부동산소득이 지역별 가구 소득불평등에 미치는 영향에 관한 실증연구

Abstract

This study has decomposed the Gini coefficient using Korean Labor & Income Panel Study dataand empirically analyzed the impact of demographic characteristics and source-specific income of householderon the household income gap using panel analysis. The scope of areas were divided into ‘nationwide,’‘metropolitan areas,’ and ‘non-metropolitan areas,’ and the period before and after the global financialcrisis was examined. The analysis findings are as follows. First, when the entire period was examined by income source usingGini decomposition with division of areas into ‘nationwide,’ ‘metropolitan areas,’ and ‘non-metropolitan areas’, the following results were revealed. The absolute and relative contribution level of property income to thegross income was the largest in the category of ‘nationwide’ and ‘metropolitan areas,’ while the contribution level ofearned income was the largest in the category of ‘non-metropolitan areas’. In addition, property income worsened thehousehold income gap the most in the category of ‘nationwide’ and ‘metropolitan areas.’ Second, property incomeworsened the household income gap less after the financial crisis than before the crisis. It is probably because theprice of real estate skyrocketed before the global financial crisis, worsening the household income gap, whereas theprice drop after the crisis temporarily alleviated the gap. Third, a correlation analysis revealed that households witholder householders whose education is high school graduation or below had relatively low gross income, and householdswith higher source-specific income, especially earned income, had relatively high gross income. Fourth, whenthe household income determinants were compared through panel analysis with division of areas into ‘nationwide,’‘metropolitan areas,’ and ‘non-metropolitan areas,’ the following results were obtained. While the impact of earnedincome, financial income, and other incomes was greater in non-metropolitan areas than in metropolitan areas, theimpact of property income was greater in metropolitan areas than in non-metropolitan areas. To reduce the income gap, the government should impose higher taxes on the high-income class and provide taxbenefits to the low-income class, with efforts to create a wide variety of jobs. In addition, since income inequality getsworse as the proportion of incomes generated through asset holdings becomes higher, the government should focuson stabilizing property prices while paying attention to the regional differentiation when carrying out related policies.