지역의 생산-분배 소득 갭이 민간소비와 주택가격에 미치는 영향 = Impact of Production-Distribution Income Gap on Household Consumption and Housing Prices in the Region

다국어 초록 (Multilingual Abstract)

This study analyzes the effect of the gap between production and distributed income on private consumption and housing prices using panel data of 16 cities and provinces in Korea for the period 2003-2019. Findings of this study indicate, first, that the effect of the income gap on private consumption is ambiguous, but it affects housing prices positively. Second, the income gap positively impacts private consumption in the net inflow area and has a negative effect on the net outflow area. Third, the result describes that the effect of the income gap on housing prices presents a positive effect only in net outflow areas. These results show that it is highly likely that the income outflow to outside the region did not increase domestic demand but only led to a rise in housing prices. In addition, it suggests that if long-running income outflow (inflow) to outside the region exists, the imbalance between regions and economic inefficiency are very likely to become worse.