Dynamics of Asset Poverty in South Korea

Weon, Soyoon; Rothwell, David W.

doi:10.1007/s11205-020-02320-z

Cited by 4 publications

(1 citation statement)

References 37 publications

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“…However, in Korea the 'Rising' group is likely to be comprised of the working poor who earn above the poverty level but still have a low standard of living (Weon, 2021). Given that working poverty remains a persistent issue in Korea (Weon & Rothwell, 2020), further research needs to better establish the extent and drivers of this "Rising" group, by further investigating the relationship between employment income and deprivation.…”

Section: Limitations and Research Implicationsmentioning

confidence: 99%

Multidimensional child poverty in South Korea: developing measures to assess progress towards the sustainable development goals

Weon,

Pomati,

Nandy

2024

Journal of Poverty and Social Justice

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This article presents the development of a measure to assess the prevalence and patterning of multidimensional child poverty in South Korea. The first goal of UN’s Sustainable Development Goals (SDGs) is to reduce poverty in all its dimensions, and countries are increasingly developing their own measures of multidimensional poverty. This flourishing of different measures presents challenges for international comparisons. The article applies an internationally-validated method of assessing multidimensional poverty to demonstrate its suitability for use in a high-income Asian economy. Multidimensional child poverty is assessed by combining data on child material deprivation with their household income. Using data from the 2018 Korean National Children Survey, we show that child material deprivation is higher (15%) than income poverty (12%). When measured using a combined measure of material deprivation and income, around one in every three children in Korea were found to be either poor or vulnerable to poverty. These findings show that the official monetary poverty measure on its own may understate the percentage of children unable to afford necessities in Korea, as envisioned by international targets like the SDGs. In terms of policy, analysis of individual deprivations suggests that a combination of in-kind benefits such as vouchers for leisure activities or education and asset-building programmes as well as cash transfers are needed for tackling child poverty.

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Section: Limitations and Research Implicationsmentioning

confidence: 99%

Multidimensional child poverty in South Korea: developing measures to assess progress towards the sustainable development goals

Weon,

Pomati,

Nandy

2024

Journal of Poverty and Social Justice

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The condition of asset poverty of the elderly In South Korea

Weon

2020

Asian Soc Wrk & Pol Rev

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In South Korea (hereafter referred to as Korea), decreases in fertility rate and mortality rate have resulted in a population that is rapidly aging over time. In 2017, Koreans aged 65 or over constituted nearly 14% of the whole population; by 2067, nearly 47% of the population will be 65 or older (Statistics Korea, 2019). In these circumstances, the high poverty rate of the elderly is of particular concern to researchers and stakeholders. In 2017, the relative income poverty rate among the elderly aged 65 or over was 43.8% as measured by 50% of the median household disposable income. This was more than twice than the rate of the general population (17.4%; OECD, 2019). The income poverty rate is particularly higher for the older age group. The poverty rate of the elderly aged over 75 was 20% higher (55.9%) than that for those aged 66 to 75 (35.5%). However, a few current studies in Korea have shown that using the income poverty measure alone may overestimate the poverty condition of the elderly, and the poverty rate would be substantially lower if measured by assets (Ahn, 2019; Choi et al., 2016; Yun et al., 2017). These studies suggest that estimating poverty by income alone may distort the true poverty condition of the elderly, and that an income measure therefore needs to be supplemented by other poverty measures including an asset-based measure. While the income poverty measure allows us to check whether someone's income falls short of a minimum living expense level, the asset poverty measure gives us insight into a household's long-term financial security (Sherraden, 1991). The purpose of this study was to provide a better understanding of the actual poverty condition of the elderly by using both income and asset poverty measures. In addition, this study extends previous research by assessing the poverty condition of the elderly using both cross-sectional and longitudinal methods. Although some recent studies in

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The effect of property tax on wealth accumulation in developing economies

Giwa,

Choga

2023

CGOBR

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Wealth accumulation aids in the survival and betterment of disadvantaged households. The majority of African households acquire wealth in the form of properties, which form part of their assets. This study aims to investigate the effect of property tax on wealth accumulation. From 1990 through 2019, the study looks at seven African countries: Cameroon, Eswatini, Madagascar, Mauritius, Morocco, South Africa, and Tunisia. The panel vector error correction model (PVECM) was employed as the econometric technique approach. The variables used in the study are property tax, land wealth, political stability, education, and household income. The findings show that property taxes have a positive and significant relationship with wealth accumulation in the long-run in the seven African countries studied. In the short-run, however, the relationship is negative and statistically insignificant. The study recommends a policy review on land ownership to attain easily landed properties and a reduction in property tax.

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Dynamics of Asset Poverty in South Korea

Cited by 4 publications

References 37 publications

Multidimensional child poverty in South Korea: developing measures to assess progress towards the sustainable development goals

Multidimensional child poverty in South Korea: developing measures to assess progress towards the sustainable development goals

The condition of asset poverty of the elderly In South Korea

The effect of property tax on wealth accumulation in developing economies

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