Limited Income Mobility in Korea

Hyungna Oh and Yun Jeong Choi
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Hyungna Oh: Kyung Hee University
Yun Jeong Choi: Yonsei University

No 2014rwp-64, Working papers from Yonsei University, Yonsei Economics Research Institute

Abstract: Using the Korea Labor and Income Panel Study from 1998 to 2010, we measure income mobility and determinants of income ranks and mobility. Empirical outcomes reveal that income mobility is quite limited for both the poorest and the richest income group households. Moreover, a macro economic shock had heterogeneous impacts on each income group and the low-income class was highly vulnerable to it. Given the long-lasting impacts of early stage factors and initial endowment on income, and the existence of senior poverty, this paper calls for policies to support citizens suffering from illness, family breakdown, poor initial conditions, and aging.

Keywords: Intragenerational mobility; income elasticity; poverty; Korea (search for similar items in EconPapers)
JEL-codes: D31 D63 I30 (search for similar items in EconPapers)
Pages: 33pages
Date: 2014-04
New Economics Papers: this item is included in nep-ltv
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