Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/228416
Authors: 
Choi, Eleanor Jawon
Choi, Jaewoo
Son, Hyelim
Year of Publication: 
2019
Series/Report no.: 
Upjohn Institute Working Paper No. 19-312
Abstract: 
This paper investigates the long-term effects of initial labor market conditions by comparing cohorts who graduated from college before, during, and after the 1997-1998 Asian financial crisis. We measure the overall welfare impact by examining not only labor market activities but also family formation and wealth accumulation. Using data from 20 waves of the Korean Labor and Income Panel Study, we find a substantial and persistent reduction in employment, earnings, marriage, fertility, and financial assets among men who graduated in a bad economy. For women, limited job opportunities at graduation result in an increase in childbearing.
Subjects: 
recession
financial crisis
long-term effects
college graduates
JEL: 
E32
J10
E21
J20
J31
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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