RT Journal Article
SR Electronic
T1 The Effects of Exposure to a Large-Scale Recession on Higher Education and Early Labor Market Outcomes
JF Journal of Human Resources
JO J Hum Resour
FD University of Wisconsin Press
SP 0823-13067R1
DO 10.3368/jhr.0823-13067R1
A1 Choi, Eleanor Jawon
A1 Hwang, Jisoo
A1 Son, Hyelim
YR 2025
UL http://jhr.uwpress.org/content/early/2025/10/31/jhr.0823-13067R1.abstract
AB 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.