@TechReport{iza:izadps:dp17299,
            	author={Kim, Seonghoon and Wang, Lanjie},
            	title={Navigating Unemployment without Unemployment Insurance: Evidence from Singapore},
            	year={2024},
	month={Sep},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={17299},
            	url={https://www.iza.org/publications/dp17299},
	abstract={This study investigates the short-term impacts of unemployment in Singapore, a setting without public unemployment insurance. Using monthly panel data from the Singapore Life Panel, we analyze dynamic effects on major life outcomes such as income, spending, health, and subjective well-being over two years post-unemployment. Our findings reveal substantial initial earnings losses with incomplete recovery, as income remains 50.6% below pre-unemployment levels after 24 months. Despite this persistent income gap, consumption responses are modest, with total household expenditure decreasing by 13–17% over two years. 
The two-year marginal propensity to consume is about 0.2 which is smaller than estimates in countries with more extensive social insurance, suggesting robust self-insurance mechanisms. We observe increased retirement and self-employment but no significant spousal earnings response. While health status remains largely unchanged, we find substantial declines in life satisfaction. Our study provides insights into unemployment dynamics in a UI-free environment, suggesting modest welfare gains from introducing unemployment benefits in Singapore.},
	keywords={unemployment shock;consumption spending;event study design;monthly panel},
            }