소득분위별 실질구매력 변화와 시사점 (Changes in the Real Purchasing Power by Income Quintile and the Implications)

KDI Feature Article 2017 1st, kor.

8 Pages Posted: 10 Apr 2017 Last revised: 8 May 2017

See all articles by Sora Chon

Sora Chon

Korea Development Institute (KDI)

Seongtae Kim

Korea Development Institute (KDI)

Date Written: April 10, 2017

Abstract

The English version of this paper can be found at http://ssrn.com/abstract=2949659

Korean Abstract:

■ 소득분위별 실질구매력의 격차는 금융위기 이전의 명목소득 증가율 차이에 기인하며, 소비자물가는 소득수준과 상관없이 매우 유사한 상승세를 유지한 것으로 나타남.

○ 2003년 이후 소비자물가는 모든 소득분위에서 연평균 2%대 초반의 상승세를 유지하여, 소득수준에 따른 비대칭성은 존재하지 않는 것으로 판단됨.

○ 그러나 소득분위별 명목소득의 격차는 금융위기 이전 기간 중 비교적 큰 폭으로 발생하였으며, 이에 따른 구매력의 차이가 금융위기 이후에도 지속되고 있음.

- 특히, 고령층 가구의 비중이 큰 폭으로 증가한 저소득층의 실질소득은 2003년과 비교하여 거의 정체되어 있어, 체감경기를 악화시키고 소비심리를 위축시키고 있는 것으로 판단됨.

■ 이러한 결과는 가계의 소비 여력과 실질소득 불균형을 완화하기 위해서는 저소득층 중심의 소득개선 정책이 핵심임을 시사

○ 구입빈도가 높은 필수재 가격안정을 위해 공급물량을 확보하는 정책(예: 기상변화에 따른 농축수산물 국내 공급량 감소를 수입 확대로 보완)은 불가피한 측면이 있으나, 체감물가 상승을 근거로 일부 품목의 가격을 인위적으로 통제하는 정책은 오히려 경제 전체의 자원배분을 왜곡할 수 있으므로 지양하는 것이 바람직

○ 고령층 비중이 높은 저소득층을 중심으로 소득 여건을 개선하여, 소득분위별 구매력 편차를 완화할 필요

- 근로빈곤층의 소득 지원을 강화하기 위해 EITC제도를 질적•양적으로 보완하는 가운데, 고령층을 포함한 근로능력자의 취업능력 제고를 위해 직업 알선 및 훈련 등의 간접적인 지원도 보강할 필요

- 이와 함께 중장기적으로는 경제 전체의 소득재분배 정책을 강화하여 소득불균형을 완화할 필요가 있음.

English Abstract:

■ The discrepancies in the real purchasing power of different income quintiles is due to the varying growths in nominal income created before the financial crisis. As for CPI inflation, it is very similar across all income levels.

○ CPI inflation has stalled at around a low 2%-range on an annual average basis for all income quintiles since 2003, and as such, no asymmetry has been found.

However, the nominal income gap widened significantly during the pre-crisis period and the resulting gap in purchasing power persists today.

- The real income of low-income households, in which the proportion of seniors has soared, has been almost stagnant compared to 2003, diminishing both economic and consumer sentiment.

■ The above findings imply that improving the income of low income households should be an essential part of policy to reduce the imbalance between consumption capacity and real income.

○ Certain policy measures, for instance, increasing imports of foreign agricultural, livestock and fishery products to counter the reduced supply of domestic products resulting from meteorological changes, are deemed inevitable to an extent as they are necessary in maintaining stable prices. However, those that intentionally control the prices of a few specific products based on an increase in the perceived inflation, are not recommended since they could distort the distribution of resources throughout the overall economy.

○ The purchasing power gap between income quintiles should be narrowed by improving income conditions, particularly for low-income households, most of whom are seniors.

- The quality and quantity of EITC programs should be enhanced to strengthen work incentives for the working poor and to expand indirect support such as vocational placement and training to enhance the abilities of able-bodied persons, including seniors.

- Additionally, the income disparity must be addressed by strengthening the mid- to long-term policies on income redistribution for the overall economy.

Note: Downloadable document is available in Korean.

Suggested Citation

Chon, Sora and Kim, Seongtae, 소득분위별 실질구매력 변화와 시사점 (Changes in the Real Purchasing Power by Income Quintile and the Implications) (April 10, 2017). KDI Feature Article 2017 1st, kor., Available at SSRN: https://ssrn.com/abstract=2949658

Sora Chon (Contact Author)

Korea Development Institute (KDI) ( email )

263 Namsejong-ro
Sejong-si 30149
Korea, Republic of (South Korea)

Seongtae Kim

Korea Development Institute (KDI) ( email )

263 Namsejong-ro
Sejong-si 30149
Korea, Republic of (South Korea)

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