- P-ISSN 1738-656X
한국개발연구. Vol. 34, No. 4, November 2012, pp. 91-116
https://doi.org/10.23895/kdijep.2012.34.4.91
This paper analyzes how the adverse impacts of the global financial crisis on Korea’s employment could be mitigated in comparison with the Asian crisis period. The results from error-correction models suggest that the less severe impacts during the global financial crisis could be attributed to (i) smaller GDP reduction, (ii) better maintenance of domestic demand despite a sharp fall of export, (iii) less serious over-employment during the run-up to the crisis, and (iv) less severe credit crunch. Analyses of OECD cross-country data provide corroborating evidence. In order to mitigate adverse impacts on employment, therefore, priority should be given to expansionary macroeconomic policies to keep aggregate domestic demand from collapsing once a crisis is triggered. Also crucial, however, is to maintain sound economic structures such as flexible labor market and adequately supervised financial market.
고용(Employment), 위기(Crisis)
E24, E32