@TechReport{iza:izadps:dp17938,
            	author={Choi, Eleanor J. and Hwang, Jisoo and Son, Hyelim},
            	title={The Effects of Exposure to a Large-Scale Recession on Higher Education and Early Labor Market Outcomes},
            	year={2025},
	month={May},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={17938},
            	url={https://www.iza.org/publications/dp17938},
	abstract={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.},
	keywords={college major;college education;economic crisis;early labor market outcomes},
            }