer`s effects of mitigating inequality can work in the future.
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KEYWORD
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inequality, factor decomposition, income source, earned income
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