COVID-19 and Employment in South Korea: Trends and Comparison with the 2008 Financial Crisis

다국어 초록 (Multilingual Abstract)

We examine the impact of COVID-19 on employment in South Korea as of June 2020. To estimate the causal effect, we use two complementary methods. First, using individual-level data without residence information, we estimate the effects by controlling for detailed characteristics of individuals. Second, using aggregate data without individual characteristics, we exploit the regional variation in the intensity of COVID-19 to measure the effects. We find that the COVID-19 pandemic decreased the employment rate by 0.82%p and increased the unemployment rate by 0.29%p. These estimated effects are 90%–140% larger than those of the 2008 Financial Crisis.

목차 (Table of Contents)

• I. Introduction II. Institutional Background III. Data and Sample IV. Econometric Framework and Identification Strategy V. Results based on Individual-level Analyses VI. Results based on Region-level Analyses VII. Conclusion References