Analysis of Changes in the Welfare of Middle and Low Income Families in Korea after the Global Financial Crisis Based on Stochastic Dominance Approaches (in Korean)

Mijung Choi () and Jin Lee ()
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Mijung Choi: Department of Economics, Ewha Womans University
Jin Lee: Department of Economics, Ewha Womans University

Economic Analysis (Quarterly), 2012, vol. 18, issue 4, 23-50

Abstract: We use stochastic dominance tests to analyze possible welfare changes in Korean middle and low income families after the global crisis in 2008. Annual family income data from 2006 up to 2011 released by KOSTAT have been used in our analysis. The result shows that the year of 2006 shows first order stochastic dominance over the year of 2010 up to the bottom 30% household income distributions. Such a dominance is more pronounced at the second and third orders, even up to the median income level. Our results may evidence statistically significant welfare loss of low and middle income families.

Keywords: Stochastic Dominance; Middle and Low Income Families; Bootstrap Testing Procedures. (search for similar items in EconPapers)
JEL-codes: C12 C14 I32 (search for similar items in EconPapers)
Date: 2012
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