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Lessons from “Benchmark” Countries: Korea & Ireland

  • Shandre Thangavelu

    ()

    (Singapore Centre for Applied and Policy Economics (SCAPE) Department of Economics, National University of Singapore)

  • Hu Guangzhou

    ()

    (Singapore Centre for Applied and Policy Economics (SCAPE) Department of Economics, National University of Singapore)

Rapid global technological changes have resulted in an increase in the demand for workers with higher education. Not only is this trend identified in OECD countries, but it is also observable in most East Asian countries. In response to the intensification of competition caused by the emergence of China and India, many East Asian countries have to restructure their economies to produce more skilled- and capital-intensive goods to remain globally competitive. This shift in the industrial structure has greatly increased the demand for skilled labor, creating significant skills shortages and mismatches as the workforce try to upgrade their skills level to meet the demand. The problem of skills shortages and mismatches is especially acute in Malaysia as indicated by the Investment Climate Survey Report by the World Bank in 2005 (ICSR 2005). The objective of the paper is to study the problem of skills shortages and mismatches in the Malaysian economy. By making reference to policies adopted by the best-practice countries of Ireland and Korea, the paper suggests various institutional and policy levers that could address the skills shortage problem in Malaysia. Both Ireland and Korea are open economies that have successfully tackled the skills shortage problem faced by their economies and have adjusted their industrial structures to produce higher value-added activities.

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File URL: http://www.fas.nus.edu.sg/ecs/pub/wp-scape/0614.pdf
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Paper provided by National University of Singapore, Department of Economics, SCAPE in its series SCAPE Policy Research Working Paper Series with number 0614.

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Length: 20 pages
Date of creation: Sep 2006
Date of revision:
Handle: RePEc:sca:scaewp:0614
Contact details of provider: Web page: http://www.fas.nus.edu.sg/ecs/scape/index.html

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  1. Kevin J. Denny & Colm P. Harmon, 2000. "Education Policy Reform and the Return to Schooling from Instrumental Variabes," Econometric Society World Congress 2000 Contributed Papers 1422, Econometric Society.
  2. Chung Yi Tse & Charles Ka Yui Leung & Weslie Yuk Fai Chan, 2002. "Unemployment and vacancy in the Hong Kong labour market," Applied Economics Letters, Taylor & Francis Journals, vol. 9(4), pages 221-229.
  3. Jackman, R & Layard, Richard & Pissarides, C, 1989. "On Vacancies," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 51(4), pages 377-94, November.
  4. Oliver Jean Blanchard & Peter Diamond, 1989. "The Beveridge Curve," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 20(1), pages 1-76.
  5. Patrick Honohan & Brendan Walsh, 2002. "Catching Up with the Leaders: The Irish Hare," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 33(1), pages 1-78.
  6. Edward Teo & Shandre M. Thangavelu & Elizabeth Quah, 2005. "SINGAPORE'S BEVERIDGE CURVE : A Comparative Study of the Unemployment and Vacancy Relationship for Selected East Asian Countries," Labor Economics Working Papers 22578, East Asian Bureau of Economic Research.
  7. Frank Barry, 2005. "Third-Level Education, Foreign Direct Investment and Economic Boom in Ireland," Working Papers 200509, School of Economics, University College Dublin.
  8. Edward Teo & Shandre M. Thangavelu & Elizabeth Quah, 2005. "SINGAPORE'S BEVERIDGE CURVE: A Comparative Study of the Unemployment and Vacancy Relationship for Selected East Asian Countries," SCAPE Policy Research Working Paper Series 0508, National University of Singapore, Department of Economics, SCAPE.
  9. World Bank, 2005. "Malaysia : Firm Competitiveness, Investment Climate and Growth," World Bank Other Operational Studies 8310, The World Bank.
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