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Labor Market Effects of the Minimum Wage in South Korea

by Alec Ashforth

This paper analyzes survey data from businesses regarding individual worker earnings, hours, and characteristics from 1971 to 1998 in order to estimate the labor market effects of the minimum wage in South Korea. Since the minimum wage was only implemented in manufacturing, construction, and mining industries, we are able to compare earnings and hours of workers in these industries with workers in other industries using both a difference-in-differences and a synthetic control approach. Additionally, we test to see if the minimum wage had heterogeneous effects based on an individual worker’s gender, level of education, experience, and payment period.

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Advisors: Professor Arnaud Maurel, Professor Kent Kimbrough | JEL Codes: J31, J38, O15

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