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Economic growth and income inequality in the Asia-Pacific region : A comparative study of China, Japan, South Korea, and the United States

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  • Economic growth and income inequality in the Asia-Pacific region
  • Yang, Yiwen; Greaney, Theresa
  • University of Hawaii at Manoa


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Title Economic growth and income inequality in the Asia-Pacific region
Similar Titles
Sub Title

A comparative study of China, Japan, South Korea, and the United States

Material Type Reports
Author(English)

Yang, Yiwen; Greaney, Theresa

Publisher

[Manoa]:University of Hawaii at Manoa

Date 2016-04
Pages 39
Subject Country United States(Americas)
China(Asia and Pacific)
Japan(Asia and Pacific)
South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Trade
Economy < Economic Conditions
Social Development < Others
Holding University of Hawaii at Manoa

Abstract

This paper builds the inequality-growth-redistribution nexus, and applies the Engle-Granger two-step ECM approach to estimate the long-run and shortrun relationships between inequality and growth for four economies, China, Japan, South Korea, and the United States. Our estimation results support the S-shaped curve hypothesis relating GDP per capita to inequality with different starting points for the four economies. For the reverse relationship, we find a positive causal relationship for China, Japan, and the United States, indicating that increased income inequality benefits the economy. In addition, we find mixed results on the effect of trade openness on inequality and growth. Trade openness reduced inequality in the United Stats and Japan, worsened it in China and had no significant effect in South Korea. In the inequality-GDP per capita relationship, exports provided an impetus to economic growth for Japan. (The rest omitted)