COVID-19 and Household Wealth Heterogeneity: Evidence from South Korea

Taiwon Ha ()
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Taiwon Ha: Ministry of Economy and Finance, Republic of Korea

Hacienda Pública Española / Review of Public Economics, 2024, vol. 250, issue 3, 69-88

Abstract: Although several studies highlighted the disproportionate effects of the pandemic on household income, its effect on household wealth has been largely disregarded. This study investigated household wealth heterogeneity in Korea using unconditional quantile regression in 2020-2021. These findings indicate that self-employed workers maintained their net assets through targeted fiscal support. However, low-educated workers, poor households, and old households suffered economic damage. Second, unemployed people experienced severe decreases in net wealth due to the pandemic. Lastly, home-owning households in the capital region earned more assets because of asset market booms. Therefore, it suggests inclusive fiscal support to alleviate wealth disparities.

Keywords: COVID-19; Disproportionate effect; South Korea; Unconditional quantile regression; Wealth inequality. (search for similar items in EconPapers)
JEL-codes: D31 (search for similar items in EconPapers)
Date: 2024
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