Globalization and Economic Inequality in the Short and Long Run: The Case of South Korea 1975-1995
We have analyzed the determinants of the Gini coefficient for income and expenditure. In both cases, we do not find support for the Kuznets inverted-U hypothesis. From economic globalization viewpoint, the opening of goods markets reduces income inequality both in the short run (the Gini coefficient for income) and in the long run (the Gini coefficient for expenditure). On the other hand, the opening of capital markets increases income inequality both in the short and long run, but the latter is not statistically significant. These results suggest that the effect of economic globalization has two routes and two different speeds to affect income inequality.
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