초록

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Abstract ▼ AI-Helper

Previous researches on measuring labor market flexibility and security have focused on a limited number of labor market variables, or have been based on artificially weighted average of several labor market variables. In an effort to overcome these shortcomings, this paper applies principal componen...

Previous researches on measuring labor market flexibility and security have focused on a limited number of labor market variables, or have been based on artificially weighted average of several labor market variables. In an effort to overcome these shortcomings, this paper applies principal component analysis on as many labor market variables as available. This approach also enables us to set aside the use of artificially weighted averages. The analysis applied on 22 OECD countries reveals that flexibility of Korean labor market locates, as expected, in middle ranks among OECD countries, while the security in low ranks. What concerns more is that the flexibility of Korean labor market has been deteriorating for the last 10 years without any improvement in security. This contrasts sharply with simultaneous improvement of flexibility and security found in some European countries such as the Netherlands, Germany and Switzerland. This also calls for an in-depth research on the combination of labor market policies in Korea.

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