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Korea’s unemployment insurance in the 1998 Asian financial crisis and adjustments in the 2008 global financial crisis

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  • Korea’s unemployment insurance in the 1998 Asian financial crisis and adjustments in the 2008 global financial crisis
  • Kim, Sung Teak
  • Asian Development Bank Institute


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Title Korea’s unemployment insurance in the 1998 Asian financial crisis and adjustments in the 2008 global financial crisis
Similar Titles
Material Type Articles
Author(English)

Kim, Sung Teak

Publisher

Tokyo:Asian Development Bank Institute

Date 2010-05
Journal Title; Vol./Issue ADBI Working Paper Series:no. 214
Pages 31
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Social Development < Employment
Holding Asian Development Bank Institute

Abstract

This paper analyzes the impacts of the 1998 and 2008 financial crises on the Korean labor market. We study the historical background of the Korean Employment Insurance System and the change of labor policies from the 1998 Asian financial crisis to the current 2008 global financial crisis. While it is arguable to say that the expansion of the social welfare system in the Republic of Korea is main source of difference between the two crises, it is certain that the social welfare system is one of the influential factors that helped overcome the problems of the global financial crisis. From an analysis of the Korean experience on the two financial crises, we can deduce the following. First, financial stability at the national level is important to stabilize employment. Second, countries need to develop a social welfare system ahead of any economic crisis. (The rest omitted)