교육, 내구재, 임금 등 출산율 저하의 요인이 여성노동과 성장에 미치는 효과 = A Study of Effects of Factors for Fertility Decrease(Education, Durables, Wages) on Women Work and Growth

다국어 초록 (Multilingual Abstract)

This study investigates the cause and effect of low fertility using theoretical(OLG) and empirical(cointegration) models. Intuitively, current low fertility seems to be the results of substitution effects from rising relative wage of females and transition from quantitative choice to qualitative choice.
Cointegration analyses and causality tests show that, in the Korean economy, the following causality exists: education level of women(and innovation in household durables), relative wage of women → fertility rate → labor force participation of women, economic growth. We can infer that the accumulation of human capital of female workers and enlargement of absolute wage gap contribute to the current low fertility.
It is worth noting that the decrease in fertility cause opposite effects on economic growth. It decreases available labor force in the future, but increases the participation in labor market of women. In addition, the decrease in the price of durables due to innovation promoted the participation of female workers into labor market.

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