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Income Inequality Decomposed by Age, Period and Cohort Effects: A Comparison of the Capital and Non-Capital Regions

연령, 시간, 코호트효과를 고려한 소득 불평등: 수도권과 비수도권 간 비교

  • Jeong, Jun Ho (Department of Real Estate, Kangwon National University)
  • 정준호 (강원대학교 부동산학과)
  • Received : 2020.05.19
  • Published : 2020.06.30

Abstract

This paper attempts to compare and analyze the intensity, trend, and regional gap of income inequality, capitalizing upon the Age-Period-Cohort model which considers age, time and cohort effects, with the 1998-2018 Korea Labor Panel (KLIPS) survey data for respondents living in the Capital and Non-Capital Regions. The main analysis results are as follows. First, in the case of both cohort and age effects, those in their 50~60s, including the so-called baby boomers and '386 generation' living in the Capital Region, have relatively lower income inequality effect compared to that of other age groups and cohorts in the Non-Capital Region. Second, the micro-individual characteristics cannot be ignored to account for a regional gap in income inequality, but rather the effects of structural and institutional omitted variables and the social discrimination effects of individual characteristics variables are more significant in explaining it. Overall, intra-and inter-cohort income inequalities appear to overlap.

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