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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)

Author

Listed:
  • Mijung Choi

    (Department of Economics, Ewha Womans University)

  • Jin Lee

    (Department of Economics, Ewha Womans University)

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.

Suggested Citation

  • Mijung Choi & Jin Lee, 2012. "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)," Economic Analysis (Quarterly), Economic Research Institute, Bank of Korea, vol. 18(4), pages 23-50, December.
    • Handle: RePEc:bok:journl:v:18:y:2012:i:4:p:23-50
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    More about this item

    Keywords

    Stochastic Dominance; Middle and Low Income Families; Bootstrap Testing Procedures.;
    All these keywords.

    JEL classification:

    • C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General
    • C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
    • I32 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Measurement and Analysis of Poverty

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