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Labor Market Duality In Korea
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Book Synopsis Labor Market Duality in Korea by : Johanna Schauer
Download or read book Labor Market Duality in Korea written by Johanna Schauer and published by International Monetary Fund. This book was released on 2018-06-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Labor market duality is a complex and critical issue for many countries that can lower productivity, contribute to inequality and result in negative externalities. In this paper, I study duality in the Korean labor market and analyze its sources and potential policy options. I find that employment protection legislations and large productivity differentials are the key drivers of Korea’s duality. In addition, applying a general equilibrium search-and-matching model and calibrating it to the Korean economy, I show that well-calibrated flexicurity policies can significantly reduce duality and inequality and raise welfare and productivity. Notably, the introduction of all three pillars—flexiblity, a strong safety net and active labor market policies—is critical for its success. If only one pillar is introduced it can result in negative side-effects and might not reduce duality.
Book Synopsis Strategies for Reforming Korea’s Labor Market to Foster Growth by : Mai Dao
Download or read book Strategies for Reforming Korea’s Labor Market to Foster Growth written by Mai Dao and published by International Monetary Fund. This book was released on 2014-07-25 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: While the Korean unemployment rates are currently among the lowest in OECD countries, the labor market duality and the underemployment in some segments of the population are important labor market challenges, and factors contributing to lower potential growth. The paper shows the benefits of comprehensive policy reforms aimed at increasing labor force participation and youth employment and reducing duality are likely to be considerable in the medium term.
Book Synopsis Korea’s Paradigm Shift for Sustainable and Inclusive Growth: A Proposal by : Yangkyoon Byeon
Download or read book Korea’s Paradigm Shift for Sustainable and Inclusive Growth: A Proposal written by Yangkyoon Byeon and published by International Monetary Fund. This book was released on 2017-11-20 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Korea is facing mounting economic challenges. Productivity growth has been on a trend decline amid demographic headwinds, while the societal demand for inclusive growth has been on a steep rise. Furthermore, the government-led unbalanced growth model—which served Korea well in the past—has become less effective and politically palatable in recent years. As such, Korea needs a major paradigm shift to embark on a new sustainable and inclusive growth path. But policy response has been modest at best with no major reforms being implemented over the past two decades. We propose a paradigm shift in Korea’s economic framework, involving a simultaneous big push for greater economic freedom and stronger social protection within the parameters set by long-run fiscal sustainability. We also provide a detailed account of structural reforms to boost economic freedom and sustainable funding plans for stronger social protection.
Book Synopsis Advancing Labor Market Reforms in Korea by : Stella Tam
Download or read book Advancing Labor Market Reforms in Korea written by Stella Tam and published by International Monetary Fund. This book was released on 2024-08-23 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines structural challenges facing the Korean labor market and analyzes the macroeconomic effects of potential labor market reforms. Our cross-country empirical analysis finds that easing of employment protection legislation tends to have positive macroeconmic effects during periods of strong growth but could turn contractionary in periods of slack. By contrast, increased spending on active labor market policies and reductions to the labor tax wedge tend to be more effective in periods of slack. Our analysis thus highlights the importance of considering economic and policy conditions when designing labor market reforms. Under the current disinflationary policy stance, the government’s focus on the working hour reform seems appriorate. With growth recovering, deregulation to reduce employment protection for regular workers can also be considered, combined with targeted support to vulnerable groups.
Download or read book The Korean Economy written by Il SaKong and published by 한국개발연구원. This book was released on 2010 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reviews the evolution of economic growth and trends in social development during the period between 1948 and 2009.
Book Synopsis Innovative Korea by : Hoon Sahib Soh
Download or read book Innovative Korea written by Hoon Sahib Soh and published by World Bank Publications. This book was released on 2023-08-25 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Republic of Korea today is a highly industrialized, global leader in innovation and technology. It is the 10th largest economy in the world and has a per capita income approaching the average of OECD countries. In the 1950s, however, it was one of the world’s poorest countries, with decidedly bleak prospects. Its transformation has made Korea a well-known case study of successful development. Innovative Korea: Leveraging Innovation and Technology for Development summarizes the sources of Korea’s remarkable growth and the policies and institutional reforms that made it possible. The report focuses on Korea’s successful transition from a middle-income to a high-income economy. Korea escaped from the “middle-income trap†? by fundamentally transforming its growth paradigm to a more private-sector-led model emphasizing market competition, innovation, and technology. Compared to the previous emphasis on large fi rms and industries, the government became more focused on promoting small and medium enterprises and technology entrepreneurs. Exports expanded significantly through greater integration in global value chains. Already-high levels of human capital development were complemented by an expanded social safety net and a more integrated approach to education and training. Korea succeeded by focusing on the foundations of long-run growth, building global capabilities in innovation and technology, and adapting and evolving its growth paradigm to promote new sources of growth. Innovative Korea, jointly prepared by the World Bank and the Korea Development Institute, provides useful insights on Korea’s development story and practical lessons for public policy making.
Download or read book Investing in Youth: Korea written by OECD and published by OECD Publishing. This book was released on 2019-10-29 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt: The series Investing in Youth builds on the expertise of the OECD on youth employment, social support and skills. The report on Korea presents new results from a comprehensive analysis of the situation of young people in Korea, exploiting various sources of survey-based and administrative data.
Author :International Monetary Fund. Asia and Pacific Dept Publisher :International Monetary Fund ISBN 13 :148434166X Total Pages :118 pages Book Rating :4.4/5 (843 download)
Book Synopsis Republic of Korea by : International Monetary Fund. Asia and Pacific Dept
Download or read book Republic of Korea written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2018-02-13 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues chapter outlines a strategy to facilitate this and navigate the more challenging monetary environment, involving enhanced communication of policy interest rate intentions and inflation-forecast targeting. The reduction in the inflation target by a percentage point to 2 percent in January 2016 weakened the nominal anchor. Monetary policy can play a role rebuilding the credibility of the anchor more rapidly through the adoption of inflation-forecast targeting. This strengthening of the monetary policy framework involves enhancing communications. An effective, credible monetary policy cannot address all macroeconomic challenges facing Korea. Rather, it can foster robust growth with low inflation, providing a stable and predictable environment that allows other policies to work more effectively. These other policies play a complementary role. Fiscal policy can reinforce the effectiveness of monetary policy, as illustrated by model scenarios. Structural policies can also support monetary policy by, for example, boosting potential growth.
Download or read book Working Better with Age written by OECD and published by Org. for Economic Cooperation & Development. This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Currently, Japan has the highest old-age dependency ratio of all OECD countries, with a ratio in 2017 of over 50 persons aged 65 and above for every 100 persons aged 20 to 64. This ratio is projected to rise to 79 per hundred in 2050. The rapid population ageing in Japan is a major challenge for achieving further increases in living standards and ensuring the financial sustainability of public social expenditure. However, with the right policies in place, there is an opportunity to cope with this challenge by extending working lives and making better use of older workers' knowledge and skills. This report investigates policy issues and discusses actions to retain and incentivise the elderly to work more by further reforming retirement policies and seniority-wages, investing in skills to improve productivity and keeping up with labour market changes through training policy, and ensuring good working conditions for better health with tackling long-hours working culture.
Book Synopsis What Can Boost Female Labor Force Participation in Asia? by : Yuko Kinoshita
Download or read book What Can Boost Female Labor Force Participation in Asia? written by Yuko Kinoshita and published by International Monetary Fund. This book was released on 2015-03-16 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Both Japan and Korea are trying to boost female labor force participation (FLFP) as they face the challenges of a rapidly aging population. Though FLFP has generally been on a rising trend, the female labor force in both countries is skewed towards non-regular employment despite women’s high education levels. This paper empirically examines what helps Japan and Korea to increase FLFP by type (i.e., regular vs. non-regular employment), using the SVAR model. In so doing, we compare these two Asian countries with two Nordic countries Norway and Finland. The main findings are: (i) child cash allowances tend to reduce the proportion of regular female employment in Japan and Korea, (ii) the persistent gender wage gap encourages more non-regular employment, (iii) a greater proportion of regular female employment is associated with higher fertility, and (iv) there is a need for more public spending on childcare for age 6-11 in Japan and Korea to help women continue to work.
Book Synopsis OECD Economic Surveys: Korea 2008 by : OECD
Download or read book OECD Economic Surveys: Korea 2008 written by OECD and published by OECD Publishing. This book was released on 2008-12-17 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2008 edition of OECD's periodic review of Korea's economy looks at key challenges including reforming the tax system, boosting productivity in the services sector, and sustaining growth by reforming labour markets and improving education.
Book Synopsis OECD Economic Surveys: Korea 2022 by : OECD
Download or read book OECD Economic Surveys: Korea 2022 written by OECD and published by OECD Publishing. This book was released on 2022-09-19 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sound health management and supportive policies helped Korea emerge swiftly from the pandemic. The recovery is set to continue as pandemic-era restrictions on contact-intensive services are shelved, despite the Russia-Ukraine war raising inflation and highlighting the need to increase supply chain resilience.
Book Synopsis Strengthening Social Cohesion in Korea by : OECD
Download or read book Strengthening Social Cohesion in Korea written by OECD and published by OECD Publishing. This book was released on 2013-03-14 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report suggests policy options, based on the practices and reforms of other countries, in the following four areas: I) Income Distribution and Poverty; II) Tackling the Duality of the Labour Market; III) Early Childcare; and IV) Moving beyond Hospitals to better Care in the Community.
Book Synopsis OECD Economic Surveys: Korea 2007 by : OECD
Download or read book OECD Economic Surveys: Korea 2007 written by OECD and published by OECD Publishing. This book was released on 2007-06-20 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2007 edition of OECD's periodic Economic Survey of Korea examines key economic challenges now being faced there. After an examination of recent macroeconomic trends, it looks at monetary policy, housing and regional policies, the fiscal ...
Book Synopsis Ageing and Employment Policies Working Better with Age: Korea by : OECD
Download or read book Ageing and Employment Policies Working Better with Age: Korea written by OECD and published by OECD Publishing. This book was released on 2018-10-24 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: Korea faces unique ageing and employment challenges. On the one hand, it will experience much faster population ageing than any other OECD country: the old-age dependency ratio (population aged 65+ over population aged 15-64), for example, is projected to increase from 20% today to around 70% ...
Book Synopsis The Korean Labour Market after the 1997 Economic Crisis by : Joonmo Cho
Download or read book The Korean Labour Market after the 1997 Economic Crisis written by Joonmo Cho and published by Routledge. This book was released on 2013-06-19 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: For economists, policy-makers, and historians who want to learn how the Korean labor market dealt with the 1997 financial crisis and how this informed future policies, this volume provides a succinct summary of what Korean experts know and how they view the problems the country must overcome to continue on its road to the top rungs of economic success. The book is filled with institutional detail and statistics to enlighten scholars and with critiques of policy and potential solutions from labor specialists. It provides a guide to the data on Korean workers and firms that can inform future research work.
Book Synopsis Social Spending in Korea by : Selim Elekdag
Download or read book Social Spending in Korea written by Selim Elekdag and published by International Monetary Fund. This book was released on 2012-10-19 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Going forward, Korea faces two closely related challenges: sustaining economic growth against the backdrop of a rapidly aging population and ameliorating income inequality. This paper argues that a gradual increase in social spending could promote more sustainable and inclusive growth in Korea. In particular, simulation results suggest that social spending which supports labor market reforms can boost longer-term growth. However, despite rapid increases recently—albeit from a low base—there is still a social spending gap relative to Korea’s OECD peers. Because of several fiscal challenges in the coming decades, increases in social spending should be incremental, and would be usefully guided by a longer-term fiscal framework.
