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Labor market dynamics in Korea : Looking back and ahead

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  • Labor market dynamics in Korea
  • Eskesen, Leif Lybecker
  • The Association of Korean Economic Studies


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Title Labor market dynamics in Korea
Similar Titles
Sub Title

Looking back and ahead

Material Type Articles
Author(English)

Eskesen, Leif Lybecker

Publisher

[Seoul]:The Association of Korean Economic Studies

Date 2010-08
Journal Title; Vol./Issue Korea and the World Economy:vol. 11(no. 2)
Pages 31
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Social Development < Employment
Holding AKES

Abstract

The recent global financial crisis or ―Great Recession‖ led to the deepest downturn in the global economy since World War II, hitting in particular economies open to trade and integrated with the global financial system, including Korea. During the recession and the ongoing recovery, labor market dynamics have differed widely across countries. This paper analyzes the determinants of labor market dynamics in Korea and other advanced economies during the recent crisis, focusing in particular on the role played by institutions, the nature of the shock hitting countries, and policy measures. It is found that institutional factors such high employment protection and low unemployment benefits tend to mute the responsiveness of unemployment to changes in output. Policy responses, including short-term employment programs, also matter. (The rest omitted)