TY  - RPRT
        AU  - Choi, Eleanor J.
AU  - Hwang, Jisoo
AU  - Son, Hyelim
        TI  - The Effects of Exposure to a Large-Scale Recession on Higher Education and Early Labor Market Outcomes
        PY  - 2025/May/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 17938
        UR  - https://www.iza.org/publications/dp17938
        AB  - 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.
        KW  - college major
KW  - college education
KW  - economic crisis
KW  - early labor market outcomes
        ER  -