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Capital in South Korea: 1966-2013

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  • Capital in South Korea: 1966-2013
  • Lee, Woojin; Yoon, Younghoon
  • Queen Mary University of London


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Title Capital in South Korea: 1966-2013
Similar Titles
Material Type Articles
Author(English)

Lee, Woojin; Yoon, Younghoon

Publisher

[London]:Queen Mary University of London

Date 2015-06
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Economy < Economic System
Holding Queen Mary University of London

Abstract

We estimate the Piketty ratios in South Korea during the period of 1966-2013 using a consistent set of data on stocks of wealth. To the extent that South Korea’s capitalism in the modern sense took off only in the early 1960s, we are indeed covering the almost entire history of modern capitalism in South Korea. We find the following. First, although there were two big humps, one in the early 1970s and another in the early 1990s, the capital-income ratio ( b ) has been continuously increasing from 1966 to 2013. The level of the capital-income ratio in South Korea is also high relative to other OECD countries. A part of the reasons for it is a high level of government wealth-income ratios in South Korea; the government in South Korea played an important role in capital accumulation. (The rest omitted)