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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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15 Figures Figure 1.1: Histogram: Log Monthly Net Wages...........................................56 Figure 1.2: Effects of Experience on Wages ..................................................68 Figure 1.3: Experience-Wage Profiles............................................................68 Figure 1.4: Effects of Tenure on Wages.........................................................69 Figure 1.5: Tenure-Wage Profiles ..................................................................69 Figure 2.1: Effects of Educational Levels and Job Training on Earnings in Korea ........................................................................................94 Figure 2.2: Effects of Educational Levels and Job Training on Earnings in Germany...................................................................................96 Figure 2.3: Effects of Educational Years and Job Training in Korea ..........125 Figure 2.4: Effects of Educational Years and Job Training in Germany .....125 Figure 2.5: Age-Earnings Profiles in Korea .................................................131 Figure 2.6: Age-Earnings Profiles in Germany ............................................131 Figure 2.7: Tenure-Earnings Profiles in Korea ............................................132 Figure 2.8: Tenure-Earnings Profiles in Germany .......................................132 Figure 2.9: Earnings Effects of Marriage .....................................................138 Figure 2.10: Earnings Effects of Household Head .........................................138 Figure 2.11: Earnings Effects of Having Children .........................................139 Figure 2.12: Earnings Effects of Working in Public Sector ...........................139 Figure 2.13: Earnings Effects of Working Overtime .....................................140 Figure 2.14: Earnings Effects of Working Part time ......................................140 Figure 2.15: Earnings Effects of Firm Size by Employee in Korea...............141 Figure 2.16: Earnings Effects of Firm Size by Employee in Germany..........141 Figure 3.1: Public Spending for Family in Cash, Services and Tax Measures.......................................................................147 Figure 3.2: Total Fertility Rates from 1970 to 2006.....................................149 Figure 3.3: Effects of Educational Levels on Women’s Earnings in Korea ......................................................................................161 Figure 3.4: Effects of Educational Levels on Women’s Earnings in Germany.................................................................................162 16 Figure 3.5: Age-Earnings Profiles for Women in Korea..............................182 Figure 3.6: Age-Earnings Profiles for Women in Germany.........................182 Figure 3.7: Tenure-Earnings Profiles for...

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