Unionization, Unemployment, and Growth in Korea: A Cointegration Approach
Atlantic Economic Journal, 2005, vol. 33, issue 2, 225-233
Thanks to numerous empirical research studies, a general consensus has been reached on the effects of labor unionization on the economy such as unemployment and economic growth (GDP). However, most of the previous research examines the effects of labor unionization on the U.S. and U.K. labor markets using multiple regression models. By applying different statistical tools (multivariate cointegration analysis and vector error correction model) to Korean data, this paper finds: (1) there is a long-run equilibrium linkage among unionization, unemployment and economic growth; and (2) unionization unidirectionally and significantly Granger-causes unemployment and economic growth. Copyright International Atlantic Economic Society 2005
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