Regional income disparities and risk sharing in Korea

There are different regional disparities dependent upon the type of regional income. This paper introduces the concept of inter-regional risk sharing in order to clarify this and grasp the mechanism by which the gap between production income and expenditure income(consumption) is relaxed through the variance decomposition of GRDP identity, and analyze it empirically. An empirical analysis of risk sharing shows that market-based channels such as credit and capital markets play an important role in absorbing shocks to income at the regional level. Also, the redistribution channel of the government also plays a significant role, but it appears to be pro-cyclical. The difference between the capital region and the non-capital regions in risk sharing is contrasted with the difference of the capital market channel. In the former, this channel plays a very important role, but the tax and transfer and credit market channels are more important in the latter. This analysis implies that the regional problem in Korea is related not only to regional concentration in the Capital region, but also to structural problems.

keywords: regional income account, regional income disparity, risk sharing, capital and non-capital regions, 지역소득계정, 소득격차, 험공유, 수도권과 비수도권

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Article Contents

Vol.28 No.2

Regional income disparities and risk sharing in Korea

Abstract

Reference

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