| 초록 |
This paper investigates the short-term marginal propensities to consume (hereafter, MPC) the farm income from separate sources and across consumption expenditure distributions, using the farm-level panel data over the five years, from 2008 to 2012. The study employs the fixed effects models, which controls for the presence of heteroskedasticity across panels and autocorrelation within panels in estimation. Also, this paper applies quantile regression models to analyze the features of the MPC the farm income by the difference of consumption expenditure distributions.Empirical results demonstrate that the MPCs by farm income sources are significantly different in all consumption expenditure classes. The results show that the MPCs of off-farm income and transfer income are much higher than agricultural income among farm income sources. Concludingly, an expansion of nonfarm income, which is an important factor to recover the MPCs of Korean farms is required to expand. Especially, from analyses of the MPCs by consumption expenditure classes, the MPCs of transfer income are highest in the low class, implying that the increase in transfer income is the most effective for the life welfare in the low class.
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