Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/320532 
Year of Publication: 
2025
Series/Report no.: 
IZA Discussion Papers No. 17938
Publisher: 
Institute of Labor Economics (IZA), Bonn
Abstract: 
This study examines the effects of timing of exposure to the Asian financial crisis on higher education and early labor market outcomes. We estimate a generalized difference-in-differences model exploiting variation in age at exposure and regional severity of the recession in South Korea. Using the Census and Youth Panel data, we find that individuals from hard-hit regions are less likely to attain a college education, tend to shift away from humanities to STEM majors, and have lower-quality first jobs, than their peers in the same cohort. These effects are more pronounced among individuals who experienced the recession at younger ages.
Subjects: 
college major
college education
economic crisis
early labor market outcomes
JEL: 
E32
I21
J24
Document Type: 
Working Paper

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