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Growth and Reform in the Korean Economy. Proceedings of the Conference on Growth and Reform in Korea: Implications for Australia

Jung Soo Seo, Jong-Soon Kang, Heejin Lee, Sangjo Oh, Russell D. Lansbury, Nick Wailes and Eugene Yun

Asia Pacific Economic Papers from Australia-Japan Research Centre, Crawford School of Public Policy, The Australian National University

Abstract: This paper explores the issue of outward foreign direct investment (OFDI) exporting Korean jobs during 1986–2003. In the midst of an overall increase in employment in Korea, there was a temporally coincident increase in OFDI and a decline in manufacturing employment. An examination of the employment structure and capital stock changes suggests that there had been a structural transition in the Korean economy from a capital intensive to a knowledge intensive base. Simple regression analyses demonstrated that the OFDI from Korea had a checking effect on rising unemployment. As such, the increase in unemployment can be attributed to the trends of the time and the East Asian financial crisis.

Date: 2005
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