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This paper examines income inequality of Korean households over the period of 1998-2004. Using Gini coefficient as a measure of inequality, we decomposed income inequality by income source from which ...
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This paper examines income inequality of Korean households over the period of 1998-2004. Using Gini coefficient as a measure of inequality, we decomposed income inequality by income source from which we analyzed the effect of property income on overall income inequality. Based on Gini decomposition, we estimated several indicators to measure the effect of property income including relative income inequality and relative marginal effect.
Our results show that while labor income is still the dominant factor to influence overall income inequality, the effect of property income has been gradually increased. This finding is mainly due to dramatic increases in house and land prices during the same period. These results indicate that government real estate policies for redistributive purpose were not much successful in this time period. However, social insurance benefits and transfer income are found to relieve overall income inequality and their effects has recently become larger, which indicates that redistributive policies toward these directions have been successful to some extent.
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