Domestic demand under Neoliberalism: the US and Korean Economy
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This article explores long-term relationships between macroeconomic trajectories and wage inequality under neoliberalism in the US and S. Korea. The evolution of consumer debt during the neoliberal period is also considered in this study. Both countries suffered from economic crises such as the global crisis of 2008 or the Asian financial crisis in 1997-8. To capture these structural changes in both countries, we use some unit root tests with structural changes and a cointegration test with a single structural break. In this study, we found long-term patterns between domestic demand, wage inequality, and consumer debt that much of literature on neoliberalism has expected: a positive long-term relationship between consumption, wage inequality, and consumer debt; a negative long-term relationship between investment, wage inequality, consumer debt; however, if taking the structural changes in both countries, the result is quite different from the expectations in both countries.
Abstract
This article explores long-term relationships between macroeconomic trajectories and wage inequality under neoliberalism in the US and S. Korea. The evolution of consumer debt during the neoliberal period is also considered in this study. Both countries suffered from economic crises such as the global crisis of 2008 or the Asian financial crisis in 1997-8. To capture these structural changes in both countries, we use some unit root tests with structural changes and a cointegration test with a single structural break. In this study, we found long-term patterns between domestic demand, wage inequality, and consumer debt that much of literature on neoliberalism has expected: a positive long-term relationship between consumption, wage inequality, and consumer debt; a negative long-term relationship between investment, wage inequality, consumer debt; however, if taking the structural changes in both countries, the result is quite different from the expectations in both countries.
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