자본이득을 감안한 자본소득분배율의 장기 추이

Abstract

To understand the capital share of income properly, one has to examine capital gains because part of profits and rents appear as capital gains. In the case of profits, retained profits reduce shareholders’ dividends while shareholders get capital gains on listed companies' equity capital. Korea's capital share of income rose after the 1997 crisis, but it was accounted for by the rise in the retained profits' share. For about ten years after the 1997 crisis, capital gains on equity capital of listed companies increased about the same as retained profits. However, they failed to do so thereafter, reducing the capital share of income in terms of comprehensive income, even though it was still higher than before the crisis. On the other hand, capital gains on land were far larger than the negative effect of retained profits, raising the capital share of income in terms of comprehensive income. They changed much depending on the pace of industrialization and urbanization together with policy changes, dominating the changes in retained profits' effect. Therefore, the capital share of income in terms of comprehensive income fell after the 1997 crisis, making contrast with the rise in the capital share of income in the national account.