외환위기 이후 제조업과 서비스업 간 임금격차 추이와 원인 분석 = Wage Difference Trends between Manufacturing and Service Industries and their Causes after the Financial Crisis of 1997

다국어 초록 (Multilingual Abstract)

What are the causes of lower growth and polarization of Korean economy after the financial crisis of 1997 has been a contentious issue. One argument proposes that the lower productivity of service industry causes lower wage of that sector, and consequently productivity gap between manufacturing and service industries is the cause of the income gap and low growth. This study would like to deal with this issue indirectly by estimating how much has been the wage gap between manufacturing and service industries and how much is due to workers` characteristics diffenrences of those industries. For that purpose, KLIPS data of 1999, 2008 and 2015 are used and Oaxaca decomposition methodology is applied. We divide the service industries into four sub-categories in order to investigate the differential evolutions among service industries. The average wage of the service industry as a whole had been higher than the that of manufacturing industry before the financial crisis but decreased gradually since then and became lower than manufacturing industry in 2015. According to Oaxaca decomposition, the share of wage difference unexplained by the difference in workers` characteristics has shown decreasing trend over the period but this is the result of offsetting of differential situations of sub-industries. In 2015 retail trade and private household service showed significantly lower wage level compared to manufacturing industry and 30% of that wage gap could not be explained by workers` characteristics differences.