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Unionization, Unemployment, and Growth in Korea: A Cointegration Approach

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  • Doh-Khul Kim
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    Abstract

    Thanks to numerous empirical research studies, a general consensus has been reached on the effects of labor unionization on the economy such as unemployment and economic growth (GDP). However, most of the previous research examines the effects of labor unionization on the U.S. and U.K. labor markets using multiple regression models. By applying different statistical tools (multivariate cointegration analysis and vector error correction model) to Korean data, this paper finds: (1) there is a long-run equilibrium linkage among unionization, unemployment and economic growth; and (2) unionization unidirectionally and significantly Granger-causes unemployment and economic growth. Copyright International Atlantic Economic Society 2005

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    Bibliographic Info

    Article provided by International Atlantic Economic Society in its journal Atlantic Economic Journal.

    Volume (Year): 33 (2005)
    Issue (Month): 2 (June)
    Pages: 225-233

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    Handle: RePEc:kap:atlecj:v:33:y:2005:i:2:p:225-233

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    1. Lewis, H Gregg, 1983. "Union Relative Wage Effects: A Survey of Macro Estimates," Journal of Labor Economics, University of Chicago Press, University of Chicago Press, vol. 1(1), pages 1-27, January.
    2. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, Econometric Society, vol. 48(1), pages 1-48, January.
    3. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, Econometric Society, vol. 49(4), pages 1057-72, June.
    4. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 12(2-3), pages 231-254.
    5. David A. Dickey & Dennis W. Jansen & Daniel L. Thornton, 1991. "A primer on cointegration with an application to money and income," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 58-78.
    6. David Metcalf, 1993. "Industrial Relations and Economic Performance," CEP Discussion Papers dp0129, Centre for Economic Performance, LSE.
    7. Peter D. Linneman & Michael L. Wachter & William H. Carter, 1990. "Evaluating the evidence on union employment and wages," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 44(1), pages 34-53, October.
    8. Richard Vedder & Lowell Gallaway, 2002. "The Economic Effects of Labor Unions Revisited," Journal of Labor Research, Transaction Publishers, Transaction Publishers, vol. 23(1), pages 105-130, January.
    9. Jae-Kwang Hwang, 2003. "Dynamic forecasting of sticky-price monetary exchange rate model," Atlantic Economic Journal, International Atlantic Economic Society, International Atlantic Economic Society, vol. 31(1), pages 103-114, March.
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