Contents

Crisis and Employment: The Case of Korea

Cho, Dong Chul / Shin, Sukha

Abstract

This paper examines Korea's employment dynamics and analyzes how adverse impacts could be mitigated during the recent economic crisis in comparison with the 1997 to 1998 Asian crisis. A clear lesson is that policies to mitigate adverse impacts of financial crisis on the macroeconomic level should be given priority for preserving employment. In this regard, expansionary monetary and fiscal policies to keep aggregate demand from collapsing need to be emphasized once a crisis breaks out. However, equally crucial is the maintenance of sound pre‐crisis fundamentals to help keep negative impacts from proliferating, even when a crisis is triggered. In addition, flexible labor market structures and temporary employment‐boosting policies appear to be necessary to reduce the negative impacts of a crisis on workers.

Issue Date
2012
Publisher
WILEY-BLACKWELL
DOI
10.1002/pam.20623
Journal Title
JOURNAL OF POLICY ANALYSIS AND MANAGEMENT
Start Page
169
End Page
177
ISSN
0276-8739
Language
English
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