한국의 금융발전과 경제성장, 소득불평등 간의 장·단기 비선형 관계 연구 = A study of the long-and short-run nonlinear relationship between financial development, economic growth, and income inequality in Korea

다국어 초록 (Multilingual Abstract)

This study tests the long-run and short-run asymmetry hypotheses on the effects of financial development and economic growth on income inequality and vice versa. We find long-run and short-run asymmetric relationships for the income disparity hypothesis on the effects of financial development and economic growth on income disparity in Korea, the growth hypothesis on the effects of financial development and income disparity on economic growth, and the financial hypothesis on the effects of economic growth and income disparity on financial development. We also find that the asymmetric effects of financial development and economic growth in Korea are such that when financial development grows, income disparity is reduced, but when financial development recedes, income disparity is larger. Rising economic growth reduces income inequality, but falling economic growth contributes more to reducing income inequality than rising economic growth. On the other hand, we find that increasing income inequality reduces economic growth, and reducing income inequality leads to a larger decline in economic growth. Finally, increasing income inequality has a negative impact on financial development, as it hinders financial development more when the economy is in recession. These empirical findings show that simple linear and nonlinear modeling leads to modeling errors and can lead to policy failures if policies are implemented by considering only the impact of financial development and economic growth on income inequality.

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