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Regional Convergence in Korea 2005-05-13 문서 미리보기 문서 다운로드

author : Choi, Youn-Ki(Research Center for Balanced National Development)

1. Introduction
Recently, regional economic inequality has become one of the most important issues in Korea. The current Participatory Government is carrying out the national balanced development policy as one of the highest priority political goals. The government policy is based on the recognition that regional economic inequality is accelerating nowadays.
Since Kuznets(1955), there has been a growing amount of literature related to regional convergence. Kuznets argued that the national income inequality first rises and then falls as the economy becomes more developed. This proposition is called “Kuzents’s Inverse U Curve”. Since then, many economists have done empirical works to test this theory. Kuznets curve was accepted until the 1970s as a strong empirical regularity, but more recent work has suggested that the relation has weakened over time in developed countries...