The Impact of the Asian Financial Crisis at College Entry on Labor Market Outcomes

다국어 초록 (Multilingual Abstract)

This paper analyzes the labor market outcomes of individuals in South Korea who faced the Asian Financial Crisis when entering college. Using data from the Korean Labor and Income Panel Study, I find that those who experienced the economic crisis at the time of college entry perform better in the labor market. I also see these individuals delay graduation. After ruling out the possibility of the selection issue and the effects of the labor market conditions at graduation, I explain the mechanism behind this pattern by constructing a model based on ambiguity aversion. Through the model, I show that individuals delay graduation and exert more effort for future employment.

목차 (Table of Contents)

• Chapter 1. Introduction · 1
• Chapter 2. Data and Empirical Strategy 4
• Section 1. Data and Analysis Sample 4
• Section 2. Empirical Strategy 6
• Chapter 3. Empirical Results 7
• Section 1. Main Outcomes 7
• Section 2. Check for Potential Mechanisms 8
• Chapter 4. Internal Validity 9
• Chapter 5. Model 12
• Section 1. Ambiguity Aversion 12
• Section 2. A Simple Model 13
• Chapter 6. Conclusion · 16
• Chapter 7. Appendix · 23