Title Page
Contents
Abstract 9
국문초록 11
I. Introduction 13
II. Issues Concerning Labor share in Korea and a Review of the Literature 19
1. Issues Surrounding Labor Share in Korea 19
1.1. Factors Determining the Evolution of Labor Share 20
1.2. The Impact of Labor Share on Income Inequality, Consumption, Business 26
1.3. Measurement Issues 30
2. Literature Review 48
III. Data Construction & Data Trends 54
1. Data Sources 54
2. Data Construction & Descriptive Statistics 57
3. Data Trends 66
IV. Empirical Strategy and Results of Empirical Estimation 76
1. Empirical Strategy 76
2. Results of Estimation 82
V. TFP Estimation and Factors Affecting the Rise in Concentration 89
1. TFP Estimation and Factors Affecting the Rise in Concentration 89
2. Results of Estimation 99
VI. Conclusions 105
REFERENCES 109
APPENDIX A 119
A1. Data Description 119
A2. The Korean Standard Industrial Classification, Revision 9 at the Two-digit Level of Classification 122
Table 1. Summary of Methods for Allocating Mixed Income to Labor Share 45
Table 2. Summary Statistics for Manufacturing 66
Table 3. Results of Empirical Tests 84
Table 4. Results of Empirical Tests 87
Table 5. Results from Regressing Market Concentration on Industry Characteristics 100
Table 6. Results from Regressing Market Concentration on Industry Characterlstics 104
Figure 1. Trends in the Ratio of Self-employed People to tatal Employees in Korea 33
Figure 2. Self-employment Rate, Average from 2015-2017 34
Figure 3. Ratio of Mixed Income to National Income at Factor Cost 42
Figure 4. National Income and Mixed Income 43
Figure 5. Unadjusted and Adjusted Labor Shares for Measuring Mixed Income 47
Figure 6. Labor Share in Manufacturing 67
Figure 7. Market Concentration (HHI) in Manufacturing 67
Figure 8. Market Concentration (Concentration Ratio) in Manufacturing 68
Figure 9. Labor Share in Certain Manufacturing Industries, with Two-digit Industry Code 70
Figure 10. The HHI Using Sales by Two-digit Industry Code 73
Figure 11. CR20 using Sales at the Manufacturing Industry Level 74
Figure 12. CR 20 Using Employment for Certain Industrial Manufacturing Sectors 75