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KDI 정책연구

KDI 정책연구 제24권 제2호 / 2002 II

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  • 저자 한국개발연구원(韓國開發硏究院)
  • 발행일 2002/12/31
  • 시리즈 번호 제24권 제2호 / 2002. II
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요약

1. The Trends and Causes of Changing Income Distribution before and after the Economic Crisis in Korea : With Respect to the Income Mobility

Income inequality in Korea has increased after the economic crisis, and the main reason for the widening of income distribution is due to the increase of the unemployed when analyzed using the Family Icome and Expenditure Survey(FIES). However, income inequality has not decreased although the rate of unemployment decreased after 2000. Further data bases for income-related statistics are necessary to examine the exact causes of changing income inequality as a whole since the FIES covers only statistics on urban employees' wage and salary in Korea.


2. The Optimal Environmental Tax Rate under the Assumption of Non-homotheticity : The Analysis with CGE Approach

Earlier papers, regarding this topic, have shown that the optimal environmental tax rate under the second best situation typically smaller than that under the first best world, the well known Pigouvian tax. This paper casts a doubt on the generality of this result, since the conclusion was derived from the models which employed rather strict assumptions on the utility function, which is homothetic and separable.

This paper, with simple-static CGE model, shows that the result of earlier studies is sensitive to the assumption on the utility function. According to the simulation results, as previous studies pointed out, if the utility function is assumed to be homothetic, the optimal environmental tax rate is smaller than the Pigouvian tax. In contrast, if certain type of non-homotheticity is allowed, the optimal environmental tax rate could be greater than the Pigouvian tax. The results of this simulation also imply that the enlargement of environmental tax base could enhance the efficiency of overall tax system. Hence, there will be a less burden to share for the tax authority from the policy change.


3. A Study of Correlations in Stock Returns and Volatility between the U.S. and Korea

In this paper, we study the relationship between the U.S. daily stock returns and the corresponding Korean returns.  More specifically, we examine whether the previously realized U.S. stock returns would help predict the current Korean returns. We find that for close-to-close daily stock returns, the U.S. returns would help predict the Korean returns.  However, for open-to-close stock returns, the U.S. intraday stock returns would not help predict the corresponding Korean returns.

After distinguishing investors by their nationality and types, we then examine whether there is a relationship between investors’ net purchase of Korean stocks and the previous days’ U.S. stock returns.  We find that the amount of international investors’ net purchase of Korean stocks today would vary significantly with the previous days’ U.S. stock returns.  The Korean individual investors and the Korean investment trust companies, however, would follow the opposite investment pattern.

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