%0 Report
        %A Choi, Eleanor J.
%A Hwang, Jisoo
%A Son, Hyelim
        %T The Effects of Exposure to a Large-Scale Recession on Higher Education and Early Labor Market Outcomes
        %D 2025
        %8 2025 May
        %I Institute of Labor Economics (IZA)
        %C Bonn
        %7 IZA Discussion Paper
        %N 17938
        %U https://www.iza.org/publications/dp17938
        %X 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.
        %K college major
%K college education
%K economic crisis
%K early labor market outcomes