This report aims at providing a reference for the Korean government’s policies for an income-led growth. Among the policies discussed or implemented for the goal of an income-led growth, it focuses on housing-cost reduction (Chapter 2), employment expansion in the public and social services (Chapter 3) and minimum-wage increase (Chapter 4). Housing cost and employment in the public and social services have been chosen, because the level of awareness and interest on these topics is too low despite their importance. On these topics, the Korean government can learn from Europe, where welfare in general is known be highly developed, as well as from the U.S., where many policies in these areas have been employed to counter economic crises. In particular, this report compares the current state of Korea in these areas to those of Europe and the U.S., and delves into the cases that stand out in that comparison. Regarding minimum wage, which has already been widely discussed, this report does not add more cross-country comparison or case study. Instead, considering the ongoing debates on the impact of minimum-wage increase in Korea, it aims at providing scientific evidence on the impact of minimum-wage increase. For this, it empirically analyzes the impact of minimum-wage increase at the country level using a panel of the OECD countries.
   The main findings of this report are as following. First, for the share of housing rents in disposable income, Korea ranks mid-low compared to European countries and the U.S. At the same time, Korea’s housing subsidies as a proportion to the GDP are also low when compared to the same countries. The U.K. and France have significantly higher subsidies, for significantly more households than Korea. The U.K. has a finer-tuned design of housing policy. The focus of housing policy in the U.S. has shifted from housing development to rent subsidies.
   Secondly, Korea performs badly in terms of the public and social services employment per population, in comparison not only with richer countries than Korea, but also with the eastern European countries with income levels significantly lower than in Korea. Compared to Sweden, Korea has significantly less healthcare practitioners per population, and they are significantly more concentrated in big cities. This implies a wider regional gap in the access to medical services in Korea. In the U.K., the public sector employment has been on a secular decline since the Thatcher government, but the public and social services employment, particularly in healthcare and social works, has been increasing in most of the time. The U.S. expanded the public and social services employment during the 1970s to counter economic crisis. Noticeably, the federal government delegated the operation of such expansion to local governments, while offering the necessary budget and guidelines. The Obama administration also expanded the public and social services employment as an economic stimulus during the Great Recession.
   Regarding minimum wage, this report estimates its impact on employment rates by age group and by industry, profit by industry and income inequality. An unbalanced panel of the OECD countries with mandatory minimum wage is used, and each estimation has a different set of countries and years depending on data availability. Because the proportion of workers directly hit by a minimum-wage increase is likely to depend on the distance between the minimum wage and the median wage, the proportion of the minimum wage to the median wage is taken as the main explanatory variable. A linear model and a quadratic model are estimated.
   The results show, that the impact of minimum-wage increase depends on the relative size of the minimum wage compared to the median wage; that is, the quadratic term is both statistically and economically significant. However, minimum-wage is estimated to reduce income inequality in general. 

서언

국문요약

제1장 서론

제2장 주거비
1. 현황 비교
2. 유럽 사례
   가. 영국
   나. 프랑스
3. 미국 사례
   가. 오바마 행정부 이전
   나. 오바마 행정부의 사례
4. 정책 시사점
부록. 통신비 지원 정책
   가. 유럽 사례
   나. 미국 사례

제3장 공공·사회 서비스 고용
1. 현황 비교
2. 유럽 사례
   가. 스웨덴의 의료서비스 인력 고용
   나. 영국의 공공·사회 서비스 고용 추이
3. 미국 사례
   가. 1970년대 고물가·저성장에 대한 대응으로 공공·사회 서비스 고용 확대
   나. 2000년대 후반 금융위기에 대한 대응
4. 정책 시사점

제4장 최저임금
1. OECD 회원국의 최저임금 현황
2. 실증분석 모형 및 자료
   가. 실증분석 모형
   나. 자료
3. 결과
   가. 연령별 고용효과
   나. 산업별 고용효과
   다. 기업이윤 효과
   라. 소득분배 효과
4. 정책 시사점

제5장 결론

참고문헌

Executive Summary