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Essays on Labor Market and Human Capital – Korea and Germany

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Mee-Kyung Jung

Since 2004, more than 80% of all high school graduates in Korea went on to university or at least junior college, although higher educated people suffer more seriously from unemployment. In human capital theory, reducing the unemployment rate when increasing the level of education was determined to be a stylized fact. But the current situation in Korea does not justify the theory. Using the Korean Labor and Income Panel Study and the German Socio-Economic Panel three empirical essays aim to find the corresponding reasons and solutions. Koreans’ strong interest in university studies could be caused by lack of promising alternatives. An enhancement of the job training system along German lines seems to offer a reasonable solution to the oversupply of university graduates in Korea.

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Tables 12

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12 Tables Table 1.1: School System in Korea ...............................................................30 Table 1.2: Biases of Mincer Earning Estimation in Educational Level and Job Training..................................................................................37 Table 1.3: Descriptive Statistics ....................................................................57 Table 1.4: Descriptive Statistics for Wage Function Heckman 2 Step.........61 Table 1.5: Effects of School Education and Job Training on Wages ...........64 Table 1.6: Probit Estimation Results of Selection Function by Heckman 2 Step ......................................................................65 Table 1.7: Effects of Experience on Wages ..................................................66 Table 1.8: Effects of Tenure on Wages.........................................................67 Table 1.9: Effects of Family Background on Wages ....................................70 Table 1.10: Effects of Working Contracts, Working Conditions and Trade Unions on Wages ...............................................................71 Table 1.11: Effects of Firm Size (Number of Employees) on Wages ............72 Table 1.12: Effects of Family Residences on Wages......................................73 Table 1.13: Effects of Firm Types on Wages..................................................74 Table 2.1: School Systems in Korea and Germany.......................................79 Table 2.2: Upper Secondary and Post-Secondary Non-Tertiary Education in Korea and Germany .................................................................81 Table 2.3: Classification of Education Levels ............................................109 Table 2.4: Comparison of School Education in Germany and Korea according to ISCED-97 ..............................................................110 Table 2.5: Educational Duration in Germany .............................................117 Table 2.6: Educational Duration in Korea...................................................117 Table 2.7: Descriptive Statistics for the Korean Data KLIPS.....................118 Table 2.8: Descriptive Statistics for the German Data GSOEP ..................120 Table 2.9: Estimation Results using Variables: Educational Level and Job Training in Korea.................................................................122 13 Table 2.10: Estimation Results using Variables: Educational Level and Job Training in Germany ...........................................................123 Table 2.11: Estimation Results using Variables: Educational Years and Job Training in Korea.................................................................124 Table 2.12: Estimation Results using Variables: Educational...

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